The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has dispelled rumors purporting that it will be integrating RippleNet’s suite of software solutions for cross-border payments.
The speculation has since resulted in the sharp spike of Ripple’s (XRPs) market cap, temporarily overshadowing Ethereum, as the token takes the second spot in the crypto market. According to recent rumors, the integration could potentially serve as a gateway to sway SWIFT members to adopt Ripple’s suite of products.
As it would appear, the rumor stemmed from SWIFT’s recent announcement stating that starting this month, SWIFT would be upgrading its standard in cross-border money transfers, global payments innovation (GPI), adding that it would extend its GPI tracker to all payment messages across 11,000 banks in over 200 jurisdictions. According to the rumor, roughly 400 banks would now have access to Ripple’s range of solutions.
However, in a recent interview with Finance Magnates published November 6, SWIFT has categorically dismissed such rumors, stating that the upgrade is completely unrelated with RippleNet.
As SWIFT’s public relations firm commented:
“I’m not sure where those rumours are coming from but the upcoming standards release … is entirely unrelated to RippleNet.”
In addition, a number of other developments in recent years may have also fueled the integration rumors. In April 2017, Ripple has appointed former SWIFT executive Marjan Delatinne as its new sales director for Europe.