Ripple, one of the most popular cryptocurrency platforms in the market has shared the differences that it has with SWIFT, the most used global payment network for international transfers.

At the moment, the SWIFT messaging system is used by most of the financial companies around the world. There are more than 11,000 firms using it in different countries. Ripple sales director, Ross D’Arcy explained that the system has a lot of power to determine the outcome of each transaction.

One of the things D’Arcy mentioned is that customers could keep using the Ripple platform even if Ripple does not exist anymore. Nevertheless, this is not the case of SWIFT.

Ross D’Arcy said during a fintech conference in Croatia:

“I think SWIFT is 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 customers’ transactions. Our customers’ 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”

Furthermore, according to D’Arcy, Ripple is working in order to make payments in a very easy way. The intention is to make users feel they are sending an email. SWIFT is now developing a new payments API that boosts speed and reduces errors on the network.

Cory Johnson, Ripple’s Chief Market Strategist, said that Ripple is meant to replace SWIFT in the future. Additionally, using XRP it is possible to reduce costs for companies even further.

Source: Bitcoin Exchange Guide