SWIFT Squashes Rumors of Any Integration with Ripple

The US dollar-backed global payment network SWIFT has addressed the news that its platform will integrate Ripple’s xRapid cross-border payment solution as nothing but false rumors. This information comes with the update to SWIFT’s protocol standards as the company is moving on to its new global payments platform SWIFT gpi.

SWIFT’s released their annual mandatory Standards MT Release, announcing that starting on November 18, 2018, banks will be required to include the unique end-to-end transaction reference (UETR) in their payment instructions.

The news surrounding the upgrade, and the benefits of the new SWIFT platforms have stirred the rumor mill that SWIFT gpi would make RippleNet and xRapid directly available to ten thousand banks currently on the SWIFT network. The rumors were also fueled by the attendance of Ripple at the SWIFT Sibos conference in Sydney, Australia. Spectators were expecting a dual announcement at the event, that didn’t transpire.

The Swift International Banking Operations Seminar (Sibos) held in Sydney between October 22nd – 25th with over 7,000 global bankers in attendance is a networking event that addresses the issues surrounding the banking industry and host several service providers.

During an interview with Finance Magnates, a SWIFT spokesperson addressed the inclusion of Ripple’s solution suite is just hearsay:

“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet.

Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”