[Why banks choose Ripple instead of SWIFT]
In the digital payment industry, competition between Ripple and SWIFT is becoming increasingly fierce. SWIFT has long been the industry standard for international transactions, but cryptocurrency KOL Good Morning Crypto recently highlighted that Ripple is quickly emerging as a formidable competitor.
The main difference between SWIFT and Ripple is their operational structure. SWIFT gpi is a financial messaging network that connects multiple institutions around the world, while Ripple offers a more specialized solution by selling its technology directly to specific banks. This allows Ripple to stand out in terms of speed, efficiency, and visibility.
Ripple’s vice president of customer success said that while SWIFT gpi has improved, it still cannot match the speed, efficiency and visibility of the Ripple network. He emphasized that Ripple will completely change the payment system.
Even with these advantages, large banks such as BNP Paribas and Standard Chartered still use SWIFT, acknowledging that Ripple provides more and better payment data, but its coverage of countries and currency channels is still inferior to SWIFT. This dual-adoption approach reflects a transitional phase of industrial change, allowing old and new systems to coexist and complement each other.
As Ripple enters new regions and channels, more banks are expected to use Ripple’s products. This growth is critical for Ripple to improve its competitive position relative to SWIFT.
Market characteristics also affect the price of Ripple’s digital asset, XRP. XRP price is at $0.4729, down 0.60% in the past 24 hours and down 3.36% in the past week, according to CoinMarketCap.
Ripple’s technology isn’t just part of competing with SWIFT. Previously, CNF outlined the possibility of XRP and Ripple in BRICS Pay, indicating Ripple’s potential role in the future of digital payments. In summary, Ripple's development and market expansion capabilities will play an important role in the digital payments industry.
#鴉快訊 $XRP @Ripple Network