Ripple, one of the most popular cryptocurrency platforms in the market has shared the differences that it has with SWIFT, the most used global payment network for international transfers.
SWIFT messaging system at the moment. There are more than 11,000 firms using it in different countries. Ripple sales director, Ross D'Arcy explained that the system has a lot of power to determine the outcome of each transaction.
Ripple platform even if Ripple does not exist anymore. Nevertheless, this is not the case of SWIFT.
Ross D'Arcy said during a fintech conference in Croatia:
"I think SWIFT is a really interesting example. Because SWIFT, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We do not see our customers' transactions. Our customers' transactions go over the internet. I know Ripple could shut down as a business tomorrow. The same would not be the case with SWIFT "
Furthermore, according to D'Arcy, Ripple is working in order to make payments in a very easy way. They are sending an email. SWIFT is now developing a new payments API that boosts speed and reduces errors on the network.
Cory Johnson, Ripple's Chief Market Strategist, said that Ripple is meant to replace SWIFT in the future. Additionally, using XRP it is possible to reduce costs for companies even further.
– Ripple is meant to replace SWIFT
– XRP is meant to be a digital way to move value
– All of Ripple's customers are using both Ripple and SWIFT
Cory Johnson, Ripple
– Steven Diep (@DiepSanh) January 3, 2019
A few days ago, Ripple announced that the RippleNet has more than 200 companies all over the world. Additionally, some of them are going to be using XRP and improve their services.
XRP is now the second largest digital asset in the market with a market cap of $ 13.62 billion. Each XRP coin can be purchased for $ 0.3319.