Ripple Vs. SWIFT: xCurrent Is 90% Better – Pushing For Institutional Adoption Of XRP
Ripple has been competing with SWIFT for quite a while, and it’s basically safe to say that the San Francisco-based company is the traditional payments system’s main rival.
Even though there have been many rumors claiming that Ripple and SWIFT might team up someday, Ripple made sure to dismiss them.
But just recently, during a Paris FinTech Forum 2019, Ripple’s CEO Brad Garlinghouse offered a job to the retiring SWIFT’s CEO, Gottfried Leibbrandt.
Gottfried is stepping aside as CEO from the SWIFT network after he had been working there for decades.
xCurrent defeats SWIFT
Ripple’s managing director of South Asia, the Middle East, and North Africa says the company’s cross-border solution xCurrent offers banks and financial institutions massive cost savings over SWIFT.
During a brand new interview with The Asian Banker, Navin Gupta said that the cross border payment company based in Brazil, BeeTech eliminated the fees that came with using SWIFT for all of its remittance corridors, “dropping in its own fees from $20 to $2 per transaction in the process.”
He said that he sees a tipping point in adoption of Ripple’s cross border payment solutions and he highlighted that there are more and more banks and financial institutions that are jumping on board with Ripple.
“There is a very significant amount of movement from High Street banks to join the network and we believe at different points in their lifecycle they will make this decision.”
Ripple has more than 200 companies on RippleNet
Ripple now has more than 200 companies on its network, and new companies are joining in on a weekly basis.
“It took us two years to acquire the first 100 customers, but it took only one year to acquire the next 100. Existing customers are using us more by leveraging our multiple corridors, and the network effect is starting to take off,” according to the company.
Garlinghouse is both the CEO and Chairman of Ripple Labs. This year, Ripple surpassed 300 partners, including over 115 banks worldwide. Having launched On-Demand Liquidity (ODL) for cross-border payments, Ripple now has more than 20 partners using XRP for ODL, including Moneygram, Western Union, and American Express.
Coinbase is a digital currency exchange headquartered in San Francisco, California.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.