Ripple is working in the development and expansion of its platform RippleNet as they partner up with more big banks. Ripple has acquired MoneyGram, and they are in talks with Western Union. SWIFT remains its biggest rival.
However, SWIFT was recently found testing Ripple’s technology for transferring money and for instant payments, and they found it was good in terms of speed and low price.
Arab Times Online mentioned that SWIFT has been testing the blockchain-powered abilities of Ripple to conduct international payments, and they found that it took less time and money to carry out those. However, they concluded that the technology is still not ready to be used on a full scale. This verdict was expected from them as it is the main rival of Ripple.
In late September, SWIFT announced that its GPI service had been integrated into local payment systems in various countries which allows faster transactions for the customers. There were rumors last year that SWIFT might acquire Ripple, but the employees dismissed them.
