Altcoin News: Can Ripple (XRP) Now Plug-In? SWIFT Transactions Only Last 13 Seconds

July 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

SWIFT recently announced that the company can now handle cross-border payments in seconds. Ripple is still ahead of SWIFT, but will it stay that way?

In a press release published on July 18, the Society for Worldwide Interbank Financial Telecommunications (SWIFT) announced that they had succeeded in reducing the duration of international transfers to just 13 seconds in a test run.

The test was conducted between 17 banks located in Australia, China, Canada, Luxembourg, The Netherlands, Singapore and Thailand. While the slowest transactions were processed in 25 seconds, the fastest transaction took just 13 seconds.

The test also successfully tested interfaces between SWIFT’s Global Payments Innovation (GPI) and Singapore’s local instant payment system.

SWIFT also notes that it is using some of the already established technology to minimize the cost of switching the new technology to interested customers. SWIFT CEO Harry Newman said:

“SWIFT suggests that transnationals run just as fast as national payments. The successful testing of payment corridors between Europe, North America and Asia confirms that GPI will play an important role in making these bold plans a reality.“

With 5 to 7 second transactions, Ripple continues to make more than twice as fast payments, but SWIFT is taking the avant-garde firm a significant step closer with its new system.

Do you think that Ripple will play a role in a few years, or will SWIFT be able to eliminate his own problems? — Leave a comment below.

Author: Marko Vidrih