Ripple And XRP Solve Financial Problems; Banks Don’t Like SWIFT, Says Brad Garlinghouse
Ripple CEO Brad Garlinghouse has recently talked about SWIFT.
As people know by now, SWIFT is the international payments system which banks have been using for decades now, but Ripple’s reps have been saying for a long time that it became outdated.
Ripple seems to be able to manage and eliminate the flaws that are plaguing the traditional payment system and comes to support banks and financial institutions.
Ripple CEO addresses the fact that XRP is an improvement over Bitcoin as well.
Ripple has been trying to overcome the flaws of SWIFT for a really long time and some financial entities such as Euro Exim Bank has already dropped the traditional system in order to use Ripple’s products.
Banks reportedly don’t like SWIFT regardless of its latest efforts
On the other hand, SWIFT has been making efforts to improve the settlement time and accessibility to its global messaging system.
Garlinghouse said that banks don’t like SWIFT, no matter its latest efforts.
According to SWIFT, the system is meeting the modern challenges of offering instant services.
In Manhattan, at The Economic Club of New York, Garlinghouse says Ripple, which is growing its network of 200 banks and financial institutions, is able to solve a real problem at scale.
Brad Garlinghouse, #Ripple CEO at The Economic Club of New York, October 8 2019
— Alec (@realAlec_) October 8, 2019
“You have north of $20 trillion going cross border each year. It is fraught with error rates and it’s slow and it’s expensive. For me, it’s the classic Silicon Valley going up against the big behemoth, Goliath. But it’s so broken. When I go talk to banks, it’s a beautiful thing for me because banks don’t like Swift,” he said.
Garlinghouse continued and explained that “They’re frustrated with Swift. Their customers don’t like Swift. That’s a great place to be when you’re selling into that…”
He concluded by saying that Ripple is really solving a problem via these technologies at scale.
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.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.