Swift Denies Ripple Rumors, Says Platform Will Not Integrate With RippleNet, xRapid or XRP

The global payments network Swift is denying rumors that its platform will integrate with Ripple’s suite of software solutions for cross-border payments.

Swift is updating its protocol standards this month and is also recommending its clients upgrade to the company’s new global payments platform Swift gpi. News about the upgrade led to extremely convoluted rumors that Swift gpi would make RippleNet and the XRP-powered payment solution xRapid directly available to thousands of banks on the SWIFT network.

Ripple’s attendance at the recent Swift Sibos conference in Sydney, Australia also led to confusion, with some believing it was a sign that Swift and Ripple would release a joint announcement.

Despite all the rumor and conjecture, a Swift spokesperson says there is zero truth to the gossip.

In a new interview with Finance Magnates, the spokesperson states,

“I’m not sure where those rumors are coming from but the upcoming standards release … is entirely unrelated to RippleNet.

Its primary purpose is to ensure all payments include a tracking reference (UETR, Unique End-to-end Transaction Reference) which will allow banks to track their gpi payments end-to-end in real time.”

You can check out our report on what went down at Sibos here.