Ripple's CEO denies partnership rumors with SWIFT! "Our services have already surpassed SWIFT"
On November 12 in Japan time, a Fintech Festival was held in Singapore.
Brad Garlinghouse, CEO of Ripple, who attended, responded to Bloomberg's interview and
“Ripple and SWIFT are quietly preparing a strategic partnership behind the scenes” arumor vehemently denied.
Source:Bloomberg
Now, let's take a closer look at the characteristics of Ripple and SWIFT and the statements by Ripple's CEO Brad Garlinghouse.
What is SWIFT
SWIFThas been providing services since 1975 and as of 2018 has partnerships with over 11,000 financial institutions in more than 200 countries and regions, offering a global remittance service.
Most companies around the world use SWIFT for international remittances, but SWIFT has three main problems that have caused numerous issues:
- High fees
- Lack of transparency in money flow
- Long time from transfer to receipt
To address these issues, SWIFT announced in October 2018 a partnership with the world-renowned IT company Microsoft, integrating the service they offer, Azure, with SWIFT.
In official statements, it is said that integrating SWIFT with Azure will enable faster, more efficient, and safer remittance systems, but the exact timing of the integration has not been disclosed, with some opinions that it may take about two years to merge the systems.
Please see the partnership between Microsoft and SWIFT below.
Ripple and SWIFT
Ripple, which develops and provides international remittance services using blockchain technology, and SWIFT, which has long served as an international remittance standard, are essentially in a “rival relationship.
The aforementioned “SWIFT and Microsoft partnership” has a background where Ripple's development of innovative remittance services likexCurrentandxRapidmade SWIFT feel pressured to move quickly.
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