Ripple is making a lot of progress over Swift which currently monopolizes the remittance market. With various solutions, low transaction time, low cost, adding partners, and offering less volatility and more, Ripple is surely making its move.
It’s a matter of either seconds or hours
It is a no hidden fact that Ripple is looking to replace Swift and dominate the financial industry. No doubt, Ripple has already started making headway by introducing its various products viz. XRP, RippleNet, xRapid, xCurrent, and xVia along with a number of partnerships with banks and financial institutions all over the world.
Swift or Society for Worldwide Interbank Financial Telecommunication is being used all over the world. However, if we take a look at the data, Ripple shows much better results as shared by an XRP enthusiast on Twitter:
As commented by KimXRPossible, “Who can wait 11 hr 6 min? It’s 2018, not 1918!”, people share similar sentiments in today’s world.
Not long ago, over 2 billion XRP has been sent in a matter of seconds and at a minuscule fee:
Furthermore, Michael Arrington of crypto hedge fund Arrington XRP Capital recently stated:
Ripple community is leaving no facet unchecked to showcase Ripple’s dominance over Swift as another enthusiast shares:
Whatever may be the plan, Ripple has thought of everything as confirmed from its huge amount of XRP supply:
Swift has over 10,000 banks in its bag and planning to introduce GPI by 2020. Ripple has already added 100 partnerships and GPI isn’t necessarily a Ripple-killer, though it can create hurdles for the company behind the world’s 3rd largest cryptocurrency.
Ripple definitely beats Swift with its speed by taking way too less time in processing the payments along with minimal transaction cost. However, the liquidity factor presents a challenge. But as emphasized by Ripple CEO Brad Garlinghouse numerous times, XRP’s few seconds of volatility just might be better than the days of volatility.
Swift might have the monopoly in the remittance market right now, but the way Ripple is moving forward, targeting different corridors and at a fast pace, the situation might reverse in the coming future.