Southeast Asia's Biggest Bank Declares Ripple As Cheapest Money Mover.
Southeast Asia's Biggest Bank Declares Ripple As Cheapest Money Mover.
According to a recent report from DBS Bank which is actually the largest bank in the Southeast Asia, Ripple is the most cost-effective method of moving money.
It was a ranking of various traditional forms of money transportation both domestically and internationally. Notably, SWIFT was ranked as the most expensive form of moving money but Ripple was ranked to be the cheapest.
Ripple's payment messaging system xCurrent designed for faster and cheaper services in an alternative to SWIFT, was the major focus of the report. In addition, it has the capacity to cryptocurrencies at large, analyzing them and comparing them to cash.
“Normally, corporates try to minimize the cost of payments. All else being equal, domestic payments will be cheaper than cross-border payments, and this is a driver for IHB and cross-border ACH.
In general, the order of preference for domestic payments is usually:
RTGS: most expensive
Cheques: expensive
Fast/immediate: Cheap
ACH: Cheapest
Cheques are often free in terms of bank fees, but when corporate handling costs are included they are expensive. Over time, fast or immediate payments will replace ACH, and probably be free.
For cross border payments the order is:
SWIFT/ Telegraphic transfer: most expensive
Cross-border ACH: cheaper
Ripple: Cheapest”
Posted from my blog with SteemPress : https://coinnewsextra.com/index.php/2019/08/22/southeast-asias-biggest-bank-declares-ripple-as-cheapest-money-mover/