It would have been a big step and certainly also an important step for consumers if crypto technology had finally arrived throughout the banking world. But the responsible persons at the SWIFT system now denied messages about the use of the Ripple.
Ripple is currently not a topic for the Swift format
If in the coming week a new update of the technology of the interbank payment network Swift is introduced, this optimization is to bring naturally more service for private and business customers in the international payment traffic with itself. Some specialist portals had reported over the weekend that the experts at System Swift had decided to use Ripple technology as part of their preparations and allegedly wanted to enter into a strategic cooperation with Ripple’s “xRapid” approach. The payment system responded immediately to the rumours and officially rejected them. A corresponding cooperation is not planned for the time being, it was said.
Plans to use blockchain and Co. seem overdue
Bank customers will therefore continue to do without currencies such as the ripple when making payments from bank to bank. Blockchain technologies such as the Bitcoin also remain outside the global payment network for the time being. This would have been a good way for the system to finally address the regular criticism of the slow execution of Swift transactions with a new technical concept. Users continue to complain that remittances have taken too long – especially when money is to be remitted across national borders. After this reaction, it is unlikely that Ripple Integration will be the only thing that will happen next week.
At some point, however, it will be time for banks to finally see crypto currencies as an opportunity and not as a danger from the outside and to take them into account in future technological updates. This is because customers are placing ever-increasing demands on systems in terms of speed. Of course, it would have been interesting to see what effects such an acceptance would have had on the Ripple Course.