SWIFT Managing Director Believes Ripple’s XRP Numbers Tell The True Tale For Cross-Border Payments
SWIFT Managing Director Believes That XRP’s Numbers Speak For Themselves
The managing director of SWIFT in Asia Pacific, Lisa O’Connor, has recently talked about Ripple and its token XRP, which are currently the main competitors that SWIFT has in the market. She discussed the company during an interview with NeuNer for the CNBC Crypto Trader show. At the time, she also used the discussion to talk about the dangers that Ripple poses to the company.
During the interview, O’Connor was asked whether SWIFT was planning to implement blockchain solutions in its services, to which she affirmed that there is some work going on and that the stakeholders of the company are already looking into some of the possibilities.
According to her, SWIFT would be open to using the distributed ledger technology and platforms based in this kind of tech but they are not in the market for clearing of transactions and multilateral netting. In her opinion, SWIFT is the organization that connects the companies who offer these services.
When asked whether Ripple and its XRP token could disrupt SWIFT, she affirmed that the blockchain payment space is very interesting and that the companies are looking into that. According to her, the “numbers speak for themselves”, which means that old solutions are not that useful anymore.
Today, cross-border payments do not need to take several days anymore and SWIFT recognizes this reality and will use technologies as they appear to continue to be a relevant company in the market.
At the moment, SWIFT uses Global Payment Innovation, a technology that enables it to make payments faster and that is more transparent than older solutions, just like the blockchain technology. This solution is used to send at least $300 billion USD daily.
She did not speak on whether SWIFT would create its own blockchain in the future or use a third-party solution, though. O’Connor affirmed that she was not able to foresee what the CEO of the company might do but that the company is surely on the right track to use innovation to stay competitive in the market.