New SWIFT and Ripple Partnership Insight Could Skyrocket XRP Coin Price

Ripple has been gaining in popularity recently and its latest partnership may be another boost to its reputation. Rumors are brewing that SWIFT, a popular money transmission system, will be replaced by Ripple.

Ripple recently attended the Sibos Conference, a SWIFT-organized event held in Sydney. Sibos is an opportunity for the most important exponents in the finance industry to discuss areas of development and the technology applied to the economy.

Ripple has maintained exponential growth and has established a strategic partnership with several banks, actions which are fueling replacement rumors. The announcement of xRapid’s launch and the fact that several global clients are already using it shows that Ripple is at a clear advantage. It is also important to recognize that neither Ripple nor SWIFT announced interest in working together.

SWIFT is also currently very interested in blockchain technology, which will increase the effectiveness of its performance. SWIFT’s interest in such technology is not new – in early 2015, the platform announced that it would provide financial support for Linux and the support led to the hyperledger project, a platform “sponsored” by SWIFT.

In 2016, SWIFT began several studies analyzing the feasibility of using blockchain technology on its platform. The study led to interesting results showing that SWIFT has developed an interested in the technology, through Ripple was not working on a project of particular importance. The results determined:

Our analysis has confirmed that DLTs have the potential to bring new opportunities and efficiencies to the financial industry with their key strengths including the ability to create:

  • Trust in a disseminated system;
  • Efficiency in broadcasting information;
  • Complete traceability of transactions;
  • Simplified reconciliation; and
  • High resilience.

However, despite the benefits, there were tough obstacles that had to be overcome for SWIFT to start contemplating the imminent possibility of migration.

 

The next question that arises is if it is Ripple and SWIFT or Ripple vs. SWIFT. In 2017, SWIFT announced that it is interested in conducting several preliminary studies in a Proof of Concept blockchain. A number of banks participated in the test, which was:

“designed to validate whether the technology can help banks reconcile their international Nostro accounts in real time.”

The results ere “extremely positive.” In March 2018, SWIFT published a report indicating the results of its DLT proof of concept for Nostro reconciliation. The technology was defined as “one of the largest and most ambitious proofs of concepts run with the emergent technology.”

The report stated:

The PoC went extremely well, proving the fantastic progress that has been made with DLT and the Hyperledger fabric in particular,” said Damien Vanderveken, Head of Research and Development at SWIFT. The DLT sandbox enabled us to control access, to define and enforce user privileges, to physically segregate confidential data and store it only with the relevant parties while supporting a strong identity framework by linking all participants to their BIC, and having all keys signed by a SWIFT certification authority.

SWIFT is in control of a System used by over 1,100 institutions in 200 countries. Even though the platform has accelerated growth, the system’s market share is minimal compared to SWIFT. It is also likely that rather than a commercial partnership, SWIFT is interested in becoming Ripple’s direct competitor. A partnership may be ideal though, considering the experience, offerings, and status each has in the industry.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Avatar
Bitcoin Exchange Guide News Team
B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,472FansLike
2,795FollowersFollow
4,195FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Bitcoin to Follow the Equities Market Up or Down? One-Month Correlation Spikes to an All-Time High

Yet another week of weak price movement. The world’s leading digital asset is trading at $9,072, in red with 24 hours ‘real’ volume of just...

Public Mint Launches Its Blockchain; Over 200 Banks Plan to Support Its Digital Money

vPublic Mint, a firm founded by CNET founder Halsey Minor, has announced the launching of its ‘fiat-native’ public blockchain, which enables anyone to easily...

BTC Halving Week Brings in Record Monthly New Accounts & Doubles the Revenue for BlockFi

The past two months have been incredibly dull for the price of bitcoin, but it didn’t affect the businesses in the cryptocurrency space. The...

Currencycloud Partners with Ripple to Leverage RippleNet for Efficient Cross-Border Payments

Currencycloud - one of the global payment processing giants - has become the latest member of the RippleNet family and would help ripple in...

Coinbase Custody and IOHK Partner to Provide Institutional-Grade Staking For Cardano's ADA in Q4

IOHK, the lead developer of Cardano blockchain, and Coinbase Custody, the institutional-grade custodian launched by Coinbase Inc., announced a partnership to allow users to...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today