According to the recent speculations and following some recent trends, it appears that SWIFT may soon start using Ripple tech. It may use Ripple’s xRapid or xCurrent for the cross-border transaction.
Tweet from Swift
The company recently posted a tweet on their official Twitter account.
— SWIFT (@swiftcommunity) April 16, 2018
Swift said that banks who use their system will soon need to change their interface and business system before November 2018. The tweet also had a video attached also talked about the high impact changes that are going to affect all its members.
Following this tweet, their twitter feed was filled with users saying they may soon start using Ripple’s xRapid or xCurrent. There have been rumours going on that Swift may soon start using Ripple. That particular tweet was filled with people asking whether they are seriously going to use xRapid or xCurrent.
What is Swift?
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is a company that provides financial institutions to send and receive information. Swift sends and receives this information about financial transactions in a secure, standardized and reliable environment. The majority of international interbank messages use the SWIFT network. It is spread over 200 countries with over 11,000 financial institutions using it.
Ripple had been on a spree to incorporate as many banks as possible with Ripple tech. Banks like Moneygram and Santander have accepted Ripple’s faster and more secure technology for cross-border transactions. Santander even went onto launch their own Ripple tech backed app. Retail giant Walmart is also rumoured to use Ripple tech for instant transactions. Even exchanges from UAE are encouraging cryptocurrency development and blockchain technology by using Ripple technology. Ripple is trying really hard to make its mark in the world by making several major investments and also donations.
If this news turns out to be true, that will be a huge success for team Ripple. Swift with its 11,000 financial institutions can give a huge boost to the current cryptocurrency market.
Comment down below that are your opinions on this news.
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