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Money transfer made easy with Ripple’s XRP

Ripple and Swift are known to be competitors. Ripple Labs is the challenger and is catching up continuously. Ultimately, the company wants to make money transfers as easy as sending an email. Now ripple director Ross D’Arcy has illustrated the differences between Ripple and Swift.

The Swift system is the current worldwide standard for cross-border payments. SWIFT has announced in the past that it connects more than 11,000 financial institutions around the world and has 24 million transactions per day.

At a fintech conference in Croatia, D’Arcy said:

“I think Swift is a really interesting example. If you think about it, you see that Swift goes beyond a line and plays a bit of a political role. We do not see the transactions of our customers. The transactions of our customers are handled via the internet. So Ripple could close down as a company tomorrow and our clients could still transact with our software. That would not be the case with Swift. ”

Ripple XRP wants to make money transfers as easy as possible

Further, D’Arcy explained that Ripple Labs is focused on making the process of sending money as easy as writing e-mails.  Swift has been developing a new programming interface since 2017. This should speed up the process and reduce the number of errors. The new system is not based on blockchain technology, as Swift does not believe it to be mature yet.

Ripple wants to overtake Swift

Ripple Labs CEO Brad Garlinghouse said in an interview that Ripple wants to overtake Swift.

“I believe that what we do day to day already means we are overtaking SWIFT,” said Brad Garlinghouse. Furthermore, Ripple Labs announced earlier this year that it now has 200 banks and financial institutions under contract.

Published inFintech

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