Categories: NewsRipple

Swift Failing – Is it time for Ripple to Swipe In?

Society of Worldwide Interbank Financial Telecommunications (SWIFT) which was founded in Brussels in 1973, is faltering regarding essential transfers. The Guardian has exposed stories of failed transactions due to poor cross-border executions by the world-renowned SWIFT.

The first story is about Elaine and Malcolm Thompson’s charity, St Paul’s Children’s Project. It sends charity for school fees and other expenses to 36 orphans in Zambia. A Swift transfer of £11,000 was sent from the charity’s Barclay’s account but never reached the designated bank in Zambia.

Another story revolves around an individual named Martin Finnegan who lost £2,450 that was sent to his mother-in-law in Russia. It was promised to be credited to the Russian designated bank but a few months later and it show’s its still under transit.

The third story is about an individual who almost lost the house she was buying when the deposit of £54,000 never reached the Canadian bank. However, she breathed a sigh of relief when six weeks later it eventually arrived.

The last story is about how Laura Fulcher, had to wait for five months to enjoy her Ghanian tour when the £500 never reached. It was eventually refunded with a £50 compensation.

 

SWIFT’s – Traditional System


The swift operation works as a messaging service whereby financial messages such as letters of credit, payments, and securities transactions can occur between SWIFT member banks worldwide. These messages are handled by SWIFT to ensure it’s delivered as fast and secure as possible. However, is it?

SWIFT operates out of Brussels and processes data in Belgium and the United States.

It looks like SWIFT is outdated, compared to Ripple!

 

Ripple’s Technology


The technology developed by Ripple includes the Blockchain which is called RippleNet. Included in RippleNet are –

xCurrent – The currently used payment processing system mainly for financial institutions such as banks.

xRapid – Financial institutions can minimize foreign exchange transfers using XRP as a currency of transfer from one fiat currency to another.

xVia – It allows businesses to take part in the fast and cheap transfers of payments through RippleNet.

The several advantages of Ripple include speed of transaction which is estimated to take a manner of seconds and cheap fees which is a standard rate of 0.00001 XRP.

 

Blockmanity’s Take

 

SWIFT control’s a major share of cross-border payments. However, Ripple has been actively working on partnerships with large financial institutions. It is bound to time the world reflects on a better system such as Ripple which is proven to be efficient!


Image Source – Flickr


Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity

Did you like the news you just read? Please leave a feedback to help us serve you better

Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.

Amrit Mirchandani

Blockchain Lover | Hustler | Cryptocurrency Enthusiast

Share
Published by
Amrit Mirchandani

Recent Posts

Bullish Signals for Sui Blockchain: Top SUI meme projects of 2024

Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…

2 months ago

AI Companions: A New Era of Digital Relationships and Virtual Experiences

As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…

2 months ago

zkCross Network: Simplifying DeFi Complexity and Achieving Fundraising Success

Did you know that 85% of DeFi value is concentrated in six blockchains?  DeFi is…

2 months ago

Don’t Miss Out: Get $CLP Tokens in the Exclusive RWA IDO Now!

CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…

3 months ago

Step into the Future of Web3 at Blockchain Futuristic Conference 2024, August 13-14

Join us at BFC 2024 to explore the future of Web3. Use a special discount…

4 months ago

WebX Asia 2024: Web3 Innovation Ignites in Tokyo

Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…

4 months ago