SWIFT vs RIPPLE: Rivals not Partners

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Ripple enthusiasts around the world have been debating on the possibility of Ripple and Swift partnering with each other. Earlier, we had analyzed how they are surely going to partner with each other considering the different perspective. Recently, however, it seems that the following possibility could eventually turn false as both of these companies are working hard, not for a partnership but to rather compete with each other.

 

Swift clearly says ‘No’ for a partnership with Ripple

According to an article published on the Finance Magnates, a spokesman of Swift clearly denied any future partnership with Ripple by stating that he does not know where the rumors are coming from and that the upcoming new releases or software updates in the Swift network is not related to RippleNet at any cost. The upcoming standards will ensure the use of tracking reference (UETR) in all payments or transactions allowing backs to track their GPI payments in real-time.

 

Ripple denies too:

Ripple’s chief market strategist, Cory Johnson clarified that the aim of Ripple is to offer a product to directly compete with Swift and eventually replace it. This was revealed by Steven Diep in a tweet on January 3rd this year about his interview video with Cory Johnson stating that Ripple is meant to replace Swift and that the customers of Ripple are using both Ripple as well as Swift at the moment.


Do you think Ripple can replace Swift in the near future keeping in mind the massive amount of customers that Swift already has? Tell us your thoughts in the comments section below.

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13 comments

  1. […] Ripple’s greatest competitor Swift is becoming a member of up with R3 on blockchain know-how. Swift is the dominant participant in terms of worldwide settlements. They at present have 11,000 members world funds community whereas Ripple at present has round 200. They’ve introduced the partnership with the enterprise blockchain custodian R3. Principally Swift and R3 have developed a proof of idea that hyperlinks Swift’s GIP funds community with R3’s platform to observe funds flows, settle funds via their banks and obtain credit score confirmations. Now absent from the announcement was any clear assertion that Ripple would play any type of position within the partnership. […]

  2. […] Ripple’s biggest competitor Swift is joining up with R3 on blockchain technology. Swift is the dominant player when it comes to international settlements. They currently have 11,000 members global payments network whereas Ripple currently has around 200. They have announced the partnership with the enterprise blockchain custodian R3. Basically Swift and R3 have developed a proof of concept that links Swift’s GIP payments network with R3’s platform to monitor payments flows, settle payments through their banks and receive credit confirmations. Now absent from the announcement was any clear statement that Ripple would play any kind of role in the partnership. […]

  3. […] Ripple’s biggest competitor Swift is joining up with R3 on blockchain technology. Swift is the dominant player when it comes to international settlements. They currently have 11,000 members global payments network whereas Ripple currently has around 200. They have announced the partnership with the enterprise blockchain custodian R3. Basically Swift and R3 have developed a proof of concept that links Swift’s GIP payments network with R3’s platform to monitor payments flows, settle payments through their banks and receive credit confirmations. Now absent from the announcement was any clear statement that Ripple would play any kind of role in the partnership. […]

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