Ripple made sure to slam rumors that they are teaming up with SWIFT back in 2018 when the crypto space was speculating the move.
Ripple’s CEO sparks partnership rumors with SWIFT
Now, Ripple’s CEO Brad Garlinghouse sparks the potential partnership rumors once again.
Ripple’s CEO spoke recently on a panel at the Paris Fintech Forum, Ripple’s CEO said that there are ways in which Ripple could work with SWIFT, according to the latest reports coming from the online publication Smartereum.
Brad spoke alongside the CEO of SWIFT Gottfried Leibbrandt who revealed that the global payment system was collaborating with blockchain firm R3.
SWIFT payments system is working at the moment with more than 11,000 financial institutions, and they are moving about $200 billion on a daily basis.
They are also planning to link the R3 platform with the Global Payments Innovation which is SWIFT’s new payments standard framework.
SWIFT is outdated, says Garlinghouse
During his speech, Garlinghouse criticized the outdated system of SWIFT.
“Over time, I think decentralized systems are likely to win. I think that today that is not what SWIFT is,” he said.
He also said that “SWIFT today is a one-way messaging framework, it is not a liquidity provider.”
Euro Exim Bank ditched SWIFT for Ripple
Recently we revealed that Euro Exim Bank would start using Ripple’s XRP-powered product xRapid in Q1 2019.
SWIFT has been blamed by the bank’s CEO who said that one of the bank’s transactions got lost on the SWIFT network.
This is the main reason for which he believes it’s impetuous that they change technology regarding cross-border transactions.
“It was lost somewhere in the quagmire of a central organization, and we have no visibility on where it is. All the counterparty says is, ‘We have not received your message,’” he reported.
Another essential announcement regarding Ripple’s digital asset is that you can now use XRP in 4,500 stores. Mass adoption is getting closer.