The Money 20/20 Conference in Amsterdam, Netherlands has enlightened various Ripples’ products and rivalry between Swift and Ripple is increasing. Ripple is a payment processing platform revolutionizing the cross border payments all across the world. It has also launched XRP cryptocurrency which is the third largest cryptocurrency by market cap. Ripple’s CEO Brad Garlinghouse explained about various ripple’s products in this conference. He tried his best to highlight the differences between Ripple and other cryptocurrencies being traded across the world. In that conference, former CTO of Ripple told audience about the launch of a new smart contract platform.
Here, it is worth mentioning that Ripple had also started beta testing for this platform named Codius in 2014. Stefan Thomas was then part of Ripple and had left the company in May 2018. Now, he has announced to re-launch that platform. He considers this platform a backbone for his new company Coil. Coil will change the monetization techniques various websites for monetization content. This will use Ripple’s developed Inter-ledger Protocol that would help the users’ browsers to make micropayments to the websites they visit. Codius will increase the interaction between websites and the visitors making the subscriptions and authorizations quite easy.
Ripple also announced the launch of an Instantaneous Convo to further ease the cross border payments. Speaking about the problematic areas in cross border transactions, Ripple’s Global Head of Strategic Accounts told that about 71% of SME’s believe that cross border payments are problematic. He further explained that team Ripple is trying its best to alleviate these problems. He announced that Ripple is creating an Instantaneous Convo between sender and receiver to alleviate these problems. Ripple had partnerships with more than 100 banks and financial institutions including American Express, Bank of America, Banco Santander, YES Bank, RBC, National Bank of Australia and many others. He, once again, referred to various Ripples’ products like xCurrent, xRapid, xVia, and others to bring about this revolution.
All these talks at the conference have increased the rivalry between Ripple and Swift. Here, it is important to mention that SWIFT is a 45 years old banking messaging service being used by thousands of banks and financial institutions across the world for global payments. Ripple, a San Francisco based company established in 2012, is challenging this conventional global payments method with its innovative blockchain based cheap, fast, and reliable money transfer method. Global transactions take weeks to complete in SWIFT money transfers. Ripple’s platform processes these transactions within seconds through using blockchain technology.
Ripple revolutionized the payments industry in April 2018 by partnering with Banco Santander to launch a new product xCurrent. The company is signing new contracts every week. This increasing use of Ripple and other such blockchain based technologies for cross border transactions seems an open challenge to SWIFT that is playing a crucial role for the last 45 years. SWIFT has also responded the threat by saying that the company is going to improve the efficiency of its messaging service in the payments industry. The company is also testing blockchain for use in this sector. It has also launched a Global Payment Innovation service that is completing the global transactions in 30 minutes. More than 165 banks across the globe are already using this service.
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