According to Tony_xrp, a Twitter user:
“R3 has begun testing Corda Settler’s payment engine with Ripple’s XRP. The combination of the Corda blockchain’s distributed ledger technology and Ripple’s remittance mechanism is likely to create many new business cases that were not possible before.”
XRP Finds More Use Case
The testing would make use of Ripple’s native coin, XRP. While this caused a wave of excitement among Ripple and XRP supporters, R3 has from the start maintained that its technology is capable of being connected with a variety of networks, especially payment systems.
R3 is a global leader in developing enterprise solutions based on the blockchain technology. Its Corda Settler is:
“An application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.”
Richard Gendal Brown, the Chief Technology Officer, R3, noted that adding XRP into the Corda Settler environment served to show how Ripple and R3 have over time cultivated “influential crypto and blockchain communities.”
Brown went on saying that although Corda Settler will use a host of other cryptos, XRP being the first shows its widespread appreciation in transferring value.
Instimatch Global Also Uses Corda Settler
Instimatch Global, a platform composed of institutional lenders and borrowers all over the world, also works with R3’s Corda Settler, consequently tapping into the power of XRP in its remittance network.
Apart from partnering with R3, Ripple has, in the past, been rumored to have partnered with SWIFT, a global firm facilitating transactions between traditional financial institutions. At the time, SWIFT had abandoned plans to continue developing its own blockchain platform. Coincidentally, at the same time, Ripple’s CEO, Brad Garlinghouse, replied to the speculations of a partnership indicating that it will be announced when something solid is in place.
It’s Brad’s reaction to the rumors that fueled the speculation even more. Although these rumors remained to be rumors, a partnership between Ripple and SWIFT would be beneficial to both firms.
For instance, Ripple would have benefited from SWITF’s customer base, which has over 11,000 financial institutions while SWIFT, on the other hand, would have benefited from Ripple’s remittance technology based on blockchain technology.
SWIFT-Ripple Partnership Cannot Be Discounted
Fortunately, a partnership between SWIFT and Ripple may still be on the way. SWIFT has announced that it will allow firms focusing on blockchain technology to utilize its Global Payments Innovation (GPI) network when facilitating payments in real-time.
In an announcement, SWIFT said:
“We’ll also soon be enabling GPI payments on DLT-based trade platforms. Resolving the payment challenges DLT platforms face, we will enable GPI payments to be initiated within trade workflows, automatically passing them on to the banking system.”
SWIFT developed GPI to enhance traceability, speed, and transparency of transactions by embedding a set of business rules on its existing infrastructure.
One of the firms already connecting on SWIFT’s GPI is R3, which is also using XRP on its Corda Settler payments network.