R3 Founder Puts End to Money Transfering Rumors of Using XRP within SWIFT Bank Partners
One of the biggest changes for the cryptocurrency industry was the integration of major payment processor SWIFT with R3. Even users outside of SWIFT became excited when a rumor started going around that the payment processor would be using XRP at some point in the future for the settlement of their payments.
Ripple has maintained a consistent global following as a cryptocurrency-based payment solution with its array of different products. SWIFT, on the other hand, presently is in control of 80% of the cross-border payments around the world, so it would make sense that the two sides would join up. However, CEO David Rutter of R3 has set out to shut down those rumors.
Speaking with Decrypt Media, Rutter told the publication that they would have to check with SWIFT for an official denial or confirmation, but that is not his understanding of the situation. He added that, at best, the rumor is the result of a “misinterpretation” of what actually took place.
Rutter took the time to also speak on the collaboration of SWIFT and R3 at the Global Fintech and Blockchain Conference 2019, which took place at Imperial College in London. Right now, Rutter considers Corda Settler to be currency agnostic, in that it does not determine the currency that is applied to make the payment happen.
It does not have any relevance to Corda Settler, and it can be any kind of coin, whether it comes from JP Morgan, Wells Fargo, or BAML, or other locations. This is primarily due to the fact that that they have no financial incentives on any of these ends.
By making a statement about the rumors, they will hopefully come to a close. Multiple users on Twitter commented on the matter, saying that the new pilot with R3 has never been about the use of XRP, but instead the opportunity for Corda to be accessed through SWIFT banks. However, others seemed a bit sour about the ordeal, saying that the XRP community was never going to use Corda anyway.