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XRP – Is Ripple working with SWIFT?

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Hi Guys. Not sure if it has been posted already, but i thought to share it with you because if true its gonna be huge. Even though in the past Ripple has denied dealing with SWIFT but i guess there are no permanent friends or foes in business. 

 

"XRP – Is Ripple working with SWIFT?

Recently, SWIFT released a report titled, Africa payments: Insights into African transaction flows. In this report, SWIFT touches on something to do with Mojaloop.  The report states that the SWIFT team at the Bill & Melinda Gates foundation played a role in developing a switch that verifies, routes, and handles settlements between diverse players including mobile money providers, banks, and merchants.

The interesting facet of it is that Mojaloop is also working with ripple, in a bid to enhance interoperability in the African market. In essence, the two technologies are working together in this project that will uplift millions of Africans out of poverty. While this is just a single project, it brings out the common goals of the two platforms and how they can benefit more from each other, when working together, instead of competing with each other.

Most XRP (XRP) investors believe that ripple will at one point outcompete SWIFT in the banking industry. However, the reality is that they need each other. SWIFT has something that ripple needs, and that’s the network and political leverage. Thanks to its market presence that spans decades, SWIFT has established strong ties with the finance industry. The banking sector has built most of its cross-border payments infrastructure around this platform.  On top of that, SWIFT has a high level of political backing, for geopolitical reasons.  For context, a German minister recently called out for the need for Europe to develop financial systems that are independent of the United States. But, while their chancellor came out in support of this, she added that they still need to work with SWIFT as a tool for preventing terrorism financing.  This goes to show that for geopolitical reasons, it will be a huge challenge for banks, especially in the west to abandon SWIFT and move to a new system.

The best bet would be cooperation between the two platforms, which is actually quite workable. Ripple has the superior technology, while SWIFT has the networks. Such a partnership would unlock the best of both. And if the success of the Mojaloop project is anything to go by, then things could head in that direction in the future.  Such a collaboration would give instant mass adoption of XRP in the banking sector as a tool for enhancing efficiency.  It would unlock the true value of this coin, as demand both from financial institutions and retail buyers looking to catch the XRP train would push price through the roof."

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30 minutes ago, RDS said:

I also read the article. Mojaloop is such a big project that you have to work in many places. The overlaps between SWIFT and RIPPLE can not be changed in the various areas. That it comes to cooperation in the form of a partnership is questionable.

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It might be, too many connections I feel like. I remember Marjan Delatinne recently being surprisingly respectful towards SWIFT in a German TV interview. She didn't even want to say that Ripple could take over SWIFT one day. I found that a bit odd. The Ripple team really has displayed mixed messages regarding SWIFT. One second they seem to want to destroy SWIFT, making fun memes of how bad SWIFT is on Twitter, then having a completely different take on SWIFT. I think Markus Treacher said they would never partner with SWIFT as well but that they could co-exist. I don't know what is going on but it is confusing...

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Cooperation could be a possibilty. Two weeks ago 'convergence' came as a cat out of the bag.
https://ethereumworldnews.com/ripples-convergence-solution-with-xrp-as-its-base-fact-or-fiction/
Seems a viable and very smart solution to cooperate with a lot of different kind of organizations. Couple of days ago approx. 6 billion XRP was moved (to reassure banks and FI's!?). Meanwhile SBI moves on with XRP. There's more behind the seen!

This could be really big!

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Ripple has said they don't need Swift, several times, but aren't actively trying to annihilate them.. 

Marcus Treacher in an interview with TFX: "The Ripple and SWIFT models are so different that we would not need to partner," Treacher said. "SWIFT's system is not designed to process high volume, low value payments."

"We recognise that our model could eventually lead to SWIFT's demise, as it is equally equipped to handle large as well as low-value transactions, but we are happy to coexist with the SWIFT world."

BG: “What we hear from customers is they want a better system,” Garlinghouse said. “I don’t think you can make a horse and buggy keep up with a race car. You can whip the horse faster to make the buggy go faster, but meanwhile a technology shift has occurred.”

But RDS definitely makes an interesting point about working together on projects other than financial sector payments.

 

 

Edited by Deeznutz
clarity.

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1 hour ago, mr_lazy85 said:

It might be, too many connections I feel like. I remember Marjan Delatinne recently being surprisingly respectful towards SWIFT in a German TV interview. She didn't even want to say that Ripple could take over SWIFT one day. I found that a bit odd. The Ripple team really has displayed mixed messages regarding SWIFT. One second they seem to want to destroy SWIFT, making fun memes of how bad SWIFT is on Twitter, then having a completely different take on SWIFT. I think Markus Treacher said they would never partner with SWIFT as well but that they could co-exist. I don't know what is going on but it is confusing...

True, however, I think Ripple isn't trying to infer that the concept of SWIFT is bad, but the methods by which they conduct their business (i.e. money transfers/cross-border payments) is antiquated.

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54 minutes ago, Displayed said:

Cooperation could be a possibilty. Two weeks ago 'convergence' came as a cat out of the bag.
https://ethereumworldnews.com/ripples-convergence-solution-with-xrp-as-its-base-fact-or-fiction/
Seems a viable and very smart solution to cooperate with a lot of different kind of organizations. Couple of days ago approx. 6 billion XRP was moved (to reassure banks and FI's!?). Meanwhile SBI moves on with XRP. There's more behind the seen!

This could be really big!

I know that David Schwartz has confirmed that xVia can settle with xRapid. 

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I think SWIFT or any other large competitor of Ripple will not partner with Ripple any time soon simply due to their pride and arrogance. They would rather want to develop better payments software or blockchain solution than Ripple already have. They will not go and adopt Ripple's software straightaway. Even if Ripple would give them permission to "whitelabel" their software they would not do that just yet. The large competitors of Ripple must utterly fail in their efforts before they would bury their pride and go to Ripple.

I remember that sometime ago SWIFT tried to create their blockchain settlement system without digital asset. They failed. Recently there was news that big banks will make payments system with some kind of stablecoin by using Stellar protocol. This tryout will probably fail in the long term like just many pegged currencies have historically done. I don't know what other tricks are there left in the bag but of course they will try them before going to Ripple asking some kind of large business partnership.

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I remember seeing a David Schwartz tweet saying that his dream scenario would be where Swift could settle payments through ripplenet with the option to use xrp.  Adding to that he said something to the effect of Ripple possibly being willing to offer their services to the Swift banks for free or even pay Swift a fee to connect all of their member banks.  

I get the impression that some of the negative public comments made by Ripple employees about Swift may have been a negotiating tactic.  i envision a back and forth negotiation happening behind the scenes, with both parties acting like they don't need the other to be successful.  I think it was Marcus Treacher who said that Swift had been testing Ripple tech for years in their labs and are very familiar with what Ripple can offer.  

It would be an xrp investor's dream come true if they actually struck a deal and are working towards implementation.  

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13 minutes ago, Jumanji said:

Here is the tweet i was referring to: 

DjCiBYPXoAAemuu.jpg

Wooow. Very interesting. I've honestly been thinking that there's a good chance that SWIFTNet is going to run through RippleNet. This only reinforces my feelings.

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19 minutes ago, Displayed said:

Though I’m not a bearable guy believer, could the following be true?

Thinking out loud:

SWIFT (all the money in the world cross border payments) + RIPPLE (the tech and token for settlement) = (XRP = 589 USD)

Do not jump to conclusions here @Displayed There are Looooooooooooooooooooooooooooooooots of more money in the World than those handled by SWIFT ?

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1 hour ago, Displayed said:

Though I’m not a bearable guy believer, could the following be true?

Thinking out loud:

SWIFT (all the money in the world cross border payments) + RIPPLE (the tech and token for settlement) = (XRP = 589 USD)

Powered by Ripple...?

Didn't someone say that like sending emails you don't need to know how SMTP works. Consequently someone sending large remittance cross border doesn't need a full understanding of Blockchain and ILP. Excuse my ignorance.

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