Eduard Watson

10 months ago

Ripple has recently highlighted the main differences between their payment platform and the global payment traditional network SWIFT.

Ripple is its main competitor, and even if back in 2018 people were expecting the two entities to team up, Ripple has made it very clear that their plan is to overcome SWIFT and fix all its flaws with their products.

SWIFT vs. Ripple

SWIFT is the current global standard from cross-border payments, and according to the company, it currently links more than 11,000 banks and financial institutions around the world.

During the Shift Money conference in Croatia, Ripple sales director Ross D’Arcy said that he believes the system has way too much power to determine the outcome of each one of their transactions.

“I think Swift’s a really interesting example. Because Swift, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We don’t see our customer’s transactions. Our customer’s transactions go over the internet. So Ripple could shut down as a business tomorrow, and our customers could still transact using our software. The same wouldn’t be the case with Swift.”

Sending money as quickly as data

He said that on the other hand, Ripple’s focus is on making the process of sending money as easy and sending an email.

He said that three clicks, 30 seconds and a confirmation that the beneficiary has received the money – that’s all it takes, and that’s how they want people's experiences to be when using Ripple for sending money.

SWIFT is currently working on a new payments API that is supposed to boost speed and reduce errors on the network. Their system will not be based on the blockchain technology, and SWIFT also said that the blockchain is not yet ready to go mainstream.

Ripple’s Brad Garlinhouse has highlighted multiple times that they aim to replace SWIFT. Ripple currently has more than 200 banks and financial institutions on RippleNet.

Ripple and SWIFT will debate the future of finance at the 1TC Conference in Germany.

Marjan Delatinne, the Global Head of Banking at Ripple and Wim Raymaekers, the global head of banking at SWIFT will meet face to face to discuss the future of cross-border payments.

Leave a Reply

Your email address will not be published. Required fields are marked *

Icon
1xBit

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
Nitrogen Sports

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
7bitcasino

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
BitStarz

Lorem Ipsum is simply dummy text of the printing and typesetting industr...

Icon
FortuneJack

Lorem Ipsum is simply dummy text of the printing and typesetting industry....

Top Exchanges
Icon
CEX.IO

4.00

Read Review - Website

Icon
Coinbase

4.48

Read Review - Website

Icon
Binance

4.50

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Trending news

Binance
Lasted news

Trending news

Top Exchanges
Icon
CEX.IO

4.00

Read Review - Website

Icon
Coinbase

4.48

Read Review - Website

Icon
Binance

4.50

Read Review - Website

Top Casinos
Icon
7bitcasino

4.20

Read Review - Website

Icon
BitStarz

4.93

Read Review - Website

Icon
FortuneJack

4.55

Read Review - Website

Top Sportsbook
Icon
1xBit

4.03

Read Review - Website

Icon
Nitrogen Sports

4.73

Read Review - Website

Icon
SportBet.io

4.60

Read Review - Website

Eduard Watson Author

An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.

1452 Articles
7255 Followers