A new report which discusses the delays on extended payments and the errors on SWIFT - the traditional global payments network (for FIAT currency) - is apparently a message on the importance of cryptocurrency, blockchain and digital assets such as XRP according to Ripple.

A part of a report by The Guardian (UK) looks at four news stories of individuals and charities which are gaining thousands of dollars stick in cross-border payment flows through SWIFT (Society of Worldwide InterBank Financial Telecommunications).

Here are a few quotes from SWIFT customers according to the British Newspaper:

“Martin Finnegan* was told the £2,450 sent from his Nationwide account to his mother-in-law in Russia would take an estimated three days. Three months later it was still in transit, location unknown.”

Furthermore, another customer who works on the St Paul’s Children’s Project, “pays school fees and expenses for 36 orphans in Zambia. In October they made a payment using the Swift system of £11,000 from the charity’s Barclays account to its designated bank in Zambia, but it never arrived.”

In addition to these two, another customer called Laura Fulcher had “waited five months for a £500 holiday deposit to reach her Ghanaian tour operator. It was eventually refunded after the Observer contacted her bank, TSB. It also repaid associated expenses and added interest and £50 in compensation for the ‘inconvenience’.”

On top of all of this, there was one more customer that back in June, said they:

“Nearly lost the home she was buying after moving to Canada because the £54,000 deposit transferred from her Nationwide account went missing. It eventually arrived six weeks later. Nationwide blamed poor communications along the chain of banks.”

as reported by Daily Hodl, Marcus Treacher, the global head of strategic accounts at Ripple made comments on the new report on his Twitter saying that it shows the need for a global payments infrastructure upgrade to design an effective Internet Of Value.

Timely reminder of why our Ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments worldwide https://t.co/TZ3iOVOaks — Marcus Treacher (@marcus_treacher) December 9, 2018

In addition to all this, Swift has recently announced that they will be working on a new payments API in order to decrease the chance of errors on the network.

What are your thoughts? Let us know what you think down below in the comments!