- Rumors concerning the integration of Ripple (XRP) into SWIFT’s network have been debunked
- A SWIFT official has made it clear that the network has nothing to do with RippleNet
- Ripple enthusiasts have been spreading rumors over the internet that SWIFT will integrate RippleNet in its new Global payment innovation (GPI) upgrade
Recently, a lot of speculation has surfaced regarding a possible partnership between the Ripple (XRP) distributed ledger technology (DLT) project and stiff competitor, SWIFT, with a lot of Ripple enthusiasts claiming that SWIFT is looking to integrate Ripple in its upcoming global payment innovation (GPI) upgrade, however, SWIFT has now debunked the rumours, reported Finance Magnates on November 6, 2018.
SWIFT Not Interested In Ripple
Advocates of Ripple, the fintech and blockchain project behind the third largest cryptoasset in the world XRP, have been spreading rumors all over social media that SWIFT network, plans to integrate RippleNet in its upcoming upgrade, a move that could make Ripple products available to around 4,000 new banks for cross-border payments.
However, officials of SWIFT have cleared the air, stating categorically that the rumors are untrue.
It’s worth noting that last year, SWIFT (Society for Worldwide Interbank Financial Telecommunication) introduced a system called global payments innovation (GPI), to speed up the notoriously slow cross-border payments that financial institutions across the globe have been using since the 1970s.
In a bid to make the GPI system even more efficient, SWIFT announced earlier in March 2018 that it would carry out a technical upgrade which will attach a tracking reference to all transactions, making cross-border payments faster.
With November 18, 2018, implementation date getting closer, evangelists of Ripple have seized the opportunity to spread rumors aimed at fueling the price of XRP.
a spokesperson for SWIFT posited that:
“I’m not sure where those rumours are emanating from, but the upcoming standards upgrade has absolutely nothing to do with RippleNet,” said a spokesperson for SWIFT, adding “Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their GPI payments end-to-end in real time.”
While proponents of decentralization have criticized the Ripple DLT project for being overly centralized, the SWIFT RippleNet adoption rumor, coupled with the solid alliances Ripple has been forming with global financial institutions, has sent the price of XRP to the moon several times.
As reported by Blockchain Reporter on October 15, 2018, a Weiss Rating poll declared Ripple (XRP) the best digital asset to buy under $1.
At press time, XRP remains the third largest cryptocurrency, with a market cap of $20.68 billion and the price of XRP sits at $0.514340, as seen on CoinMarketCap.