Ripple and SWIFT have been competing for a long time, even if there have been a lot of rumors during this year, claiming that the two of them will eventually end up in a partnership.
Ripple made sure to kill these rumors more than once, and since then, it has been trying to fix the flaws and gaps that are featured by SWIFT regarding cross-border transactions.
Delays and errors block money
According to Ripple, there’s a new report on extended payment delays and mistakes that can be found when using SWIFT traditional global payments network.
This only highlights, even more, the great need for cryptos, such as XRP, and the blockchain technology.
Ar article from The Guardian tracks four stories of people and charities as well which are getting thousands of dollars stuck in cross-border payments that have been made via SWIFT.
According to the same report, the acronym SWIFT has often proved to be a “misnomer.”
Ripple’s global head of strategic accounts Marcus Treacher has tweeted about this new report, and he said that it highlights the importance of a global payments infrastructure upgrade that could create a useful Internet of Value.
It was recently reported that SWIFT global payments network seems to be challenging Ripple and all similar emerging cross-border startups.
Timely reminder of why our Ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments worldwide https://t.co/TZ3iOVOaks
— Marcus Treacher (@marcus_treacher) December 9, 2018
SWIFT is testing a new payments system
This new system is created in order to counter Ripple and similar companies who are competing in the sector of cross-border payments with low fees, high speed, and zero errors.
The Financial Times publication revealed that SWIFT is testing a new system that is not based on the blockchain, but instead, “it will be using an application programming interface (API) that allows financial institutions to access the data of one another in order to check bank account numbers before payments are being made.”