Ripple’s xCurrent Reportedly Overcomes SWIFT By 90% In Terms Of Cheaper Fees

Ripple and SWIFT and major rivals regarding cross-border transactions.

Even though back in 2018, the two entities were expected to team up, Ripple made sure to highlight that they were rivals.

But now, Ripple’s CEO Brad Garlinghouse sparks the potential partnership rumors once again.

Ripple’s CEO spoke recently on a panel at the Paris Fintech Forum, Ripple’s CEO said that there are ways in which Ripple could work with SWIFT, according to the latest reports coming from the online publication Smartereum.

The CEO of SWIFT Gottfried Leibbrandt is set to step down in June. Garlinghouse had a job offer for Leibbrandt. He said, “Ripple is hiring.”

xCurrent vs. SWIFT

Oracle Times just reported that Ripple’s managing director of South Asia, the Middle East, and North Africa revealed that the company’s cross-border solution xCurrent offers banks and financial institutions massive cost savings over SWIFT.

During an interview with The Asian Banker, Navin Gupta said that BeeTech which is a Brazilian cross border company managed to eliminate the fees they were paying when using SWIFT, “dropping in its own fees from $20 to $2 per transaction in the process.”

He said that he sees a rise in the adoption of Ripple’s cross border payment solutions and he highlighted that there are more and more banks and financial institutions that are jumping on board with Ripple.

“There is a very significant amount of movement from High Street banks to join the network, and we believe at different points in their lifecycle they will make this decision,” he said.

More than 200 financial institutions in RippleNet

Currently, Ripple boasts more than 200 financial institutions which are members of RippleNet.

Ripple was recently in the spotlight after the San-Francisco based company has been included alongside Coinbase, Gemini and Circle in the Forbes Fintech 2019 list.

Forbes is one of the most famous business names in the world and to be included in a Forbes list is a real pride these days.

You May Also Like

Leave a Reply

Your email address will not be published.