SWIFT or Ripple? - Has Ripple forced SWIFT to improve Payment processing standards?




As a SWIFT GPI deployment lead for a leading transactional bank, I can comfortably say -  While SWIFT tries to eliminate inborn problems by deploying SWIFTgpi, it is done on the old standards. Whereas, Ripple is offering a disruptive payment processing within a closed user network. 

SWIFT still holds the advantage of being the largest network with 11000 banks, though SWIFT GPI is being used by 165 member banks. Which is c2% of the whole network. 

The three key features of SWIFT GPI are GPI tracker, GPI observer and GPI directory are new standards that are still reliant on old infrastructure and not as disruptive as payments based on Blockchain.

Ripple, on the other hand, is based on DLT (disruptive distributed ledger) and has further enhanced the framework using ripple product suite. These provide revolutionary standards of payment processing speed along with tracking, scalability & liquidity. 

Ripple is offering payment finalization in seconds, SWIFT GPI in 30 mins or 24hrs time frame. 

Like any other disruptive technology, Ripple is facing a lot of resistance but it will eventually take over & someone has to ‘shake hands’. 

The world's ninth-largest financial services company by revenue ($108.8 B) - Banco Santander, biggest payment providers, mobile wallets & financial software have joined Ripple’s global network. 

Can SWIFT GPI save correspondent banking due to disruptive blockchain payments? Both have pros and cons. What is your take on it?