Ripple Showcases the Differences With SWIFT and Pushes for Real-Time XRP Payment Remittances

Ripple, one of the most popular cryptocurrency platforms in the market has shared the differences that it has with SWIFT, the most used global payment network for international transfers.

At the moment, the SWIFT messaging system is used by most of the financial companies around the world. There are more than 11,000 firms using it in different countries. Ripple sales director, Ross D’Arcy explained that the system has a lot of power to determine the outcome of each transaction.

One of the things D’Arcy mentioned is that customers could keep using the Ripple platform even if Ripple does not exist anymore. Nevertheless, this is not the case of SWIFT.

Ross D’Arcy said during a fintech conference in Croatia:

“I think SWIFT is 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 customers’ transactions. Our customers’ 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”

Furthermore, according to D’Arcy, Ripple is working in order to make payments in a very easy way. The intention is to make users feel they are sending an email. SWIFT is now developing a new payments API that boosts speed and reduces errors on the network.

Cory Johnson, Ripple’s Chief Market Strategist, said that Ripple is meant to replace SWIFT in the future. Additionally, using XRP it is possible to reduce costs for companies even further.

A few days ago, Ripple announced that the RippleNet has already incorporated more than 200 companies all over the world. Additionally, some of them are going to be using XRP and improve their services.

XRP is now the second largest digital asset in the market with a market cap of $13.62 billion. Each XRP coin can be purchased for $0.3319.

Get Daily Headlines

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

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide