SWIFT, a major player in international remittances, is facing a 15% drop in transaction volumes. Meanwhile, Ethereum and the Remittix project represent alternative solutions that could change the current landscape.
Decline in SWIFT Transaction Volume
SWIFT handles over $150 trillion in annual transfers but saw a 15% decrease in transaction volume in mid-July. This reduction is linked to the growing popularity of blockchain settlements, as delays can take two to three days and costs are rising. The increased interest in blockchain transaction alternatives underscores the need for a transition to modern systems.
Surge in Ethereum Network Activity
Ethereum reached 1.516 million daily transactions on August 3, up 39% year-over-year. July recorded a 57.4% increase, indicating Ethereum's capability to handle significant volumes if scalable solutions emerge. Upgrades like fee optimizations and Layer-2 developments are creating opportunities for processing millions of transactions.
Remittix’s Advantages in the PayFi Space
Remittix leverages Ethereum’s global settlement layer to facilitate real-world payouts. The token RTX has surged sixfold since its launch, conducting over $28 million in transfers through Ghana and Kenya corridors. Its advantages include integrated payout systems, deflationary tokenomics, and a strong commitment to product development, making it well-suited for freelancers and global earners.
SWIFT faces ongoing challenges with frustrating delays and high fees. Transitioning to Ethereum-based solutions like Remittix could provide a beneficial alternative that enhances the speed and efficiency of international payments.
