For the umpteenth time we have heard that banks and traditional banking systems are obsolete but how inefficient are they? To show how slow and expensive moving cash through banks is, Ripple is did run an ad detailing how it was easy for one to board a plane and literally move cash from location to another. That, the ad insinuates is faster than tunneling monies through banks especially when executed over the weekends or holidays.
— Ripple (@Ripple) October 30, 2018
Moving on that Ripple is transformational and a hallmark of innovation is an understatement. Ripple, an independent company that is always fronting RippleNet, is on an innovation overdrive and understanding that the best technology are the simplest, a start up is rolling out XRP Text. It’s still in beta phase but once it goes live users from all over the world would easily send and receive their XRP coins using text. What’s even cool about it is that users need not to register. All they have to do is send XRP to a personal wallet and from there they can send funds with settlement done in seconds.
These kinds of developments aside exchanges adoption of XRP and Ripple advocacy for RippleNet–which is literally paying off—will surely help Cory Johnson, the Chief Marketing Strategist at Ripple further paint the company in good light.
Ripple, according to Cory, is still a start-up that is well positioned to compete with SWIFT in an ever expanding remittance sector. In a recent podcast, he said:
“Right now our biggest competitor to next current plan is an International banking contortion called Swift, and Swift has an arrow rate that senses up to 600 basis points. Imagine you send money from one country to another. You don’t know if it got there, you don’t know where along the way the information got lost, and they never send you any information back in the moment that you send it. You’ve got to kind of wait days and days to receive back or even acknowledgement of a problem.”