Ripple Blockchain Team to Face Tough Competition, SWIFT Payment Launches Trials

[Leonardo]

Ripple Blockchain teams effort to overtake the decades-old SWIFT payment network has earned mainstream media attention. Its underlying products and digital token XRP has become a priority for various worldwide Interbank Financial Telecommunications and digital money transfer services.

SWIFT Payment replies to competition by blockchain companies

The international payment SWIFT is no doubt feeling pressure from the competition by its blockchain competitors like Ripple Blockchain solution. As such in early December 2018, SWIFT announced the launch of ‘integrated payment validation’ which appears as the firms approach to compete with Fintechs and emerging Blockchain solutions companies.

https://twitter.com/KreiterlingCh/status/1080848235281956864

Announcing this, SWIFT aims to scrutinize the increasing complaints on payment effectiveness received so far. Initially, the firm has finalized 14 major banks for pilot testing on ‘pre-validation’ to detect errors. Its official statement read as follows;

The pilot is the first stage in the roll-out of the ambitious gpi validation programme. The goal of the pilot is to build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.

Can Ripple Blockchain replace SWIFT payment network?

As such, Ripple’s chief market strategist, Cory Johnson bets on Ripple over SWIFT network. In a video revealed today, he highlighted core aspects of Ripple Blockchain solutions.

https://twitter.com/DiepSanh/status/1080844185375129601

How far is Ripple to Overtake SWIFT Payment Network?

Nevertheless, Cory’s video was captured in mid-November 2018 soon after Brad Garlinhouse, Ripple’s CEO interviewed Bloomberg on how Ripple is aiming to overtake SWIFT banking network. Consequently, Brad Garlinhouse told Bloomberg that there are at least 100 SWIFT-connected banks including gigantic Santander Group already employing Ripple’s xCurrent product.

While Cory Johnson bets on Ripple over SWIFT for worldwide customers, he also discussed the fact that various customers are using both ‘Ripple and SWIFT’. Adding this, he said that their preferred payment choice would go for something that offers quick transfer with less cost which is possible through Ripple and XRP. He further added, XRP is purely focusing on values, transferring 1500 transactions/second is a very quick thing to happen in a digital network, he embraced.

I would expect, the customer should use only Ripple’s product, he concluded.

Source: https://coingape.com/ripple-blockchain-competition-swift-payment/