Ripple is not partnering with SWIFT, its taking them over: CEO
Ripple CEO, Brad Garlinghouse, recently shared about the usefulness of the technology of his company and shared the upcoming plans the company has in regards to SWIFT. While speaking on Bloomberg TV, Garlinghouse stated that at least 100 SWIFT-connected banks have signed with Ripple.
On contrary to SWIFT’s opinion, he said that the blockchain and cryptocurrencies can play a crucial role in the banking sector. “The technologies that banks use today that Swift developed decades ago really hasn’t evolved or kept up with the market,” said Garlinghouse in the interview. “SWIFT said not that long ago they didn’t see blockchain as a solution to correspondent banking. We’ve got well over 100 of their customers saying they disagree,” he said.
Garlinghouse also took the opportunity to debunk all the partnership rumours between SWIFT and Ripple which resulted in a massive spike in XRP trading, last week. There were rumours that SWIFT and Ripple were partnering through enterprise blockchain platform RippleNet. Garlinghouse made a statement to put all the rumours at rest, “What we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”
More than 100 banks and payment providers are on RippleNet network, according to Ripple Labs. And, it includes Japan’s Mitsubishi UFJ Financial Group Inc. and Standard Chartered Plc. During the interview, Garlinghouse even went on to give an example of a remittance company which is using the technology of Ripple. The company has reduced per transaction price for their customers from $20/transaction to $2/transaction. In fact, the service also reportedly saw an increase in the usage overnight of a massive 800%. He also added that his company wants to see the banks succeed and take advantage of all these technologies.
In other news, Garlinghouse at financial event called the Singapore Fintech Festival 2018 shared some predictions about the market that he believes will come true by next year. Ripple CEO started by stating, “My prediction a year ago… I was here at the Singapore Fintech Festival and I got into trouble when I went back to office because the PR team said that I had overstepped by predicting that within a year – I predicted that financial institutions like banks would be using XRP in their payment flows.” He predicted that custody solutions by banks is sure to happen by next year.
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