The European fintech forum event, which comes up and which is going to take place in Paris, called for all the participation of all key players in the global fintech industry. This event is scheduled for the 29th and 30th of January this year, with colossal payment processing companies such as SWIFT and Ripple expected to participate.
The CEOs of Ripple and SWIFT among the selected speakers at the event
The European fintech forum also has a list of the selected number of speakers at the event, which includes Brad Garlinghouse, who is the CEO of Ripple, and Gottfried Leibbrandt, who is the CEO of SWIFT. Both of them were selected as speakers to discuss the way forward in the fintech industry.
Some rumors also surfaced, regarding SWIFT executives who have been developing cold feet about participating in the upcoming event, as a result of the unfavorable competition between the two giants.
Ripple and SWIFT in rivalry position
SWIFT was a big player in the payment processing game, and it controlled over 70% of the payments of the division. However, this was until Ripple came to the scene. The operations of Ripple are basically via blockchain technology which is offering faster, as well as cheaper means of cross-border payment processing.
This actually places them in a rivalry position with each other, with SWIFT fighting not to lose grounds to Ripple. Some speculations also came out a few months ago, saying that the two of them would shake hands and get on with their business, which unfortunately never happened.
Although these two fintech companies are competitors, it has not been so stiff until the Ripple’s CEO publicly declared during one interview with Bloomberg last year that Ripple is not partnering with SWIFT but taking over from them. He said that what they are doing and executing on a day-by-day basis is taking over SWIFT.
Banks and payment processors of SWIFT now sign on with Ripple
However, the things would have turned out differently, and SWITF might have had the ability to compete with Ripple if it had adopted the blockchain technology more on time.
The SWIFT network has a lot of banks and payment processors which are now signing on with Ripple. This is logical if the executives of SWIFT are not prepared to confront their fears and dine on the same table with Ripple. However, the time will come, and maybe that would be at the European fintech forum.
Everything seems to indicate that SWIFT is prepared to feature in the upcoming fintech conference without making much noise and being noticeable.