In the sphere of payment/ financial industry, Ripple’s image as a solution provider is something that is leading the way. Such solutions are highly appreciated and well-presumed by payment firms as well as big organizations like IMF (International Money Transfer)
At the Conference International Monetary System hosted by the Swiss National Bank and the IMF on May 14th, Brad Garlinghouse, CEO at Ripple, shared his views on the private sector and also gave a piece of knowledge regarding Ripple and global payments.
He started off by explaining the basics of what Ripple is and what advancement Ripple intends to bring up. In his talk he says;
“We’re trying to solve a problem or selling technologies to banks and financial institutions to solve a cross border payment problem. To be clear we have not focused on the Central Bank digital currency issuance.”
In addition to this, he stated that their view is very much needs to be interoperability globally and even in a world of CBBCs you still need interoperability to solve this problem. He also noted that 6% of the SWIFT transactions require human intervention.
Moreover, Ripple has come to the market with three products. The first one is Xcurrent. Xcurrent doesn’t touch crypto. It is a kind of Swift 2.0. It is a messaging framework that is much more efficient in real time as compared to its Fiat to Fiat. The second product is Xrapid. An Xrapid is really where we use XRP to fund real-time liquidity. The third product is simply an API that allows corporates to do real-time payouts into a network called RippleNET. He said
“One of the reasons why Ripple has well is we’ve been very focused on solving a specific problem for a specific customer and we’ve been focused on that for a long time.”
Furthermore, he said that they are fortunate to get about 200 customers globally – now working with them in one way or another. He concluded by saying that we need to be clear about what problems we’re trying to solve whether it’s at the central bank level or commercial bank level or in other industries altogether.