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The concept of money transfer seems to be a turnaround, with the blockchain technology set to change the way cross-border payments are made. In this sense, Ripple is at the frontier of the evolution of money transfer and remittances, and is now facing intense competition with an enterprise supported by Stellar from IBM.
It is necessary to know that IBM is almost trying to attract attention from Ripple and lead the race to change the face of cross-border payments in the world.
At the moment, we now have SWIFT, Ripple and IBM in the realm of cross-border payments. Nonetheless, SWIFT is still the most significant means of payment in the world, because it has more than 200 countries registered in its network.
In addition, SWIFT records more than one trillion daily volume on its transaction. Because of this fact, Ripple is getting a mass adoption and a large percentage of SWIFT's business.
At the moment, it has almost got about 50% of the means of payment in India, including the largest Indian bank. Furthermore, it is now the main network for SMEs and the unbanked, thus providing a faster and cheaper means for them.
Although Ripple appears to offer great services when it comes to cross-border payments, Stellar and Stellar-project supported by IBM seem all set to compete with Ripple full-time.
Based on IBM's statements, its DLT-based payment system seems to give more weight to Ripple to increase its reach and increase the rate of adoption to become relevant in the cross-border realm
" convening power brings together incumbents and FinTech, ensuring collaborative innovation with data security, compliance and consumer focus " reads IBM's statement.
A part of his press release states:
" All this means that funds can now be transferred to a fraction of the cost and time of the traditional correspondent bank."
On IBM-powered solutions, the company claimed it is managing 60% of global transactions in the world, and also offers BWW (Blockchain World Wire) which is a great launch package, pushing it to the global financial sector that is set to increase $ 2 trillion in 2020.
Recently, IBM and Stellar have unveiled a proposal to create a settlement scheme for the South Pacific region with KlickEx. Recent news is seen as a new development for IBM.
IBM did not stop here as the company also announced the launch of Stronghold USD – a US currency that works with the Stellar protocol.
Both Ripple and Stellar in the same way that both activities offer the same services, but stellar is open source and is not owned by anyone or people, unlike Ripple (since it is assumed that the company owns tokens XRP in massive quantity).
However, the negative hype level around Ripple is likely because the price is lower than it used to be. At the time of writing, XRP is priced at $ 0.268 and in red.
However, XRP is still globally recognized and will continue to be an important company to promote cross-border payments in the world. At the moment, Ripple needs more creativity, plans, a lot of adoption to be the leading solution and beat Stellar-IBM combo. Only time will tell who wins.
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Disclaimer: This article should not be taken as and is not intended to provide investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Photo of CloudVisual on Unsplash
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