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Swift’s strategy coming to fruition and RMB retains 5th place

Swift see themselves as the network that brings the financial world together: the local payment systems, the emerging blockchain networks, Visa and MasterCard networks, etc., I.e. everything. Not surprisingly some of the other networks are not keen on this, e.g. in November 2018, Ripple’s CEO Garlinghouse dismissed any speculation of a potential collaboration between Ripple and Swift. 

However, a recent announcement shows that they are proceeding with their vision.

Swift to open gpi gateway to block chains

Finextra reports that “Swift is to conduct a proof-of-concept trial to link its gpi network to the Corda platform of enterprise blockchain consortium R3.”

With Swift moving all its 10,000 members to gpi by 2020, this is a real coup for R3. Ripple is unlikely to be able to resist the power of such a link as they are competing with other blockchain networks as well as Swift.

Finextra added that “The tie-up with R3 will take place over a new gateway, dubbed gpi Link, which is intended to plug third-party e-commerce and trade platforms directly into gpi.”

RMB retains 5th currency slot

The downturn in the Chinese economy has been reflected in the number of Swift RMB payments. In December 2018, the RMB retained its position as the fifth most active currency for domestic and international payments by value, with a share of 2.07%. However, overall, RMB payments value decreased by 2.84% compared to November 2018, whilst in general, all payments currencies decreased by 1.97%.

In terms of international payments only and excluding payments within the Eurozone, the RMB still ranks eight with a share of 1.14% in December 2018.

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