New Ripple Ad Shows How Slow Traditional Banking Systems Are
The recognized financial and crypto company Ripple has just released a new advertisement related to the banking industry. In the ad, it is possible to see how Ripple mocks current cross-border payments made by financial institutions. At the moment, transferring cash between one country and another takes a long time and it is highly inefficient because of the costs that must be paid.
However, with the system created by Ripple, transaction times can and costs associated with transfers can be drastically reduced.
— Ripple (@Ripple) October 30, 2018
At the same time, those clients using XRP can further reduce costs and transaction times. Additionally, if the intention is to transact even more value, XRP will have to increase its price. This is what Ripple’s Chief Cryptography Officer said a few days ago.
"The higher the price of XRP, the larger the payments Ripple can target…"@JoelKatz #XRP #Ripple #XRPcommunity #XRPthestandard #crypto #micropayments #payments #blockchain #fintech #crypto #altcoins #finance #banking
— XRP_Cro (@stedas) October 29, 2018
In addition to it, there is a new platform that will allow users to process instant XRP transactions using just a phone number. The XRP Text service lets users send XRP to a personal wallet and to any mobile phone number, even if the recipient never used that platform.
Interested users can send and receive funds without frictions since it is not necessary to register to use the service. However, the system is currently in a public beta.
Instant text massage system by XRP pic.twitter.com/z2aLqb44XQ
— XRP VETERAN ✖️ (@XRP_VETERAN) October 29, 2018
XRP Text was launch by WietseWind, a recognized XRP developer that has already created an XRP Tip Bot. Nevertheless, he warns users that as the system is being improved there could be some glitches or bugs.
The XRP and Ripple community are showing how it is possible to improve the financial world without having to rely on the old and inefficient systems. In the future, as the number of xRapid users increases, SWIFT could have a real competitor in the market.