/biz/ - Business & Finance

Ripple got BTFO by SWIFT today.
SWIFT's 'gpi Link' is a direct competitor for xCurrent. Read the description and compare with xCurrent:
>New “gpi Link” gateway will enable trade platforms to offer fast, secure and transparent settlement of payments by gpi banks
>gpi Link will seamlessly connect gpi members to multiple trade platforms thereby enabling gpi payment initiation, end-to-end payment tracking, payer authentication and credit confirmation.
>The gateway will enable the continuous monitoring and control of payment flows and the subsequent movement of goods by those trade platforms
https://www.swift.com/resource/pr-swift-open-gpi-e-commerce-and-dlt-platforms
now xCurrent:
>xCurrent is Ripple’s enterprise software solution that enables banks to instantly settle cross-border payments with end-to-end tracking.
>Using xCurrent, banks message each other in real-time to confirm payment details prior to initiating the transaction and to confirm delivery once it settles
https://ripple.com/ripplenet/process-payments/

Corda settler is a third network that functions as a layer 2 to 'settlement networks'. It now supports both SWIFT's link gpi and ripple. This doesn't in any way mean that swift is now going to use ripple network for anything, not to mention xrp. Other settlement networks are going to be added in the future.
Corda settler is very similar to what omisego was supposed to be.

In summary, what the recent Corda news means is that the banking system is moving to DLTs without using Ripple. It's incredibly bearish for XRP.