They just announced that the technology would be fully integrated in a few weeks. They will begin using XRP for cross-border payments in Q1 2019.
Powering cross-border payments across 80 countries
Graham Bright, the head of compliance and operations at the bank, has recently told American Banker that it plans to use XRP in order to power payments across 80 countries to flaunt the speed and efficiency of crypto.
“We’re interested in moving forward and creating a platform for payments for our clients who are in over 80 countries at the moment, making sure they have a smooth, frictionless way of paying local people,” he said.
Ripple vs. SWIFT
The current standard for international payments in the traditional SWIFT system which has been used for decades. 11,000 banks and financial institutions across the globe are currently still using it.
SWIFT is blamed by Bright who says that there’s a stringent need for a change in technology.
He said that one of the bank’s transactions got lost this month on the SWIFT network and this is the main reason for which it’s time to move on to better and safer products such as the tech used by Ripple.
“It was lost somewhere in the quagmire of a central organization, and we have no visibility on where it is. All the counterparty says is, ‘We have not received your message.’”
Ripple and SWIFT get ready for the debate of the year
Marjan Delatinne, the Global Head of Banking at Ripple and Wim Raymaekers, the global head of banking at SWIFT will meet face to face to discuss the future of finance, to be more precise, the future of cross-border payments.