Ripple And XRP Are Reportedly Set To Revolutionize Cross-Border Payments And Challenge SWIFT
These seem to be the best days of Ripple and its digital asset XRP.
More and more essential names in the space recognize their success, and the latest one is the business outlet Edge Markets, based in Singapore and Malaysia.
The publication just said that Ripple seems to be set to revolutionize the space of cross-border payments.
The report says that Ripple’s XRP-based solution xRapid is currently challenging the global network SWIFT by targeting emerging markets. SWIFT’s transfers are expensive and slow in comparison with what Ripple has to offer.
“From the perspective of big financial institutions, better liquidity is a key advantage. Payments, especially to parties in emerging markets, often require pre-funded local currency accounts around the world, resulting in high liquidity costs. With xRapid, payment providers and financial institutions are able to dramatically lower the capital requirements for liquidity, as it uses the XRP token to provide on-demand liquidity,” according to the outlet.
This report only comes to highlight research from McKinsey & Company which found that fintech companies are having a significant impact on the cross-border payments.
SWIFT is not staying on the side these days, but they are reportedly working on improving their solutions.
Euro Exim Bank ditched the traditional payments system recently to ride the wave on innovative solutions with Ripple.
This happened after the bank lost a transaction on the network.
XRP gets listed on 30 new exchanges and more
Ripple’s own latest reports are pretty mind-blowing.
Ripple sold about $181 million worth of XRP in 2017. According to Ripple’s latest report, that number surged to $535 million in 2018.
More than that, XRP got listed on 30 crypto exchanges in Q4 2018.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.