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A new report discussing extended payment delays and errors on SWIFT – the traditional global payments network (for FIAT currency) – is apparently a message about the importance of cryptocurrency, blockchain and digital resources such as Ripple's XRP.
Part of a report by The Guardian (United Kingdom) examines four reports of individuals and charitable organizations that are earning thousands of dollars in cross-border payment streams through SWIFT (Global InterBank Financial Telecommunications Company).
Here are some quotes from SWIFT customers according to the British Newspaper:
"Martin Finnegan * was told that the £ 2,450 sent from his national account to his mother-in-law in Russia would last about three days. Three months later he was still in transit, an unknown location. "
In addition, another client working on the St Paul children's project, "He pays the tuition and expenses for 36 orphans in Zambia, and in October they made a payment using the Swift system of 11,000 pounds from the chartered Barclays account to the designated bank in Zambia, but it never arrived."
In addition to these two, another client named Laura Fulcher had "I waited five months for a £ 500 holiday deposit to reach his Ghanaian tour operator, which was eventually repaid after Observer contacted his bank, TSB, and reimbursed the associated expenses and added interest and £ 50 in compensation for the "inconvenience". "
Besides all this, there was another customer who, in June, said:
"He almost lost the home he was buying after moving to Canada because the 54,000 pound deposit transferred from his national account disappeared, eventually arriving six weeks later, and Nationwide blamed bad communications along the chain of banks."
as reported by Daily Hodl, Marcus Treacher, Ripple's global strategic account leader has commented on the new report on his Twitter stating that it shows the need for an update of the global payment infrastructure to design an effective 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
In addition to all this, Swift has recently announced that they will work on a new payment API in order to reduce the possibility of errors on the network.
What are your thoughts? Let us know what you think in the comments below!
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