Connect with us


SWIFT Managing Director on XRP: “I think that the numbers speak for themselves”




SWIFT Managing Director on XRP: "I think that the numbers speak for themselves"
Source: Unsplash

Lisa O’Connor, Managing Director, Asia Pacific at SWIFT, spoke about whether the payments network would be using blockchain technology for providing payment solutions, in an interview with Ran NeuNer for CNBC Crypto Trader. She also discussed whether XRP could disrupt their business.

The managing director was asked if SWIFT would implement blockchain solutions for bank-to-bank for foreign exchange transfers. To this, she said that “there is work” going on from the market infrastructure perspective and that the company’s stakeholders are looking at the possibility. She said:

“we would be very open to working with DLT platforms who are looking at that but we are not in the market ourselves to do things like multilateral netting to do clearing of transactions, that’s not what Swift does. We are at our core, we are a platform and we are a place where we could connect up potentially to those infrastructures”

This was followed by opining on the possibility of XRP disrupting their business, considering that SWIFT has been one of the top competitors for the XRP community. On this, she first remarked that the payment space surrounding DLT is “really interesting”.

“I would just say that I think that the numbers speak for themselves in that. The old days of it taking several days to make a payment cross-border don’t exist anymore it’s down to minutes and or seconds even directly connecting into real-time payment system.”

She added that SWIFT utilizes Global Payment Innovation, which enables fast payments, transparency, and takes friction out of the payment process. She said that this payment solution takes care of $300 billion payments a day. She said:

“across the Swift Network 50% of our payments so it’s a massive amount of payments and it’s a massive amount of our members that are already leveraging this so if you compare that to others in the market yes there is discussion but I think that the figures speak for themselves”

Furthermore, she was asked if SWIFT would build their own blockchain or utilize the blockchain solutions already existing in the space for their applications. To this, she stated:

“I think this is a bit beyond me to foresee what our what our CEO might do but I would say that I think we would be open to leveraging our platform more in the future”

Follow us on Telegram | Twitter | Facebook

Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.