Ross D’Arcy, Ripple’s sales director, made comparisons between Ripple, a Blockchain-based payment protocol and SWIFT, a settlement system used by banks for cross border payments. According to D’Arcy, Ripple is designed to allow customers to send payments easily and faster just like sending an email or making a voice chat, reports a media outlet on January 18.
Ripple Competes With SWIFT For Faster Cross Border Payments
Ripple, a technology of Blockchain enables payments to be sent between banks in different countries, and so far, it has been competing with SWIFT. The latter has been adopted globally, and it is one of the most commonly used payment system employed by financial institutions. However, Ripple’s adoption rate is bringing about its popularity, and the actors behind the platform have made comments.
One of such is reportedly from Ross D’Arcy who said that Ripple’s aim, is to provide a platform which is easy to use and can process transactions speedily. In his opinion, this is a payment system that will be easy to use just like sending an email. Here, a customer will be notified that their payment has been sent after a few clicks and seconds.
In his own words;
3 clicks, 30 seconds, receive a confirmation that the end beneficiary has been paid. So as easy as we can do a voice chat or exchange emails, that’s exactly how we want the payment experience to be.
Ripple’s Shutdown Will Not Hinder the Transfer of Funds
Asides pointing out Ripple’s potential in delivering faster payments than SWIFT, the Sales director also said that the closure of the SWIFT’s business could affect its payments. Ripple, on the other hand, he says will still be able to process payments because these transactions are carried out over the internet and using its software. As such, a shutdown of the company will not stop customers from sending funds.
Brad Garlinghouse, CEO of Ripple in November had also hinted that Ripple might be taking over SWIFT. According to him, over 100 banks had signed up, and they are taking advantage of the Ripple platform. He also added that these financial institutions included some of the largest banks in the world which are also using SWIFT.
Alternatively, Swift’s messaging system is used by over 10,000 financial institutions across the world. BTCNN’s report from December 9 reveals that the company has made plans to launch a Global Payment Initiative service (GPI). Reportedly, the GPI aims to rival Blockchain and Fintech systems employed by Ripple, Transferwise, and JP Morgan.