Cryptocurrency markets

SWIFT invades the Ripple market

SWIFT invades the Ripple market
According to the press release, SWIFT, the world's leading international interbank information transfer and payment system, has launched the SWIFT Go service to enter the low-cost cross-border payment market by entering into open competition with the crypto company Ripple.
The new SWIFT service is already used by seven of the world's largest banks.
SWIFT explores the market that Ripple is targeting

SWIFT has announced the release of SWIFT Go, which will enable small and medium-sized businesses and consumers to send small payments across borders at competitive prices to anywhere in the world directly from their bank accounts.
SWIFT invades the Ripple market

SWIFT invades the Ripple market

At the moment, according to a press release, seven of the world's leading banks are already using this new SWIFT service.

Through SWIFT Go, small and medium-sized enterprises (SMEs) can send payments to overseas suppliers, and consumers can transfer money to their families and friends in other countries. The new SWIFT service will use preliminary data verification and will make the processing time and cost of such transfers transparent.
SWIFT Go is powered by SWIFT gpi, which deals with high value payments. The company's network includes more than 11,000 financial institutions and four billion accounts in more than 200 countries around the world.
Ripple CEO criticizes SWIFT for slow and expensive payments

Back in 2019, Ripple CEO Brad Garlinghouse publicly stated several times that he believed the SWIFT money transfer system was outdated. According to him, about six percent of SWIFT transactions cannot take place without the control of operators.
In addition, they are expensive and take much longer than blockchain-based payments, especially those provided by Ripple.

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