The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT has successfully completed a cross-border payment from Australia to Singapore, in only 13 seconds in a new trial the international payments prcoessing giant is experimenting with, reaching speeds closer and closer to what Ripple – the crypto asset aiming to distrust SWIFT and the cross-border payments industry – is capable of.
Last month, Ripple announced a partnership with cross-border settlement powerhouse MoneyGram, in its latest attempt to disrupt the industry. But while the news was able to cause MoneyGram stock prices to soar, it’s done very little for Ripple and XRP, which has only further dropped in price and sentiment since then. Is Ripple swiftly losing ground to SWIFT, or is the MoneyGram move enough to secure Ripple’s place in the cross-border settlement space?
SWIFT Makes a Major Payments Splash While XRP Crypto Barely Makes a Ripple
Ripple, also known as XRP, the native cryptocurrency token for the Ripple protocol, is positioned to become the eventual replacement for cross-border settlements and payments, such as SWIFT-based bank wires, Western Union payments, and more. It’s a multi-trillion dollar industry that’s done little in the way of evolving over the years.