SWIFT To Give XRP A Run For Its Money• December 19, 2022 7:32 pm • Comments
SWIFT Go is set to give the Ripple network a run for its money.
The network upgrade was revealed in July of 2021 and 500 banks across 120 different countries have already signed up to the service compared with the 40 banks already signed up to Ripple’s ODL.
According to sources, the financial messaging company hopes to be able to onboard and facilitate the transfer of both alternative cryptocurrencies and CBDCs through its network.
This would represent a major roadblock to what Ripple and XRP hope to accomplish.
Currently, Ripple Labs is locked in a regulatory lawsuit that will decide the fate of the cryptocurrency and the platform as a whole—potentially even the entire fate of the industry.
Until the lawsuit is settled the company will not have the regulatory backing to fully operate inside the U.S.—potentially giving the SWIFT network a massive head start when it comes to partnering up with banks.
Anders X and Bob Way recently had a brief exchange on Twitter about this recent development:
Well according to SWIFT, gpi would include a range of benefits, such as real-time tracking of funds, full visibility of fees and consistent data records etc.
I know real-time tracking & visibility of funds is something Ripple said SWIFT lacked, so what’s your thought on that? pic.twitter.com/C3jlUUlus2
— Anders 🏁 (@X__Anderson) December 19, 2022
For SWIFT it’s part of a large shift that will make sure they’ll be able to support CBDC and crypto assets moving on the SWIFT network in the future… also SWIFT gpi is part of the shift.. SWIFT tell you that, but your favourite crypto influencer won’t tell you.
— Anders 🏁 (@X__Anderson) December 16, 2022
U Today explains:
In October, Swift announced an innovation from its discoveries to address the enormous difficulty of interoperability in cross-border transactions by linking multiple distributed ledger technology (DLT) networks and existing payment systems.
Ripple utilizes DLT (distributed ledger technology), which many tout as a more efficient platform for cross-border payments.
They only tell half the story though… in order for SWIFT to use CBDC and crypto assets along with SWIFT messaging (upgrading from just a messaging network to add settlement along as well), SWIFT needed to upgrade the messaging (SWIFT gpi + iso 20022) 1/2
— Anders 🏁 (@X__Anderson) December 13, 2022
GPI was status thing among banks perhaps more than a feature or profit thing.
For SWIFT it was competitive marketing against Ripple. It was intended to show that SWIFT was still the "thought leader" in the banking space.
— Bob Way (@bob_way) December 19, 2022
According to John Deaton, the Ripple v SEC lawsuit won’t end until March 2023 at the earliest, as per ZY Crypto:
According to Deaton, March 31 would be the earliest date based on the fact that there are numerous pages of documents for the court to scrutinize before the final judgment. The lawyer said that there are 17 amicus briefs filed, making a too-early settlement difficult.
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