Brad Garlinghouse, CEO of Ripple, explained that Ripple is Not partnership from SwiftThe global message system considered the spine of cross -border banking. According to the clip during the ancient Ripple Swell event now there is a circulation among XRP investors on the X, GarlingHouse social media platform emphasized that Ripple does not work with Swift, but aims to replace it. This happens when ripple begins Escalate his global pushExpanding partnerships with banks and financial companies while securing the up-to-date US patent for immediate cross -border payments.
Ripple is aiming at SWIFT defects
Garlinghouse did not draw any blows when he described the shortcomings of Swift infrastructure in detail, describing it as ponderous, steep and susceptible to human errors. “Swift has a 6% error level reported,” he noted, citing the observations of the 50 CFO fortune, which observed an even higher failure rate of 11% in cross -border transactions. These failures often require manual intervention, which leads to delays and unnecessary costs.
However, Garlinghouse indicated an even deeper drawback in a established system with imprisoned liquidity. According to him, the estimates of the main consulting companies suggest that as many as $ 10 trillion is currently closed on NOSTRO accounts around the world just to support the existing correspondence banking model. Ripple, through XRP and its solution to the liquidity on demand (ODL), aims to unlock this capital.
In a movement that supports this ambition, Ripple Recently secured an American patent In the case of immediate cross -border payments based on trust, which is a system that does not require full confirmation of the network for transactions. This innovation can allow XRP to fully bypass delays associated with Legacy Systems, which is also a earnest swift replacement.
Global ripple network expansion
Global Ripple expansion He tells his own story. Banks in the Philippines, Brazil, India, Mexico and the United Arab Emirates have already adopted RIPPLE solutions, with XRP used to facilitate international real -time settlements without the need for pre -financed accounts.
However, Ripple is not the only player, because Swift also seems to accelerate. In response to contents to blockchain, such as Ripple, Swift joined forces with a chain to improve his infrastructure.
SWIFT partnership with BainLink wants to operate the chain interoperability protocol (CCiP) in the field of toxhenized assets in many blocks.
The financial news giant has already conducted pilot programs, including one with UBS assets management, which is a promise in introducing blockchain’s capabilities to the older system. These changes show that Swift is not ready to plant its position, but the company only now reacts to the race It has been working for years.
On the other hand, Brad Garlinghouse also stated at the last peak that Ripple intends to take over the Swift customer base. In particular, the company it aims to take over At least 14% of the current cross -border Swift in the next five years.
A distinguished picture from Getty Images, chart from TradingView.com
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