Ripple CEO brad Garlinghouse (Brad Garlinghouse) said that the startup plans to circumvent SWIFT in the market of processing of payments. About this businessman said in an interview with Bloomberg published yesterday.
According to Garlinghouse, SWIFT is not evolving with the advent of new technologies, and many customers do not share its stance against the blockchain:
“Technologies that banks use today, and which SWIFT developed decades ago, have not evolved and adapted to market changes. Not so long ago, SWIFT said he did not believe the blockchain suitable replacement for the services of correspondent banks. And we work with over hundreds of their customers who disagree with them”.
Arlinghaus sure that financial institutions around the world cooperate with Ripple because in need of faster and more modern technologies than those that offers SWIFT. He added that, contrary to rumors about the possible integration RippleNet with this payment system, the startup is positioning itself as a competitor to SWIFT, and not a potential partner:
“Every day we’re working on it and, in fact, successfully step by step displacing the SWIFT”.
Reflecting on the situation of the crypto industry in General, Arlinghaus said that “in the long run any digital asset will be evaluated primarily from the point of view of the problems that it solves”. Similar idea he expressed earlier, during a panel discussion on the role of the blockchain in banking, stressing that the real application of blockchain technology and cryptocurrency depends on the clarity of the relevant legislation.
Earlier, SWIFT also denied rumors of a collaboration with Ripple. Now the Corporation is preparing to activate the system updates the processing of payments; the new version should reduce the waiting time of processing due to the use of the blockchain Hyperledger Fabric.
