New Survey: Why Ripple's XRP is Perfectly Positioned to Take over 80% of SWIFT's Cross-Border Payments Market Share

    Association for Financial Professionals (AFP) report on cross border payments shows which primary factors are considered and Ripple's XRP fits the bill for high speed and low costs.

    • Swift Still Dominating cross-border payments space
    • Newer technology solutions in comparison are currently used to “a very limited extent”
    • But speed and transaction costs are the primary considerations when looking for a cross border payment system

    The 2019 report by the Association for Financial Professionals (AFP) underwritten by JP Morgan revealed that more than 60% of survey respondents believe faster payments will have a positive impact on their organizations.

    While 37% are looking to stay current with new developments and aim for early adoption to reap early benefits, 24% plan to be aware of new developments to be better prepared.

    Ripple also shared a figure from the report that shares respondents' preferences to factors they consider when selecting methods for sending cross border payments.

    Speed is the primary factor that majority, a whopping 73% of the financial professionals look for in a payment system. Transaction costs (64%) and certainty of payment follow.

    These findings surely had the XRP community excited as Ripple promotes itself for those two factors specifically.

    As per Ripple’s website, on-demand liquidity (ODL), formerly known as xRapid, that leverages the digital assets allows financial institutions to source liquidity in seconds by eliminating the need for pre-funded accounts in destination countries for international payments, especially in emerging markets.

    Ripple’s ODL product reportedly takes 3 seconds to settle transactions, offers 40 to 60% cost savings and is available 24/7/365.

    Swift Still Dominating Cross-Border Payments Space

    However, legacy wires (Swift) still dominate the cross-border landscape because it has the greatest reach.

    68% of organizations’ cross-border payments are done via Swift wire transfers. 80% of survey respondents report that some percentage of their organizations' B2B transactions made by cross-border payments are done via Swift.

    Comparatively, newer technology solutions for cross border payments are currently used to “a very limited extent.” This applies to solutions like Swift GPI.

    However, the report says further awareness about “cross-border solutions built on technologies such as blockchain, digital currencies, and APIs, may be advantageous.”

    Corporate practitioners are well aware of the benefits of electronic payments but there are still challenges, such as shortage of IT resources, lack of integration between payment and cost of making changes to internal processes, to overcome in using these methods.

    Last year's AFP technology Survey found that the implementation of emerging technologies is low as the majority of companies don't have any plans either. Still, the adoption of technologies can have a “significant impact.”

    Open banking and application programming interfaces (APIs) are emerging technologies, according to financial professionals that most likely to have an impact on the payments industry more than any other technologies.

    Ripple (XRP) Live Price

    1 XRP/USD =$0.2334 change ~ 0.00%

    Coin Market Cap

    $10.1 Billion

    24 Hour Volume

    $203.78 Million

    24 Hour VWAP


    24 Hour Change


    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    AnTy has been involved in the crypto space full-time for over a year now. Before his blockchain beginnings, he worked with the NGO, Doctor Without Borders as a fundraiser and since then exploring, reading, and creating for different industry segments.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


    Please enter your comment!
    Please enter your name here


    Live Bitcoin Price & Latest BTC Chart News

    Today's Latest Crypto News

    Argo's Bitcoin Mining Revenue Jumps 10x In 2019, Operations Ramping Up For 2020

    It has been reported that Argo Blockchain’s Bitcoin (BTC) mining form took 10 times more revenue in 2019 than it did in 2018. The announcement...

    After Passing Strict Regulatory Standards, Zipmex Crypto Exchange Granted License by Thai SEC

    The Asia-Pacific crypto-fiat exchange Zipmex has been given a digital assets exchange license by the Thai Securities and Exchange Commission (SEC). As stated in a...

    South Korea Might Re-Categorize Cryptocurrencies, Imposing A 20% Tax On Gains

    South Korea one of the most progressive nation in terms of evolving technology adoption might impose a 20% tax on crypto gains in the...

    Does Peter Schiff Losing His Bitcoin Reveal the Shortcomings of The Technology?

    As gold proponent Peter Schiff loses his BTC because he didn’t remember to keep his seed phrase, CT tore into him for forgetting his...

    Popular Trader Sees Bitcoin Heading to $5,000 After the Bearish Ambush

    Bitcoin went down hard from $9,200 to $8,550, altcoins followed except for BSV & XTZ If BTC reclaims $8,900-$9,000, $9.5 next or low...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.