SWIFT Comes Clean About The Issue Of Using Ripple And XRP

Ripple and SWIFT are rivals as Brad Garlinghouse said so many times so far.

What Ripple has been struggling to do is overcome the flaws of the traditional payments system that has been used by banks and financial institutions for decades.

Even if back in 2018 there were these various rumors saying that the two entities will eventually work together, Ripple has denied the claims.

Now, SWIFT has revealed that it’s open to using DLT, but they did not show any interest in using Ripple or XRP.

SWIFT says it could use DLT in the future

During a new interview with CNBC’s Crypto Trader, SWIFT Asia Pacific managing director Lisa O’Connor noted that some of its members are using DLT in order to power their infrastructure.

She continued and said that SWIFT doesn’t plan to use the tech directly to settle bank-to-bank transfers.

“We’d be very open to working with DLT platforms who are looking at that. But we are not in the market ourselves to do things like multi-lateral netting, to do the clearing of transactions,” she said, as reported by The Daily Hodl.

She continued and explained “That’s not what Swift does. At our core, we are a platform, and we are a place where we could connect up potentially to those infrastructures. I think that it’s really interesting, everything that’s gone on in the payments space around DLT.”

SWIFT to use Ripple and XRP?

O’Connor was also asked about Ripple and the digital asset XRP and if SWIFT is worried about the competition and their solutions to settle cross-border payments more effectively.

She responded that a lot of issues involving cross-border transactions had been already eliminated.

“Swift has something called GPI, the Global Payments Innovation. And this Global Payments Innovation is all around making payments fast, transparent and taking the friction out of this process. And I would say the numbers speak for themselves in that $300 billion a day is done across the Swift network,” she said.

We recently reported that Ripple showed faster speed, higher security and lower fees compared to SWIFT.

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