At the ongoing Sibos, SWIFT has confirmed the uniqueness and awesome performances of Ripple’s Distributed Ledger Technology, however the finance network made known that delivering the use cases of DLT is still years away.
“The benefits of DLT are promising, but delivering it is still years away.”
The above statement raised some doubt that the network wont be partnering with Ripple anytime soon.
However, it is clear that Ripple will be tackling the errors in SWIFT with its technology especially the newly released xRapid that has the potential of heightening XRP in the market. Now it is left to Ripple to devise ways to tackle SWIFT.
With Marcus Treacher, Global Head of Strategic Accounts at Ripple, saying in reply to the statement that “There are over 100 financial institutions with access to instant payments across 40 countries and 6 continents who would say otherwise (the opposite of what SWIFT inferred)”, there is belief that Ripple will not for once come down to a low level by accepting SWIFT’s assertion or forget its decision to coast the global remittance industry completely.
Meanwhile, Ripple is ready to take on SWIFT if the rumoured partnership is not going to be real.
SWIFT Is Not Saying Anything New About Ripple
There is nothing new in the statement made by SWIFT at the ongoing SIBOS because Ripple’s Chief Technical Officer had said so in the past.
Former Chief cryptographer at Ripple who is now the CTO, David Schwartz, in a conversation with Reuters admitted that a lack of scalability and privacy issues are shielding banks from deploying DLT to achieve cross-border payments
He said “I will concede, we haven’t gotten there yet.”
Meanwhile, talking about xCurrent which is used by many banks today, the technology does not use DLT but survives on “Interledger” Protocol to process payment.
