Ripple has been known to be a direct competitor to SWIFT for quite a while now.
The San Francisco-based company has been making robust efforts to offer people fast, cheap, and secure cross-border transactions, and some entities have already ditched SWIFT in the favor of Ripple’s solutions.
Smartereum recently debated whether Ripple is able to defeat SWIFT in the battle for the best system for cross-border payments.
There are a lot of movements going on in the crypto space these days with Facebook getting its Libra project ready and more institutions such as SWIFT, Visa, and Mastercard being compelled to enter the quest following transformations that have been taking place in the legacy financial system.
The competitors have to work in order to find advantages that will benefit the crypto space.
The cross-border remittance industry is looking at enhancing the speed of transactions, security, and cost-efficinecy of the platforms.
Smartereum notes: “The platform has to be swift, affordable and durable for its users. These are the three challenges faced by the companies seeking dominance in the developing payment sector. Recently, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) attempted a new instant cross-border payment system that provides profound optimization swiftly.”
The online magazine mentioned above notes that SWIFT has its own weapons in the battle.
SWIFT’s scheme of modifying swift resolution ability via its Global Payments Innovation (GPI) can be seen as a Ripple competitor, they write.
The new system can reportedly diminish the cost of approval by financial institutions that use the model.