There’re quite a lot of rumors out there regarding the possibility of Ripple working with swift. This buzz around the two cross-border payment service providers has intensified since Ripple’s major partner Banco Santander joined SWIFT. Banco Santander plans to use SWIFT to expand their business into other countries, including the UK, Spain, Poland, and Argentina. The announcement was made today.
Ripple to attend SWIFT’s event
Ripple is one of the invited guests that will grace the upcoming SWIFT 2018 SIBOS event in Australia. The San Francisco-based blockchain startup may make a major announcement there. The event is scheduled for October 22 to 25. The main reason many speculate Ripple and SWIFT will partner is that many financial institutions – including banks – use SWIFT for cross-border payments. And Ripple’s xRapid (a competitor to SWIFT) is also becoming predominant in facilitating cross-border settlements.
Banco Santander is one of Ripple’s closest allies. The bank has created OnePay FX application, which utilizes Ripple’s ledger to transfer money through cross-border conduits. The GTB Head of Santander in Spain Eva Bueno had the following to say:
For us, SWIFT gpi represents a good opportunity to improve the experience provided to our clients in their international payments, making the process faster and more transparent while simultaneously making our internal processes more efficient. We are looking forward to advancing in the following phases in order to achieve the best possible service in our payments offering.
Currently, SWIFT is the most popular system used by the majority of financial institutions all over the world to perform cross-border transactions. Even so, Ripple has also been growing and has managed to partner with over 100 banks, including SBI, Standard Chartered, and PNC.
These are only rumors that are spreading on different online forums like Reddit. If SWIFT decides to partner with Ripple, however, the price of XRP could see a significant surge.