Ripple: xCurrent Beats Swift by 90%
- Ripple’s managing director of South Asia, the Middle East, and North Africa said that xCurrent gives banks and financial institutions substantial cost savings over Swift.
- Ripple now has more than 200 companies on its network.
Navin Gupta, Ripple’s managing director of South Asia, the Middle East, and North Africa, said that xCurrent, the company's cross-border payment solution, will give banks and financial institutions a 90% advantage over Swift. BeeTech, the Brazilian cross-border payment company, managed to remove Swift fees for all of its remittance corridors, reducing its own fees from $20 to $2 per transaction.
Ripple currently has more than 200 companies on its network with it growing every single week. Gupta said:
“There is a very significant amount of movement from High Street banks to join the network and we believe at different points in their lifecycle they will make this decision…..Every one of those 200 financial institutions, of which 50% are from Asia and the Middle East, are production ready and are in the process of going live. It took us two years to acquire the first 100 customers but it took only one year to acquire the next 100. Existing customers are using us more by leveraging our multiple corridors, and the network effect is really starting to take off.”
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
