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Ripple and SWIFT are ‘doing different things’: ex-SWIFT and current Ripple employee

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Ripple
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Ripple’s mission is often described as substituting SWIFT as the world’s standard system for settling international payments. It is a natural way to see it because, in the end, both systems should get the same results. Except Ripple is way cheaper, faster, and more reliable than SWIFT. But let’s take a closer look.

Just yesterday, @DiepSanh published a short interview featuring Marjan Delatinne, who currently works at Ripple but used to be an employee of SWIFT. This is a person who knows both systems inside and out and, in the interview, she says that they are completely different things which are not in opposition, but that could be complementary as long as the markets are willing to work along both at the same time.

Let’s review some of the basics so we can understand Mrs. Delatinne’s statements in full.

SWIFT stands for “Society for Worldwide Interbank Financial Telecommunication.” It’s based in Belgium, and it was founded back in 1973. This is the system that banks use all over the world to settle transactions across borders. This is a system that was created before the internet when telegraphs and telex were the fastest means to communicate.

That means unlike Ripple, it’s slow, expensive and prone to error. Also, SWIFT doesn’t really allow for its members to exchange money, just information. Imagine Bank A saying to Bank B (in some other country) if you pay X dollars to this client you have in your country, you’ll get them back from me at the end of the week, or month or whatever the business cycle is.

As the system’s name says, it’s a telecommunication system, nothing more. And in an age in which telecommunication is all about mobile phones, Skype, Whatsapp, emails, and the internet, SWIFT’s telecommunication system is painfully primitive.


Ripple is a different animal, according to Mrs. Delatinne. Banks using Ripple’s technologies are not just exchanging slow messages that promise to settle payments in the future.

Utilizing the blockchain technology and Ripple’s XRP digital asset, the platform allows for banks to have the transaction settled in full in a matter of minutes. So Ripple is not the new email for banks. They don’t exchange just information about promises to pay and exchange money. They actually can exchange money, in minutes, using Ripple’s applications and tokens.

In the former SWIFT and current Ripple employee view, the markets will end up choosing the better option on their own, but there is enough space for both systems to co-exist together as they provide the same customers with services that are fundamentally different. In the end, the banks and other financial institutions will come to see which option improves the end user’s experience the most.

Ripple has the potential to correct many inefficiencies in the international transfer and remittances markets, and it’s doing it, slowly but surely. Will it take over SWIFT? Maybe it doesn’t need to. Perhaps both systems can work in tandem, as suggested by Mrs. Deltainne in such a way as to improve user experience by combining the best of both worlds.

And this doesn’t apply to Ripple only. Remember that Stellar Lumens has IBM’s support to attack the very same market, and they have been gathering partners almost as important as Ripple’s.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Altcoins

IOTA (MIOTA) Pending Update Might Bring Huge Gains in Days to Come

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IOTA
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The crypto space is erupting once again, and if popular predictions are correct — the growth is only starting. However, in the vast sea of altcoins that hold the massive potential to go big in the future, we would like to set IOTA aside as one of the coins that might blow up quite soon.

As always, there are no guarantees of this, as the crypto space still lacks regulations, and remains highly volatile. To see proof of this, all you need to do is look at Bitcoin, which goes up by $1,000 within a day, only to slowly drop by $700 in the following week, and then repeat the process. In other words, there is still a lot of uncertainty regarding any project, and that includes IOTA.

However, even with all of that in mind, many are quite optimistic about this particular project, especially after a recent announcement. The announcement in question indicates that IOTA is about to see a massive upgrade. In most cases, this would be more than enough of a reason to expect the coin to start performing better. But, in IOTA’s case, this is nearly a guarantee that it will.

The update is believed to carry a lot of fixes for a lot of problems that traders and investors have been reporting for a while. No crypto is perfect, and since IOTA is…

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