SWIFT gpi vs. Ripple? | Editor's picks

By Alex Hammond | 9 February 2018

Everything you need to know about SWIFT gpi

With SWIFT announcing its new SWIFT gpi network, extensively covered at Sibos 2017, we’ve pulled together an overview and the best SWIFT gpi articles on bobsguide.

Sibos 2017: The emergence of SWIFT gpi and the future of correspondent banking

In one of the livelier panel discussions on Day One of Sibos 2017, Stefan Dab, Senior Partner and Managing Director at The Boston Consulting Group led a conversation examining the future of correspondent banking, and specifically the pain points corporate treasurers face in their cross-border payments operations and where technology can be developed to alleviate these.

It is clear that the global economy is shifting to create a new landscape which is putting strain on the current correspondent banking system, and consequently is highlighting its flaws. Globalisation, the rise of the global marketplace through cross-border payments for domestic products, coupled with the expectations of a new generation of corporate treasurers who have grown up used to the user experience of purchasing through digitally native platforms such as Amazon, are all factors that raise the question of where correspondent banking, and even if correspondent banking, has a future?

How satisfied are corporates with SWIFT gpi?

One of the most fascinating panel discussions on Day Three of Sibos 2017 came late in the afternoon, with representatives of banks and corporates taking to the stage to debate the benefit of SWIFT gpi for treasurers, the functionalities still lacking that remain on treasurers’ wish lists, and the practical obstacles preventing those wishes becoming reality.

Corporates were represented on the panel by Brooke Tilton, Vice President, Treasury Operations at Viacom, and Bart Verweij, Deputy Treasurer of Booking.com. Banks were represented by Søren Haugaard, Global Head of Trade & Supply Chain Finance at Danske Bank, and  Hubert J. P. Jolly, Head of Global Financing and Channels, Global Transaction Services at Bank of America Merrill Lynch.

How Santander will use Ripple to execute cross-border payments | Analysis of the deal

Ripple has caused quite a stir (we resisted the pun) in the cryptocurrency market. Recent dips and spikes of XRP, Ripple’s cryptocurrency, have caused many commentators to question the long-term durability of the currency.

However, few can deny that Ripple is being closely watched by the banking goliaths, and is tipped by many to be the first mainstream use of blockchain technology in the financial sector.

bobsguide sat down with Marcus Treacher, Global Head of Strategic Accounts at Ripple and Ed Metzger, Head of Technology Innovation at Santander UK, to discuss what the recent deal with American Express to provide frictionless cross-border payments between the US and UK, using the Ripple network, means for them, for blockchain and the future.

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