Ripple’s technology is making headway around the world. The effort of Ripple to provide a more efficient method of making cross-border payments is becoming more and more of a reality. Well, according to Brad Garlinghouse, the CEO of Ripple, many SWIFT-enabled banks are using Ripple’s technology and this is just the beginning. While the popular opinion is that Ripple’s xRapid and xCurrent will take over the SWIFT banking system, Garlinghouse words prove that Ripple can work with this system in improving global remittance in the FinTech industry.
During an interview with Bloomberg, he said that the SWIFT system is outdated as the services it provides have failed to meet up with today’s market standards. Keep in mind that SWIFT is an acronym for Society of Worldwide Interbank Financial Telecommunications. It is the messaging network that financial service providers use to provide payment settlement services.
Garlinghouse claims that Ripple is going to make the system more efficient as it has already started working with banks that use SWIFT. In his words:
“We are trying to help banks and SWIFT is owned by these banks. We believe blockchain technology will greatly influence correspondent banking for the better. This SWIFT technology that banks use today was developed years ago and it hasn’t evolved since”.
XRP (XRP) Price Today – XRP / USD
Garlinghouse said that Ripple is enjoying many partnership opportunities and has many more that it hasn’t been able to bring to fruition. While it will still work to activate these partnerships, it’s primary goal is to satisfy customers by solving their problems. He talked about the statement SWIFT made concerning settlement and blockchain technology. SWIFT said that it doesn’t see blockchain technology as the solution that is needed in correspondent banking. Garlinghouse did not agree with this statement and he said that many customers who use SWIFT also disagree.
When asked about the possibility of Ripple’s technology taking over the SWIFT system, he said that it already has. He said that even if Ripple is executing its data daily, it is still taking the lead while SWIFT lags behind. He continued:
“We have signed up with more than 100 banks. These banks are some of the largest SWIFT-enabled banks in the world”.
In a bid to explain how Ripple is better than SWIFT, he cited a remittance company that uses his company’s technology. Because of Ripple’s technology, the company was able to reduce the price per transactions to $2 from $20. Because of the significant reduction in price and the speed of the service, the usage of the company increased by 800% overnight. Garlinghouse said that this type of dynamic cannot be supported on SWIFT-enabled systems keeping Ripple ahead of the remittance game.
In conclusion, he said that Ripple isn’t interested in removing banks from the picture. Rather, they want these banks to succeed in this new world by taking advantage of emerging technologies. He made it clear that Ripple is ready to work with SWIFT.
XRP (XRP) Price Analysis
Yesterday, XRP took a spike over the moon. While many other cryptocurrencies were trading in red, XRP was trading in green. Unfortunately, the minor bullish rally has come to an end and XRP is now trying to retain the gains as it trades in red. At the time of writing, XRP was trading at $0.509793. This shows that it is down by 1.36% against the USD and down by 1.31% against Bitcoin. The 24 hour trading volume is $477,954,028 and the market capitalization $20,496,477,224.