Ripple has some powerful solutions to offer for cross-border payments, and this is what will make more banks and financial institutions ditch the traditional payments system and move towards more innovative solutions.
As you already know, Euro Exim Bank has already made this move and ditched SWIFT in favor of Ripple’s XRP-powered xRapid.
Euro Exim Bank already started using Ripple’s XRP-powered product xRapid in Q1 2019.
Graham Bright, the head of compliance and operations at the bank, has recently told American Banker that it plans to use XRP in order to power payments across 80 countries to highlight the speed and efficiency of crypto.
SWIFT has been blamed by Bright who said that one of the bank’s transactions got lost on the SWIFT network.
This is the main reason for which he changed technology regarding cross-border transactions.
Ripple Vs. SWIFT and Western Union
BeeTech Global is a Brazil-based payment service, and it uses RippleNet in order to make remittance payments from people all over the globe.
The fees that are used by the company are much lower compared to the ones of Western Union, and the speed of transactions is much faster compared to the ones of SWIFT, the traditional payments system that has been used by banks and financial institutions for decades now.
This is ideal for people who are working away from home and want to send money to their families.
XRP, the most traded crypto in the US and Latin America
Meanwhile, XRP gains more and more popularity, according to the latest reports. In fact, both Ripple and the digital asset XRP are doing amazing these days in terms of achievements.
— Uphold (@UpholdInc) March 6, 2019
The fiat and crypto trading platform Uphold says XRP is the digital asset of choice among its users across North and South America.
“From January 1 to February 14, 59.2% of its users in the Americas bought XRP”, according to The Daily Hodl.