- SWIFT Will incorporate a Proof-of-Concept (PoC) from R3.
- Ripple is establishing itself as a global competitor to SWIFT.
The leading banking payments network SWIFT has announced plans that will see it integrate technology developed by a blockchain software company referred to as R3. The plans were first mentioned on January 30, 2019 during the Paris Forum.
SWIF chief executive officer, Gottfried Leibbrandt told the audience that the firm will incorporate a Proof-of-Concept (PoC) from R3 starting sometime today. The CEO was once reported to be having discussions with Ripple’s CEO, Brad Garlinghouse. However, Garlinghouse came out saying that “what we are doing on a day-to-day basis is in fact taking over SWIFT.”
Ripple is establishing itself as a global competitor to SWIFT. The company’s RippleNet and the xCurrent are currently being rolled out in various banks around the world. Besides, Ripple is looking forward to taking over the Asian market as well as the Middle East region. Both of the regions are known for recording significant volumes of global remittance.
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