Ripple network, a blockchain solution that aids easy conduction of real-time payment and SWIFT, decades-old firm that facilitates real-time payment may be heading for a partnership. The possibility of this partnership is indicated by the Ripple’s major partner, Banco Santander also partnering SWIFT services.
Banco Santander Partnering SWIFT and Ripple Attending SWIFT’s Conference
Banco Santander partnership with SWIFT is aimed at the expansion of its business into other countries, inclusive of U.K., Spain, and Argentina.
Banco Santander is one of the major partners of Ripplenet and has created OnePay FX application, which uses Ripple’s ledger to transfer money through cross-border conduits.
The partnership of the banking firm with SWIFT is noted by Eva Bueno, the head of a bank in Spain as an opportunity to improve the experience the firm gives its clients in international payment. This is stated that it will make the process faster and more transparent while also making the internal processes more convenient. Apparently, the firm is seeking further expansion of its services to achieve the best possible service in its payment offering.
The invitation of Ripple as a guest to the upcoming SWIFT 2018 SIBOS event in Australia further backs the rumor.
The event that is sparkling the speculation is scheduled to hold between October 22 and 25, and rumors have it that the San Francisco-based blockchain startup may make a major announcement at the event.
Two Competitive Firms and Possible Partnership
The Ripple blockchain solution through its product is gaining relevancy for real-time settlement, and SWIFT is a household name for real-time settlements as well. SWIFT is used by most financial institutions all over the world for cross-border payments.
The main goal of Ripple through its product, the xRapid is to wield off the grip of SWIFT on cross-border settlement by taking a large chunk of the market share with its blockchain solution.
The goal has aided increasing partnership of Ripple with over 100 banks, which includes major banks in the middle east, India and the United States. This partnerships and the recent launch of its xRapid product has placed the blockchain solution in a strategic position to dominate the market.
However, the possibility of the partnership between the two firms is on the horizon, though it is still a rumor for now. This will impact the value of Ripple positively.