Ripple states that the industry needs XRP, after the latest reports showing delays and massive SWIFT errors for cross-border payments

Another day, another move in the Ripple vs. competition. SWIFT. Now, it was Ripple's turn to make a move and say why it's better than SWIFT.

Ripple vs. SWIFT

Ripple explains that a new report on extended payment delays and errors in the traditional SWIFT global payment network shows the great importance of criptos, especially XRP and blockchain technology.

A new exhibit from The Guardian tracks four stories from people and charities that have earned thousands of dollars stuck in cross-border payments made by SWIFT.

The report explains that SWIFT has always proven to have flaws and this is what Ripple is trying to address with the help of its products.

You can read all about the stories facing SWIFT's defects in The Guardian.

Ripple's global strategic accounts manager, Marcu Treacher, also tweeted on this brand-new report "Timely reminder why our Ripple mission is so important." Building the #IoV for super-fast, transparent and reliable payments worldwide " , explaining that it reveals the need for an update of the global payments infrastructure that could be able to create an efficient Internet of Value.

Timely reminder of why our Ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments all over the world https://t.co/TZ3iOVOaks

– Marcus Treacher (@marcus_treacher) December 9, 2018

SWIFT has announced that it is working on a new payment API

Before Ripple made this move, the global payments network, Society for Worldwide Interbank Financial Telecommunication, was launching a challenge for Ripple these days.

At the moment they are testing a new payment system designed to counter Ripple and other similar emerging cross-border payments emergencies.

Financial Times reported that SWIFT is currently experimenting with a new system designed to reduce errors and delays on the network, allowing financial institutions to share data on a bilateral basis this time.

As expected, the system does not use blockchain technology, but will use an & # 39; API.

This will basically eliminate the delays that slowed down the payment network.

Andreas Townsend Author

I am a writer, author and technical blogger since 2005. An observer of the industry that remains updated on the latest news, extremely fond of financial news and everything related to cryptography.