Ripple has recently addressed the most significant differences between its payment system and the traditional one that’s been the preferred among banks and financial institutions for decades, SWIFT.
If back in 2018, the crypto community was expecting to see a partnership between the two entities,.
Now things are more than clear because Ripple used various occasions to clarify the fact that they will not team up with SWIFT, but on the contrary, the main focus is to overtake it.
SWIFT vs. Ripple
SWIFT is the current global standard in cross-border payments, and the company said that they currently link more than 11,000 financial institutions and banks across the globe.
During the Shift Money conference in Croatia, Ripple sales director Ross D’Arcy said the following:
“I think Swift’s 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 customer’s transactions. Our customer’s 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.”
Ripple aims to send money as quickly as data
He also said that Ripple is focused on sending money as promptly as information.he compared the process of sending money to the one of sending an email.
SWIFT, on the other hand, is working on a new payments API that’s supposed to enhance speed and reduce the errors on the network. They will definitely not be using the blockchain technology because they believe it’s not ready yet to go mainstream.
Ripple and SWIFT will meet face to face to talk about the future of finance at the 1TC Conference in Germany.
Marjan Delatinne, the Global Head of Banking at Ripple and Wim Raymaekers, the global head of banking at SWIFT will discuss the future of cross-border payments.