The moment we have all been waiting for. The first bank has announced that they will go live on XRP and Xrapid. This announcement comes right after SWIFT has lost a payment that was sent by Exim Bank.
“Euro Exim Bank recently sent a SWIFT payment that vanished. “It was lost somewhere in the quagmire of a central organization and we have no visibility on where it is” said Bright.
Then Marus Treach chimes in on Twitter:
Ripple Over SWIFT: Euro Exim Bank Starts Using xRapid For Cross-Border Payments After A Transaction Gets Lost On SWIFT | Oracle Times https://t.co/8KxzcRuvHR
— Marcus Treacher (@marcus_treacher) January 14, 2019
This move just makes sense and we will see plenty more banks and financial institutions making the move this year. When we compare both systems, Xrpaid can move money in 2 minutes while SWIFT take 3-5 days and cost an arm and a leg. There is no reason why moving money cross-border still takes days/weeks to move when we can send emails and text message cross-border in seconds. Ripple’s blockchain software, like other blockchain platforms, can provide transparent and real-time visibility of transactions to all stakeholders. The 1st bank has fallen who will be the next.