Ripple CEO: Ripple "Taking Over" SWIFT, Integration "Strictly Rumours"
- Brad Garlinghouse was speaking at the Singapore Fintech Festival.

Ripple CEO Brad Garlinghouse fired some shots at SWIFT and Bitcoin in a recent Bloomberg interview. He also confirmed that whispers of integration with the former are "strictly rumours".
Competitors after all
XRP, the token used by RippleNet products, has been shooting up in value of late, partly because of an idea that a technical upgrade that SWIFT is due to undertake on the 18th of September will make the two payment systems compatible for some banks.

Source: coinmarketcap.com
Judging by Garlinghouse's words, Ripple still sees SWIFT very much as a competitor. Finance Magnates reached out to SWIFT last week to ask about the rumours and was told by a spokesman that no integration will be taking place.
Separating hype from reality
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a bank messaging service which has been as the world’s principal financial relay system since the late 1970s. However, transactions are expensive and take several days to clear. In January 2017 it launched a new system, which it calls GPI, which is supposed to speed things up.
In June, the SWIFT head of banking responded to a question about Ripple: “...in terms of speed, what problems are you trying to fix? We have our own cloud and API solutions and are already doing Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term in minutes or even seconds.”
He was referring to the banks that have signed with Ripple. Examples include National Commercial Bank of Saudi Arabia, PNC Bank from the US, and a whole load of institutions in Japan.
Garlinghouse elaborated: "SWIFT is owned by the banks, and we are here to help the banks. We feel like blockchain technologies are a massive step forward in how correspondent banking has historically worked, the technologies that banks use today that SWIFT developed decades ago really hasn't evolved or kept up with the market..."
Regarding the positive price of XRP (its current market value is $20.8 billion), he said: "...as we separate hype from reality... XRP has outperformed [sic] because you're seeing a real use case, it's solving a real problem." He also said that XRP is "a thousand times faster than Bitcoin, a thousand times cheaper than Bitcoin".
He was talking at the Singapore Fintech Festival, which attracted tens of thousands of attendees. According to Garlinghouse, the event's popularity is because "in Singapore we've seen regulators provide clarity about how they're going to approach crypto."
In October, Binance Singapore received funding from a fund partly owned by the local government.
Ripple CEO Brad Garlinghouse fired some shots at SWIFT and Bitcoin in a recent Bloomberg interview. He also confirmed that whispers of integration with the former are "strictly rumours".
Competitors after all
XRP, the token used by RippleNet products, has been shooting up in value of late, partly because of an idea that a technical upgrade that SWIFT is due to undertake on the 18th of September will make the two payment systems compatible for some banks.

Source: coinmarketcap.com
Judging by Garlinghouse's words, Ripple still sees SWIFT very much as a competitor. Finance Magnates reached out to SWIFT last week to ask about the rumours and was told by a spokesman that no integration will be taking place.
Separating hype from reality
SWIFT, which stands for the Society for Worldwide Interbank Financial Telecommunication, is a bank messaging service which has been as the world’s principal financial relay system since the late 1970s. However, transactions are expensive and take several days to clear. In January 2017 it launched a new system, which it calls GPI, which is supposed to speed things up.
In June, the SWIFT head of banking responded to a question about Ripple: “...in terms of speed, what problems are you trying to fix? We have our own cloud and API solutions and are already doing Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonly the basis of exchange involves fiat currency or legal tender, be it in the form of cash, credit or bank transfers, debit, or checks. While typically associated with cash transfers, payments can also be made in anything of perceived value, be it stock or bartering – though this is far more limited today than it has been in the past.The Largest Players in the Payments IndustryFor most individuals, the payments industry is dominated currently by card companies such as Visa or Mastercard, which facilitate the use of credit or debit expenditures. More recently, this industry has seen the rise of Peer-to-Peer (P2P) payments services, which have gained tremendous traction in Europe, the United States, and Asia, among other continents.One of the biggest parameters for payments is timing, which looms as a crucial element for execution. By this metric, consumer demand incentivizes technology that prioritizes the fastest payment execution.This can help explain the preference for debit and credit payments overtaking check or money orders, which in previous decades were much more commonly utilized. A multi-billion-dollar industry, the payments space has seen some of the most innovation and advances in recent years as companies look to push contactless technology with faster execution times. Read this Term in minutes or even seconds.”
He was referring to the banks that have signed with Ripple. Examples include National Commercial Bank of Saudi Arabia, PNC Bank from the US, and a whole load of institutions in Japan.
Garlinghouse elaborated: "SWIFT is owned by the banks, and we are here to help the banks. We feel like blockchain technologies are a massive step forward in how correspondent banking has historically worked, the technologies that banks use today that SWIFT developed decades ago really hasn't evolved or kept up with the market..."
Regarding the positive price of XRP (its current market value is $20.8 billion), he said: "...as we separate hype from reality... XRP has outperformed [sic] because you're seeing a real use case, it's solving a real problem." He also said that XRP is "a thousand times faster than Bitcoin, a thousand times cheaper than Bitcoin".
He was talking at the Singapore Fintech Festival, which attracted tens of thousands of attendees. According to Garlinghouse, the event's popularity is because "in Singapore we've seen regulators provide clarity about how they're going to approach crypto."
In October, Binance Singapore received funding from a fund partly owned by the local government.