SWIFT gpi are approximately 11,000 banks worldwide. However, it is believed that Ripple offers the best technology in comparison with SWIFT. In connection, the question arises: what technology allows you to better serve your customers?
Ripple begins to work with the banks global level to create “Internet values” in the world of payments. There are even rumors that cooperation with Amazon.
Meanwhile, SWIFT has released an update in February 2017, which produced the boom. Currently, the SWIFT network, there are approximately 11,000 banks, which cannot offer any other payment network.
Banks such as Standard Chartered, Santander and Swedish Bank SEB technology using blockchain as Ripple and SWIFT. Although both companies offer enhanced cross-border payment, they both deny that they are direct competitors.
CEO of global transaction Bank for emerging markets Crown Agents Bank albert Maasland says SWIFT gpi and Ripple are two of the key players in the space of cross-border payments.
– Ripple may develop even more. They got a lot of attention, but not yet passed the test of time. At the same time, it would be foolish to ignore the SWIFT gpi. They are and will continue to be in a good position if they continue to develop. We believe that we need to support the various initiatives. It is impossible to maintain only one said Massland
Of course, it is important to remember that Ripple, and the SWIFT planning a new announcements. However, the head of the relevant banking products of Standard Chartered Sires Wadivkar does not consider them direct competitors.
In fact, both companies have a different approach to the market, and this is a definite benefit for us. However, the competition does not focus exclusively on them. Many companies offer new ideas. And neither corporations nor the banks have very little sympathy to any specific technology. We are more interested in resolving issues with international payments – explained Wadivkar.
Standard Chartered use the Ripple, and the SWIFT. BNP Paribas was very supportive of SWIFT gpi, but also examines the payment technology based on the blockchain Ripple and develops its technology.
Damian Godderis, senior product Manager, BNP Paribas Cash Management, says that in some cases the two companies are competitors, but not others. There are some key differences, for example, gpi SWIFT is a network banks, while technology Ripple is sold as a product for individual banks. In addition, head of product management and payments BNP Paribas Wimm Grosemans believes that blockchain technology is less suitable to facilitate the large volume of payments observed in the domestic markets of the Bank (Belgium, France, Italy and Luxembourg).
In the most Ripple said he did not consider SWIFT as a competitor, but noted that not enthusiastic about how SWIFT gpi.
– We think about remittances differently. We create online values. SWIFT gpi has improved the situation, but that it still does not match the speed and efficiency that we create in the Ripple network, so we don’t see them as serious long-term competitor. You can load money as the data on your mobile phone. So we create a model where remittances are inexpensive, safe and reliable – said Vice-President for work with clients Ripple Marcus Treemaker.
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