A recent report by CB Insights highlights the growing influence of Ripple on global financial transactions, outlining the advantages of its blockchain model in comparison to the traditional SWIFT network.
Advantages of Ripple Over SWIFT
The report indicates that Ripple's model facilitates more efficient transaction handling due to real-time communication and settlement capabilities. SWIFT, on the other hand, operates on a one-way message principle, leading to transaction delays.
Ripple's Integration with Banking Infrastructure
Ripple integrates directly with banks' existing databases and ledgers, creating a two-way connection for instant data exchange. This allows for transaction oversight in real-time, significantly speeding up the settlement process.
Economic Efficiency of New Solutions
According to the report, Ripple's innovations could reduce the cost of international payments by up to 33%. Amid an average global cost of approximately 20.9 basis points per payment volume, such changes are becoming particularly relevant.
Ripple continues to strengthen its position as a strategic provider of financial technologies, offering solutions that address the shortcomings of traditional systems and meet modern demands for speed and transparency in transactions.
