Earlier this week, the Ripple community was once again brought to its feet after word started to spread that XRP had once again overtaken Ethereum in terms of their overall market capitalization (albeit for a brief moment).
This upward monetary momentum for XRP was driven primarily by a popular rumor that claimed that the upcoming SWIFT network upgrade would allow a host of Ripple products to become available on a total of around 4,000 banks across the globe.
However, as soon as SWIFT’s executive brass came to know about the situation, a spokesperson for the firm released a statement saying that such rumors were “completely untrue” and “should not be believed”.
An Overview of the Matter
As many of our readers may already know, Ethereum has been the number two crypto asset in the world (in terms of its overall market value) for quite some time now. However, over the course of the past few months it has not been surprising to see other alt-coins looking to take over Ether’s coveted second spot— primarily because the digital asset has been dipping in value consistently since January this year.
Not only that, in terms of the use cases associated with ETH and XRP, Ripple seems to be making enormous strides (something that is made evident by the number of big-name partnerships that the company has been able to secure recently.)
What About the Upgrade?
In terms of SWIFTs latest functional upgrade, it is being said that the firm is all set to add a new GPI system to its native UI. GPI basically stands for ‘global payments innovation’, it is a protocol that aims to facilitate faster cross-border payments by doing away with today’s existing financial settlement framework (which has been around since the 1970’s).
In this regard, SWIFT topman, Harry Newman, had the old the following words of wisdom:
“It is no secret that correspondent banking is a 1998 model and we are busy addressing that, bringing it to a 2018 model.“
The latest update is all set to go live by the 18th of this month.
The Final Take
Owing to the barrage of rumors surrounding SWIFT at the moment, the firm just released a fresh clarification today which reads:
“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet. 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.”
With all this information out there, people should now be more careful before believing such falsities in the future.