Provider payments Swift reduces the time of payments to their customers using Swift gpi. It is reported that now the operations are less than 30 minutes almost 50% of cases, nearly 100% of payments credited during the day. The company has already announced that gpi will be released in all 10,000 banks in its global network for cross-border payments. However, in the event EmTech Hong Kong Hong Kong 27 June, the Director Ripple joint venture Amy Yoshikawa stated that the innovation cannot compete with the operations in “real time” performed by Fintech companies. In this case the expert does not exclude that Swift could become part of a larger open network and work with Ripple.
“Swift was built 40 or 50 years ago, before he created the Internet. Therefore, their architecture is very old. They understand that this is a big problem, and I think we have a big competitor. They try to make an update based on an existing architecture, called Swift gpi. We believe it is only a minor improvement of their existing architecture,” said Amy Yoshikawa.
She also added that the problem of speed and efficiency of payments “can not be fundamentally solved unless you change the whole infrastructure level,” implying that the use of blockchain technology is important.
In April, Swift experimented with bloccano, and the results were, according to the company, “encouraging”, but not quite convincing. At that time the head of research and development, Swift said, because the technology is in its infancy, his team is still unable to make a definite decision about its future use.
Meanwhile, Ripple is still a marginal player in trade payments. The company works with several commercial banks the upper level, including Bank of America Merrill Lynch, MUFG Bank, Standard Chartered and Westpac, but its market share is small.
A number of banks in Asia are experimenting with RippleNet where they can use the software on the basis of the blockchain in a closed network in accordance with pre-defined rules and standards. Pilot RippleNet was launched in may, Standard Chartered, Bank MUFG and its Thai branch with Bank of Ayudhya.
At EmTech Hong Kong’s Yoshikawa also outlined his vision for the future of payments, in which several of the companies conducting the transaction on the basis of the blockchain, will work together: “Ripple cannot alone implement the idea of the Internet values. We must work with governments around the world, with financial institutions, with different companies. We believe that Swift can be a part of this larger open network. We want to invite them to participate in it. Some existing networks are trying to be themselves. But the Ripple technology designed for open systems, so they can be part of this system, this network”.
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