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Jessie Lund, the head of Blockchain at IBM, in an interview, outlined parallels between SWIFT of the global payment initiative SWIFT and Ripple & # 39; s xRapid and said that World Wire payment services IBM were better than both services.
The SWIFT GPI, which is its incremental update to their payment messaging system, essentially provides instructions to banks that are then executed on a "basis of deferred networks". Lund said: "SWIFT is by no means an agreement".
He added,
"The novelty of World Wire in the blockchain space for settlements is that payment messages and settlement instructions can be done in real time, so drive all kinds of efficiencies in the process mainly because things are being done on a network, that is, reconciliation of information and post-facts is not necessary. "
World Wire is a cross-border payment payment system developed by IBM that allows cross-payment agreements in near real-time using the digital asset. The platform is developed on Stellar's blockchain network and, as all of this happens in a single network, it would decrease the time it takes to process the settlements more efficiently.
xRapid uses XRP to provide liquidity to settle cross-border payments, which is equivalent to physically moving money. Jessie Lund agreed that with the innovative design of Ripple that says,
"Give credit to Ripple when the credit is due for creating the design model. "
He added that World Wire has a much more open approach to selecting digital resources that act as payment instruments and that World Wire is "leveraging the skills and relations with central banks "around the world to create an ecosystem of a series of alternative settlement tools.
Among the alternative settlement instruments available, counterparties using the network can effectively decide together the settlement activities they intend to use. The options available are Digital USD or Digital Euro, but by default, World Wire will use Lumens, as it is the native resource behind the underlying network.
"Unlike, Ripple's xRapid, World Wire will allow a full range of digital tools for future trading," said Lund, adding that it is the "spirit behind World Wire".
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