Ripple has recently highlighted the main differences between their payment platform and the global payment traditional network SWIFT.
Ripple is its main competitor, and even if back in 2018 people were expecting the two entities to team up, Ripple has made it very clear that their plan is to overcome SWIFT and fix all its flaws with their products.
SWIFT vs. Ripple
SWIFT is the current global standard from cross-border payments, and according to the company, it currently links more than 11,000 banks and financial institutions around the world.
During the Shift Money conference in Croatia, Ripple sales director Ross D’Arcy said that he believes the system has way too much power to determine the outcome of each one of their transactions.
“I think Swift’s a really interesting example. Because Swift, if you think about it, kind of crosses the lines sometimes and plays a bit of a political role. We don’t see our customer’s transactions. Our customer’s transactions go over the internet. So Ripple could shut down as a business tomorrow, and our customers could still transact using our software. The same wouldn’t be the case with Swift.”
Sending money as quickly as data
He said that on the other hand, Ripple’s focus is on making the process of sending money as easy and sending an email.
He said that three clicks, 30 seconds and a confirmation that the beneficiary has received the money – that’s all it takes, and that’s how they want people’s experiences to be when using Ripple for sending money.
SWIFT is currently working on a new payments API that is supposed to boost speed and reduce errors on the network. Their system will not be based on the blockchain technology, and SWIFT also said that the blockchain is not yet ready to go mainstream.
Ripple’s Brad Garlinhouse has highlighted multiple times that they aim to replace SWIFT. Ripple currently has more than 200 banks and financial institutions on RippleNet.
Ripple and SWIFT will debate the future of finance at the 1TC Conference in Germany.
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 cross-border payments.