Ripple News Today – Ripple has always made its goal to reinvent the cross-border payment industry known. On several occasions, representatives of the company have boasted about how they pose a threat to SWIFT and other traditional financial service providers. In fact, to a degree, the future of the XRP token is going to be influenced by Ripple’s ability to keep its promise and disrupt the cross-border payment sector. While the Ripple community is certain of the disruptive powers of XRP, they aren’t the only ones who believe that Ripple is the future. Recently, a reputable blockchain evangelist, Tim Lea, said that Ripple is going to disrupt the international payment sector.
Ripple News Today – XRP News Today – Ripple Will Disrupt The Cross-border Remittance Sector
During the Tokenarti event that held recently, one of the most renowned blockchain evangelists, Tim Lea, said that Ripple is going to disrupt the cross-border remittance sector. According to him, the leaders of the traditional financial institution are skeptical about cryptocurrencies. This is why they have been hostile toward this emerging industry as well. However, many of them are fully aware that Ripple’s technology is more effective than there current tech. They know that it can save them time and money.
XRP (XRP) Price Today – XRP / USD
He used sending money across the borders of London and Australia. According to him it’s better to use a plane to physically transport money from these two regions as it would be faster and more reliable than using the traditional banking system to send money to the target. This was a hyperbole to explain how inefficient the current system is. While it may seem like a stretch, he made a valid point. Compared to Ripple, SWIFT is extremely slow, expensive and unreliable. While some cross-border transactions through SWIFT might take hours or even days to settle, Ripple can complete the same transactions within seconds. This is why Lea says that the technology has potential in the international payment sector.
XRP (XRP) Price Today – XRP / USD
Lea talked about the multiple payment corridors that are required during international payments through SWIFT. Still using the London to Australia example, he said that money that is sent from London to Australia must pass through Frankfurt, and Hong Kong before getting to Australia. This is one of the reasons why the transactions take a lot of time and are expensive to complete. With Ripple’s technology, the money is sent directly from London to Australia without branching in the multiple payment corridors.
Ripple News – XRP News – Ripple isn’t Going To Disrupt The Cross-border Payment System, It Is Already Disrupting It
After the Tokenarti conference, a member of the XRP community quoted Lea’s words on Twitter. He said;
“Ripple will disrupt cross-border payments industryTim Lea, Tokenarti
Another member of the XRP army quickly corrected the statement stating that Ripple has already started disrupting the traditional payment system. In his words;
“Small, humble correction Mr. Diep: Ripple IS currently disrupting the cross-border payments industry. 😁👍🏾#xrp #digitalassets #fidelity @Bakkt #bakkt #MASSCRYPTOADOPTION”
To be fair, Ripple is already making waves in the cross-border payment sector. The company has teamed up with some of the biggest names in the financial world. The World Bank and IMF has acknowledged the disruptive potential of Ripple’s technology. It’s only a matter of time until it hits global adoption and becomes unstoppable.
What do you think about the Ripple news today? Will Ripple disrupt the cross-border payment sector? Share your thoughts in the comment section.