Ripple’s stiff competition with Society for Worldwide Interbank Financial Telecommunication (SWIFT) is about to be tightened as Gottfried Leibbrandt, SWIFT’s CEO takes a bow in June, 2019. The crypto community is watching out how the power tussle between the two platforms plays out. It is worth noting that SWIFT is not planning to use cryptocurrency any time soon. Also, the threat of losing its user base to Ripple is another reason why the platform will shove off partnerships with the coin.
The Partnership couldn’t hold
In spite of Ripple’s commitment to overthrow SWIFT, plans of mergers cannot come to life. First, Ripple’s (XRP) had already dismissed possibilities of such partnerships. Instead, the CEO submitted that the coin is in a better position to beat SWIFT in cross-border transactions. Second, the blockchain is not in the list of technologies SWIFT is looking at for its payment solutions. To this end, after the retirement of the platform’s CEO, the status quo remains.
Ripple is Pushing
The coin is not in the least fascinated by a partnership with SWIFT. Haven put up impressive performances in many platforms, XRP keeps pushing forward. The current fight is to take SWIFT off the radar of cross-border transactions. In an interview with Bloomberg TV, the Ripple’s CEO, Brad Garlinghouse opined that Ripple’s XRP stands a better chance in international payments.
Gottfried ate the Humble Pie
Before tendering notice of his resignation, the outgoing CEO of SWIFT, Gottfried Leibbrandt had hedged various attempts that threatened the payment solutions. His ability to hold the fort at the firm for seven (7) years is a proof of his sterling managerial skills.
However, in the light of continued pressures from Ripple’s XRP and inclinations that the coin will be taking over the cross-border payment sphere, it is obvious Gottfried ate the humble pie.
Perhaps fears of losing his impressive inputs to SWIFT for the last seven (7) years, the hasty decision to resign his appointment became the only option. As Gottfried leaves the administrative cadre of SWIFT in June 2019, the “seed of discord” seems to have been sown and Ripple will be cashing in on this anytime soon.
SWIFT is Vulnerable
The resignation of a big shot as its CEO exposes SWIFT to external incursions. A new CEO will be coming in the second quarter of 2019. If SWIFT fails to get a skillful manager as Gottfried, Ripple will be set for a massive onslaught against the hitherto international payment network.
A Partnership is Brewing
After years of calling the shots in cross-border payments, SWIFT wouldn’t want to lose its footholds. The seemingly available option is to partner with Ripple. However, the platform might still stick to its guns. The partnership will be of immense benefit to the platform as it stands the chance of integrating the blockchain technology in its payment solutions.
If this does not pull through, Ripple will in few months, take over a greater portion of the cross-border payments. Also, a tendency of a global blockchain network is brewing and this is one channel Ripple’s XRP will explore in causing Ripple’s in SWIFT’s system. As Gottfried Leibbrandt takes his final bow, Ripple’s XRP is also getting set to sign the papers with SWIFT.