[Ripple Insider] Spills the Beans at Sibos Conference on XRP and SWIFT Innovations
With the Sibos Conference still underway in Sydney, we’re seeing more groundbreaking and interesting announcements about specific blockchain technologies. One of the latest updates out of the conference is Ripple’s impending disruption of SWIFT.
The conference has seen many big wigs in the crypto industry highlight and talk about their current and future plans for their cryptocurrency and blockchain technology. The Ripple team hasn’t been lacking in this regard.
According to Marcus Treacher, Ripple’s Head of Strategic Accounts, the company has not only disrupted the cross-border payment sector, it is on the verge of revolutionizing the entire financial industry. He highlighted Ripple’s role in challenging present technologies powering cross-border transactions.
But, achieving this wasn’t an easy feat. Ripple, as with all new technologies, was largely ignored in their first few years of attending the Sibos Conference.
Naturally, they took the initiative of addressing the topics that were ignored at the Sibos Conference and pursued an avenue that would let them showcase their on strengths. This led to launch their own Swell Conference, where big finance and fintech come together to address often ignored and overlooked finance related issues.
Now that Ripple has become a force to reckon with in both traditional and blockchain finance, the company has been working assiduously towards achieving its next milestone –the disruption of SWIFT as it is right now.
Last year at the conference, Treacher was known to have stated that
“I think Ripple is going to disrupt the world within which SWIFT exists, for the better. SWIFT will have two choices, either to move with the changes or lean into their unique value as a governing body representing thousands of banks. SWIFT has been incrementally improving its technology – with GPI, for instance – but it is yet to make that fundamental shift.
To analogize this, when it comes to improving payment technology, it’s not about putting faster trains on the existing rail infrastructure. It’s about building an airplane. SWIFT GPI is an incumbent reaction to a landscape that is seeing the beginning of a change that they’re not prepared to adopt.”
When he was reminded about this statement during the course of this year’s conference, he said,
“It’s pretty much still on point, we haven’t deviated and if anything 2018 has proved out those predictions. I feel very strongly that although we’re targeting the underserved high volume low-value flows and connecting the underbanked in Africa and Asia. As we build our client base and build our volumes there’s a natural question as to why we don’t apply our technology to the treasury, to banks’ bank flows and to funding and liquidity.
You might get a ‘train to airplane’ type play where there’s always a role for a SWIFT body, or you might get to a tipping point. I personally believe in the impact of innovation, that when things start to move they generally play out; there’s a degree of inevitability that the world will move on from the 1970s model that is entrenched in Swift.”
In fact, Treacher boldly states that Ripple won’t be collaborating with SWIFT in the future like it was rumored, because Ripple’s tech is far ahead and of a higher standard than SWIFT. Bottom line, Ripple is set to completely disrupt what is currently known as SWIFT. They will be forced to adapt or become extinct.
What do you think of Marcus Treacher’s claims? Are they overly optimistic or realistic? Are they just mere bold pronouncements made to further drive up the value of Ripple or truthful statements backed by an impending or working technology? Let us know in the comments.