Financial messaging network Swift has announced it is commencing experimental test of gpi- aided instantaneous across border payment inflows into Australia, thereby fighting back Ripple (XRP) whose blockchain-powered tools have been widely accepted in that region and beyond.
Unlike in some remittance platform where cross border remittance reaches their destination the next day, Swift’s new service resembles Ripple’s cross border remittance tools, it provides near-instant availability of payment.
It also remits funds that comes in after the usual service hours thereby helping in SME trade and P2P remittances.
Earlier, Swift held workshops with world leading banks including United Overseas Bank, Standard Chartered Banks, Siam Commercial Bank, NAB, Kasikornbank, ICBC, DBS, Commonwealth Bank, China Construction Bank, Bank of China, Bangkok Bank, and ANZ.
The latest development according to the managing director of Swift, Asia Pacific, Eddie Haddad, is to save banks from investing in latest cross border tools, however, they can rely on Swift gpi.
One of the banks being wooed by Swift, Thailand’s Siam Commercial Bank (SCB), invested in Ripple through its investment wing, Digital Ventures.
Around 2015, Ripple launched its office in Asia Pacific to meet up with the demand of fintechs needing real-time settlement protocol. Ever since the launch, it has sealed notable partnerships within the region thereby increasing the number of banks using its tools.
Some days back Ripple announced it has sealed 3 partnerships for xRapid, an XRP-dependent tools poised to increase the adoption of the cryptocurrency in the world. At the moment, the partnership will make Ripple service over 10 million overseas Filipinos whose funds are slashed due to expensive remittance options.
Between Ripple (XRP) And Swift: Who Has It?
The disparity between Ripple (XRP) and Swift are numerous. The later is archaic in all instances save for its recent announcement that its latest technology will deliver funds in no time and even remit funds sent after business hours. However, this tool is being tested an no one has come out to laud the awesomeness of the tool.
Santander UK is among the hundreds of banks that have tested Ripple tools and confirm its outstanding performance, resulting in the launch of OnePay FX.
With the blockchain technology used by Ripple, its remittance potential is fast and secured unlike Swift protocol.
Analysts have said that Ripple (XRP) is a perfect replacement for Swift going by its state of the art blockchain solution to fund remittance.
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.