SWIFT delays and defects increase

• Quick defects show the need for blockchain and cryptocurrency to take over cross-border payments.
• "A precise reminder of why our Ripple mission is so important," says Ripple's global strategic account manager.

A recent report claims the global remittance of money, SWIFT is currently experiencing extreme delays. The situation is currently highlighting cryptocurrency solutions such as those provided by Ripple.

Another report published by The Guardian says there are stories of customers who have their money locked in traditional cross-border payment as a result of rapid flows and delays. In reality, the report refers to Swift as a proven improper term.

"The charity organization of Elaine and Malcolm Thompson, St Paul & # 39; s Children & # 39; s Project, pays the tuition and expenses for 36 orphans in Zambia .In October they made a payment using the Swift system of £ 11,000 from the Barclays account of the charity designated to the designated bank in Zambia, but it never arrived … "as reported by a Payment Snaffu charity.

Transfers from other accounts have also been delayed, says the report:

"In June, Jane Collins * nearly lost the house she was buying after moving to Canada because the 54,000 pound deposit transferred from her national account disappeared, eventually arriving six weeks later, Nationwide blamed the poor communications along the chain of banks … "

A tweet from Marcus Treacher, Ripple's global strategic accounts manager, found that the above imperfections indicate that the payment system requires a review and update to embrace the correct "Internet value".

"Timely reminder why our Ripple mission is so important: Build the #IoV for super-fast, transparent and reliable payments all over the world."

Ripple is trading at $ 0.30 and is correcting the 1.2% lower in the last 24 hours. The market capitalization is $ 12 billion with a trading volume of $ 408 million.