Ripple Inc., a blockchain startup turning things around in the cross-border remittance world, has spoken tough on its relationship with SWIFT. At the just concluded 2019 conference in London, the Sans Francisco-based remittance guru flared, saying “We don’t care about SWIFT”.
The outburst came from Ripple’s Global Head of Strategic Accounts, Marcus Treacher, during a conversation with CNBC at the SIBOS conference, a yearly event organized by SWIFT.
He claimed that the startup is designing a model that SWIFT and other traditional remittance firms won’t be capable of competing with. According to Treacher, Ripple is building innovative tech for a world that the likes of SWIFT won’t be able to cover.
“The world we’re designing and building for, they’re not going to cover with the model they have.”
Meanwhile, in 2018, when Ripple’s partner Banco Santander announced it adopted SWIFT’s gpi, rumors were rife that both Ripple and SWIFT were going to declare a partnership deal. While the partnership rumor did not become reality, Ripple also set up a semblance of SIBOS, an annual event tagged SWELL, where its partners and big financial institutions are gathered.
In the same line, SWIFT announced a partnership deal with Ripple’s arch-rival, R3, to make its remittance technology survive on the blockchain.
If you’re at Sibos today do come visit our stand. Find out how we’re building the Internet of Value with our banking & tech partners worldwide. https://t.co/BOfn49RVEo
— Marcus Treacher (@marcus_treacher) September 24, 2019
Late 2018 when SIBOS event was ongoing, Treacher took to Twitter saying it was “time to embrace the new, rather than propping up the old.”
With Ripple gearing up to outsmart the likes of SWIFT, the remittance startup has over 200 banks as partner and has invested in MoneyGram, world’s second largest remittance company.
Also, Ripple’s investment arm, Xpring, has invested in diverse startups having the potential of increasing the adoption of XRP, a native digital token of the San Fransisco based tech company. In fact, MoneyGram is making use of xRapid, a cross-border tool powered by Ripple’s XRP.
