The payment processing company SWIFT could not be meeting with Ripple in the next European fintech forum in Paris. These two companies were going to be discussing the current situation of the cross-border payment industry. Both companies are currently offering services for financial companies and banks to process cross-border payments.
SWIFT Could Avoid Discussing With Ripple
SWIFT is currently the dominant payment processing company around the world. It offers services to banks and other financial institutions around the world. However, Ripple is starting to grow and it already has 200 partners on the RippleNet. Furthermore, Ripple is using a different technology that allows it to process faster payments for a lower cost.
Between January 29 and 30, both companies were expected to be face to face at the European fintech forum in Paris and discuss the future of the space. Both the CEO of Ripple, Brad Garlinghouse and the CEO of SWIFT, Gottfried Leibbrandt, were selected as speakers.
Nevertheless, there were some rumours related to SWIFT executives that could not be participating during the event. SWIFT controls 70% of the payment processing market, but Ripple is currently growing. SWIFT has been trying to improve its services in order to avoid losing part of the market that it currently has.
Ripple is currently using blockchain technology to process the payments between companies. Additionally, it is also offering companies the possibility to source liquidity on-demand using the XRP digital asset. XRP is the second largest digital asset in the market and could help companies to send and receive payments in a faster and cheaper way.
Ripple has developed the so-called xRapid product that allows institutions and firms to integrate their services with the XRP virtual currency. There are already some enterprises implementing this solution that could soon start to use XRP.
In the past, Cory Johnson, the Chief Market Strategist at Ripple, said that XRP is meant to be a digital way to move value. Additionally, he added that Ripple is meant to replace SWIFT. Currently, financial institutions and companies are using both Ripple and SWIFT.
– Ripple is meant to replace SWIFT
– XRP is meant to be a digital way to move value
– All of Ripple's customers are using both Ripple and SWIFT
Cory Johnson, Ripple
— Steven Diep (@DiepSanh) January 3, 2019
At the time of writing this article, XRP has a market capitalization of $13.06 billion and each XRP coin can be purchased for $0.3181. In the last 24 hours, the digital currency is losing 0.36 percent of its value.