Ripple CEO Brad Garlinghouse Refutes SWIFT Tie-up Rumours

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In a recent interview with news portal, Bloomberg, the Chief Executive Officer (CEO) of Ripple, Brad Garlinghouse refuted rumours of tying up withSociety for Worldwide Interbank Financial Telecommunication (SWIFT) and said, “I think what we’re doing and executing on a day-by-day basis is, in fact, taking over SWIFT.”

To recap, rumours of Ripple and SWIFT tying up are as ludicrous as they come because there is no point to unite except for the fact that they are both working to process faster money transfers. As earlier reported by Crypto-News India, Ripple started off in 2012 with a promise to make cheaper and faster payments using blockchain technology. Swift, on the other hand, is an age-old company which is 45 years old, which is an interbank service that has and still handles most of the cross-border transactions. It is owned by a co-operative owned by thousands of member banks.

In the past, in a bid to compete with Ripple, SWIFT had upped the ante by introducing some new features which would “dramatically improve the customer experience in correspondent banking by increasing the speed, transparency and predictability of cross-border payments.” The features would include: Transparency and predictability of fees, Transfer of rich payment information, Same day use of funds and End-to-end payments tracking.

However, Ripple is not SWIFT’s biggest fanboy to put it mildly. In June this year, Ripple’s Chief Market Strategist, Cory Johnson, in an interview with Yahoo Finance had said, “Our competition is this banking consortium that came together in 1973… It’s called SWIFT… You know what it isn’t? It is not ‘swift’! It takes 3-5 days to move money… It’s one-dimensional messaging… It has about a 4% error rate… You send a message to move money, and then you wait, and maybe you get something back… It’s more akin to a homing pigeon than a text message or email.”

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