Ripple Instant Remittance Speed Still Ahead Of Swift Despite Upgrade

The battle for the top spot when it comes to instant remittance is still on with Ripple and SWIFT going head to head. Recently, SWIFT announced its successful trial of cross border transfers in the Asian region. This exercise was done in a bid to lead the industry and surpass all competitors in the space.

XRP (XRP) Price Today – XRP / USD

#NamePrice24H %
3
ripple
XRP(XRP)
$0.289
2.15%

The announcement was made in a press release on July 18. The trial conducted instant payments between up to 17 banks in China, Australia, Canada, The Netherlands, Luxembourg, Thailand and Singapore. The fastest transaction took about 13 seconds according to Coin Telegraph.

SWIFT Hopes to Lower Adoption Costs for Institutions

The tests were conducted between Fast, Singapore’s domestic instant payments solution and Global Payments Innovation instant payment platform of SWIFT.

The company explained further that the GPI system it uses works with existing payments infrastructure. The main goal of the system is to reduce adoption costs for institutions that are interested in it. Commenting on the matter, the head of banking of SWIFT said:

SWIFT envisages that cross-border payments will become as convenient as domestic transactions, and the successful testing across multiple corridors between Europe and North America to Asia Pacific confirms the important role that GPI Instant will play in making that bold vision a reality.”

Ripple Is Still King Despite Recent Upgrade

Ripple based systems have proven to be better as they can process transactions in 5 seconds to 7 seconds according to Ripple CTO, David Schwartz. The CTO produced the figures in a Quora questionnaire which asked, “how long does a Ripple XRP transaction take?” This translates to 4 times the speed of SWIFT instant remittance despite the upgrade.

SWIFT has made positive moves to enhance its services, but this is not enough to challenge the sovereignty of Ripple in the payment industry.

Aside from winning the top spot when it comes to speed, Ripple has also entered strategic partnerships that could solidify its place as the leader in the remittance industry.

One notable achievement for the network is the Bank of America patent settlement. In a recent publication, the bank filed for a patent settlement and listed Ripple distributed ledger. The DLT will serve as an interbank communication tool.

The partnerships have been instrumental to its native token, XRP. Even though it hasn’t contributed as much as expected, analysts believe it would reap more fruits in future. The recent collaboration with MoneyGram aims to put XRP use cases to test. Also, MoneyGram’s recent deal with Sentbe is also positive news for the XRP community. Analysts believe that these steps can lead to mass adoption in the future and this will reflect in XRP price in the long run.

XRP Price Prediction: How Is XRP Faring?

XRP price is trading at $0.310355 and has currently lost 4.38% of its value in the last hour. The total market cap of the token is $13,293,333,463 while the 24 hour volume is $1,175,013,099 at press time according to Coin Market Cap. XRP has faced many hurdles since a few weeks ago when it fell below the $0.3 resistance level. The token managed to climb back up and has held well above the resistance level.

Brian Lubin is a Crypto News Reporter for Smartereum. He's well-known for his reports on the crypto markets.

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