In this insightful video, Dr. Graham Bright, Head of Compliance and Operations at Euro Exim Bank, delves into the intricacies of SWIFT, the leading messaging system for the financial industry. He explains how SWIFT's traditional store-and-forward system, reliant on service-level agreements, is evolving to meet the demands of real-time, instant payment transactions.
Dr. Bright highlights the role of Ripple as a complementary network to SWIFT, enabling institutions to achieve real-time reporting and fund movement. He also discusses the potential integration of XRP within the SWIFT network for currency transactions, particularly in foreign exchange scenarios.
Discover how SWIFT and Ripple are shaping the future of financial messaging and ensuring faster, more transparent transactions. Don't miss this expert analysis from a leading industry professional.
Dr. Bright highlights the role of Ripple as a complementary network to SWIFT, enabling institutions to achieve real-time reporting and fund movement. He also discusses the potential integration of XRP within the SWIFT network for currency transactions, particularly in foreign exchange scenarios.
Discover how SWIFT and Ripple are shaping the future of financial messaging and ensuring faster, more transparent transactions. Don't miss this expert analysis from a leading industry professional.
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00:00Swift is the preeminent messaging system for the financial industry.
00:06What we're looking with the crypto, though, is where Swift would have a store-and-forward system for most of its payment transactions,
00:13where you need service-level agreements at a certain time, I will do something, the payment turns up at a certain time during the day.
00:20Here, we're looking at the V-network styles, which allow instant real-time movement to the funds and visibility of those funds as well.
00:29I don't believe Ripple is going to replace Swift.
00:33Ripple is one of the complementary networks, which is going to allow those institutions who need real-time to make use of that.
00:41We're also seeing that Swift are changing their network capability, so that real-time will be a possibility as well.
00:49But we may also see Ripple XRP moving across the Swift network as a currency when we're perhaps using something like FX.
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