xCurrent is essentially Swift 2.0, Says Ripple CEO

Ripple CEO, Brad Garlinghouse, has been doing quite a lot to spread the word on Ripple, having spoken to the International Monetary Fund’s (IMF) Christine Lagarde on the benefits of blockchain technology – and the latter has also said that “cryptocurrencies clearly shake the world.”

Recently, Garlinghouse attended the Swiss National Bank Conference where he again extolled the prospects of implementing blockchain technology in cross-border payments. The CEO’s remarks were reportedly well received, which is unsurprising, given that banks, both central and private, across the world are warming up to the idea of using blockchain technology to reduce costs and increase efficiency.

xCurrent as SWIFT 2.0

One persuasive argument that Garlinghouse poses came in the form of comparing Ripple’s xCurrent solution to “SWIFT 2.0”. Banks use the SWIFT system to facilitate secure, international transfers, but the system is beginning to look outdated when compared to blockchain-based international transfers. Ripple even recently launched a cross-border payments transfer corridor between Saudi Arabia and India, and transaction times have been brought down to an impressive 3 minutes.

Ripple has been making great headway with financial institutions across. RippleNet has over 200 partners and multiple banks are using its technology to make cross-border payments.

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