Ripple has been recently in the spotlight again regaring its battle with SWIFT, the traditional payments system.
SWIFT has been used by banks and financial institutions for decades, but according to more expert opinions, it’s becoming outdated.
Recently, a new report from DBS Bank, which is the largest bank in Southeast Asia says that Ripple provides institutions the most inexpensive way to make cross-border payments.
This report is ranking various traditional forms of moving money both domestically and across borders.
When it comes to international payments, the reports highlighted SWIFT as the most expensive way to move cash, and this is followed by ACH transfers, and then Ripple as the most cost-effective method.
“Normally, corporates try to minimize the cost of payments. All else being equal, domestic payments will be cheaper than cross-border payments, and this is a driver for IHB and cross-border ACH,” says the report. Read more details on this in our previous article.