SWIFT denies rumors that it will integrate Ripple tech or XRP

07 Nov, 2018
by Matthew Kim
SWIFT denies rumors that it will integrate Ripple tech or XRP

The Society for Worldwide Interbank Financial Telecommunication, more commonly known as SWIFT, has denied the rumors of the integration of Ripple’s software solutions with their technology.

With SWIFT updating its protocol standards, rumors of the possibility that Ripple technology would be incorporated into the updated surfaced and spread among Ripple supporters. These rumors suggested that the updated global payments platform SWIFT GPI would utilize RippleNet and xRapid, an XRP-powered payment solution, for cross-border payments.

Apparently, the rumors were ignited from speculation after Ripple attended the Swift Sibos Conference in Sydney, Australia. People began to read into other related stories, such as the news that a former SWIFT member joined the Ripple team and former comments by SWIFT. Consequently, Ripple fans optimistically hypothesized that Swift and Ripple were gearing up to announce a collaborative effort.

However, the buzz was swiftly doused when a SWIFT spokesperson denied the circulating rumor in an interview with the Finance Magnates:

“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet. Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”

Nevertheless, the value of XRP has risen considerably in the past week, rising nearly 20 percent. The token now stands at $0.565 apiece.

Read more about: Ripple (XRP)


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