2018 was filled with lots of rumors floating in the crypto community claiming that Ripple and SWIFT will eventually team up. By the end of the year, things became crystal clear.
Ripple has eventually talked about these allegations, highlighting that their plan is to compete with SWIFT and address all its flaws, eventually overtaking it.
Ripple plans to overtake SWIFT
Ripple has been increasing its efforts to overtake the traditional payment system, and this obviously triggered massive media attention.
It is more than obvious that SWIFT has started to feel the massive pressure of the emerging technologies and especially of Ripple’s solution for a better, enhanced payment system.
In December 2018, SWIFT revealed that they are launching the “integrated payment validation” solution. This is their approach to compete with Fintechs and the blockchain solutions.
Ripple vs. SWIFT epic debate
This might just be the event that the whole crypto community or at least the Ripple enthusiast community has been expecting. Ripple and SWIFT will reportedly go head-to-head at the 1TC Conference in Germany.
Marjan Delatinne, the Global Head of Banking at Ripple and Wim Raymaekers, the global head of banking at SWIFT will meet face to face to discuss the future of finance, to be more precise, the future of cross-border payments.
Issues to be addressed
Daily Hodl reported that the organizers of this event have confirmed that the two massive international payment services will discuss the following:
“How will technology affect our daily lives as treasurers, with the banking sector challenged by new concepts and ideas? Are established banking structures going to be turned on their head? SWIFT and Ripple take a look at the future of global money transfers and propose that their specific concepts are set to replace all other approaches. What will the future look like?”
The exciting debate is set to take place next month in February, and it will be moderated by CEO and founder of corporate Treasury management company Bellin, Martin Bellin.
You can find out more about the convention here.