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SWIFT: The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.
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SWIFT – Cross-border payments are currently slow, expensive and opaque. Ripple offers first class efficiently priced payments using a variant of blockchain technology. In response, SWIFT has launched GPII, same day credit of funds, up front pricing and payment tracking.
The results from SWIFT are less than impressive.
SWIFT made every attempt to compete against Ripple’s cross boarder technology but could not meet the standard. As a result, the project has been put on hold.
“It is a strategic priority for SWIFT to work with new technologies like DLT and incorporate them into key solutions like gpi”, said Stephen Gilderdale, Chief Platform Officer, SWIFT. “We are already working on new PoCs and will continue our R&D efforts to ensure that SWIFT customers will be able to leverage their existing SWIFT infrastructure and connectivity to benefit from blockchain services, whether offered by SWIFT or by third parties, on a secure and trusted platform.”
Ripple caused a stir in the payments industry in April by teaming up with Banco Santander to launch a service based on its blockchain messaging technology that allows the Spanish bank’s customers in the UK, Spain, Poland and Brazil to send money in many currencies around the world.
“There were some pain points experienced by our customers when making cross-border payments that we wanted to address with the new OnePay FX service,” says Ed Metzger, head of innovation, technology and operations at Santander UK. “We have had very positive feedback and good take-up. It gives the customer much more certainty over how much money will arrive in the destination account.”
“A SWIFT partnership will never happen, Ripple says. It simply has nothing to offer.” — Ripple
SWIFT network security is also somewhat outdated. Glaring incidents in the past have highlighted the lack of network oversight, and how easy it is to simply plug into SWIFT. The most famous incident might be the Bangladesh Central Bank heist which almost lost $1 billion, but was interrupted after only $100 million had been siphoned off. The heist was pulled off largely thanks to security holes in the SWIFT network.
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