Ripple To Form An Alliance With SWIFT? - Ripple (XRP) News. Tuesday, October 9th
Ripple to form an alliance with SWIFT?
Rumors about this possibility have the crypto community speculating.
The Sibos conference is the most important event for the financial sector worldwide, and it is organized by the current dominant platform for international remittances and payments, SWIFT. With all the buzz that has caused Ripple – the blockchain payment protocol that it is striving to revolutionize cross-border payment services – with their recent developments and partnerships, people would not expect to see both rival platforms together, much less when one of them is hosting the event.
However, a recent report confirms that the San Francisco-based distributed ledger company is making an appearance at the very conference that SWIFT organizes each year. An announcement that put a lot of crypto enthusiasts to speculate with the reason behind this unexpected news.
Now, eyes are fixed in what will happen this October 22 – 25, when the Sibos 2018 conference takes place in Sidney, Australia. Many are already betting on a strategic alliance between the 45-year-old company and the 6-year-old blockchain project, in which SWIFT would be making use of any of Ripple’s products to improve their platforms.
This idea come from the fact that a couple of months ago, SWIFT announced that its Global Payment Innovation (GPI) has been improved to settle transactions in about 30 minutes, but according to an interview with Chief Marketing Officer for SWIFT, Luc Meurant, settlements with this technology now take as much as one minute. This has raised eyebrows among the community, as they don’t believe that such feat would be possible by tweaking GPI alone.
But an implementation of a blockchain-based instant cross-border payment platform could help GPI to achieve this feat, according to several crypto enthusiasts. And to several of them, the answer lies within xRapid – the most recent international payments solution by Ripple. An implementation of xRapid into SWIFT’s platform could introduce more than 10,000 banks worldwide to the benefits of blockchain technology, so many are viewing this announcement as very positive for the Crypto industry.
Nonetheless, we will have to wait until the event takes place to see if it turns out to be as expected.
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