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A Face Off On The Future of Cross-Border Payments- Ripple and Swift

At the 1TC in Rust, Ripple, and Swift, basically, an international payment platform will be head-to-head in Germany.

Marjan Delatinne, the global head of banking at Ripple, and Wim Raymaekers, the global head of banking at Swift will provide their views and conception on the future relating cross-border payments.

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The event organizers have to say that these two global heads are going to debate and share details on the following.

  • How will technology influencer our daily lives as treasurers?
  • The banking sector challenges by upcoming concepts and ideas?
  • Are ongoing banking structures going to be turned on their head?
  • What will the future look like?

Both the companies, SWIFT and Ripple take a keen look about the future regarding global money transfers. Also, they propose that their particular concepts plan to replace all random approaches.

Martin Bellin, the CEO, and founder at corporate treasury Management Company- Bellin, is in charge to moderate the panel set up to convene by February.

A Face Off On The Future of Cross-Border Payments- Ripple and Swift

There are a majority of banks along with financial institutions that are already using the messaging protocol of Swift. They intend to power up their international payments for the coming decades. On the other side, Ripple is not insecure about its aim to replace the legacy tech.

During a recent interview, the CEO at Ripple Brad Garlinghouse talks about the partnership rumors between Ripple and Swift is nowhere. Specifically, Garlinghouse states that the payment solutions xRapid and xCurrent came into action to show the competitors its value.

I think what we’re doing and executing on a day-by-day basis is, in fact, taking over Swift. In that, we’ve now signed up well over 100 banks. Some of the largest Swift-enabled banks in the world are now using Ripple’s technology.

Ripple made an announcement that currently, it holds 200 customers, both banks and financial institutions. Moreover, they are using its suite of blockchain tools relatively for cross-border remittances.

On the other side, Swift mentions that it links above 11,000 financial institutions. As per Garlinghouse, Ripple is clear on benefits over Swift.

Last week we saw a remittance company who’s using Ripple’s technology. They reduced the price per transaction to their consumers from $20 per transaction to $2 per transaction, and they saw an 800% increase in usage overnight. That’s the type of dynamic that Swift isn’t able to support that we’re able to address right now.

He continues saying that he certainly want banks to make this new world, enjoying the benefits of these technologies. So, this is the extent to work with Swift if we achieve the goals. Also, Swift in the past has been criticizing.

In March, Swift successfully accomplishes a blockchain PoC using Hyperledger. As per the head of research and development at Swift, Damien Vanderveken:

The PoC also showed that further progress is needed on the DLT [digital ledger] technology itself before it will be ready to support production grade applications in large-scale, mission-critical global infrastructures.

Meanwhile, the platform Swift is putting their efforts in creating own set of improvements operating on the blockchain. So, that in future they can challenge Ripple along with other competitors out in the market.

As per the Coinpedia report, McKinsey & Company along with Swift is working to shape the future markets by customers, rather than providers.

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