Ripple has been one of the large blockchain companies gaining a lot of attention and praises for its innovative payment solutions. Various influential people have been quoted saying that the company’s blockchain-based payment models could be what the financial market needs to replace SWIFT.

Over the last year, Ripple has made great strides in bettering its network. It created the RippleNet where its customers like banks can co-operate through its payment models like xRapid and xCurrent. Every other day, something new is reported in regard to Ripple’s growing influence in the financial world.

In fact, it’s the only rival currently posing a serious threat to SWIFT’s survival as the dominant global payments processor. According to a tweet by one XRP fan, Ripple could take about 10% of SWIFT’s global market share within 5 years.

User Base

The twitter user intimated that the company currently boasts about 250 customers, with more than 3 more customers coming in every week.

With about 36 weeks left in the year, that translates to a total of 358 customers by the end of 2019 and 1,138 within the next 5 years. This figure represents about 10% of SWIFT’s customers.

Since RippleNet went live, various financial institutions have since ditched SWIFT for Ripple.

Ripple’s network, based on the blockchain technology, is fast, more secure, and much cheaper as opposed to making cross-border payments via the traditional banking systems. Also, due to its fast transaction processing, the network ensures maximum liquidity.

Eclipse SWIFT

For long, SWIFT has dominated cross-border payments, but that’s about to change with the entry of Ripple. However, the takeover won’t happen overnight, but rather gradually as more institutions cross over to enjoy Ripple’s services while even more of them enter the market and chose Ripple. In the long-term, it’s fair to expect Ripple to out-do SWITF.