- Swift flaws show a need blockchain and cryptocurrency to take over cross-border payments.
- “Timely reminder of why our Ripple mission is so important,” says Ripple’s global head of strategic accounts.
A recent report states the global money remittance, SWIFT is currently experiencing extreme delays. The situation is currently putting cryptocurrency solutions like those provided by Ripple into the limelight.
Another report published by The Guardian says that there are stories of customers that have their money stuck in the traditional cross-border payment following flows and delays in swift. In fact, the report refers to Swift as a proved misnomer.
“Elaine and Malcolm Thompson’s charity, St Paul’s Children’s Project, pays school fees and expenses for 36 orphans in Zambia. In October they made a payment using the Swift system of £11,000 from the charity’s Barclays account to its designated bank in Zambia, but it never arrived…” as reported by a charity Payment Snaffu.
Another account transfers also got a delay, the report states:
“In June, Jane Collins* nearly lost the home she was buying after moving to Canada because the £54,000 deposit transferred from her Nationwide account went missing. It eventually arrived six weeks later. Nationwide blamed poor communications along the chain of banks…”
A tweet by Marcus Treacher, Ripple’s global head of strategic accounts noted that the above flaws indicate that the payment system needs an overhaul and an upgrade to embrace the proper “internet value.”
“Timely reminder of why our Ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments worldwide.”
Ripple is trading at $0.30 and is correcting lower 1.2% in the last 24-hours. The market capitalization is at $12 billion with the trading volume standing at $408 million.
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