Dear {{lead.First Name:default=GTNews Subscriber}},

Ripple is adding high profile banks to its roster of clients at some speed as it promises to create an ‘internet of value’ in the payments world. There are even rumours that it will partner with Amazon.

Meanwhile SWIFT released an update, SWIFT global payments innovation (gpi) in February 2017, which has taken the correspondent banking world by storm. It now has about 11,000 banks in the SWIFT network – a reach that no other payments network can offer.

It can be very enticing to create a ‘David versus Goliath’ narrative around SWIFT gpi and Ripple, but this isn’t exactly the case, says Shirish Wadivkar, global head of corresponding banking products, Standard Chartered.

“In reality, the two providers are offering different approaches to the market, and there are benefits to be derived from both,” he argues. “The competition is also far from binary, with a multitude of payment companies becoming increasingly innovative.”

We spoke to executives from BNP Paribas, Standard Chartered, Crown Agents Bank, Ripple and SWIFT to see how competitive the two cross-border payment solutions really are.

Read more here.

Kind regards,

Vicky Beckett

Editor, The Global Treasurer