Revolution in finance: Can Ripple with XRP and ILP Swift replace the standard for global transactions?

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ripple technology: a revolution in international payment transactions

In today's fast-moving world of financial services, the question arises whether traditional Swift technology could soon be replaced by more modern solutions. The ripple technology, in particular the use of XRP as an intermediate currency, offers transactions worldwide that are not only quickly and inexpensively, but can also solve many of the existing problems of the Swift system.

The strengths of XRP and ILP

The crypto expert "X Finance Bull" has shown in a current contribution that XRP and the Interledger Protocol (ILP) are able to replace this over half a century-old Swift system. A comparison between the two systems shows significant differences in the areas of transaction speed, costs, transparency and interoperability. XRP and ILP are therefore not only an improvement, but possibly a revolutionary progress in international payment transactions.

efficiency and cost

The contribution illustrates how XRP and ILP exceed the efficiency of Swift. While SWIFT transactions can generally take up between one and five days and cost of $ 10 to $ 50, XRP-supported payments are handled within minutes and only breaks of this sum cost. A remarkable example comes from Michael Arrington, the founder of Arrington Capital, who carried out a transaction of $ 50 million with XRP. This transaction only lasted 3 seconds and only cost 30 cents.

The drastic reduction in time and costs makes XRP a real alternative for companies and financial institutions that rely on timely and inexpensive solutions.

Transparency and interoperability

In addition to speed and costs, transparency and interoperability are other advantages that XRP offers. In contrast to the closed Swift system, XRP's technology enables the pursuit of transactions in real time. ILP also improves this ability by enabling direct transactions between different financial systems, including banks, fintech companies and cryptocurrency networks. Institutions such as the Bank of England have already signaled interest in blockchain-supported payments.

decentralization and security

Another important aspect of the ILP is decentralization that eliminates the dependence on intermediate dealers. This not only increases security and efficiency, but also makes technology more accessible to private individuals. Ripple is actively working on the development of a "Payment Interstate Highway", which is intended to enable a smooth transfer between banks, blockchains and digital wallets, in contrast to the traditional Swift infrastructure.

outlook on the future

The contribution of "X Finance Bull" indicates that a departure from Swift could have profound effects on global financial. Companies and financial institutions could bypass high fees and slow transaction processes, which would lead to an improvement in global trade and transfers.

Brad Garlinghouse, CEO von Ripple, has already emphasized that the Swift system is out of date and requires modernization. The innovations of Ripple with XRP and ILP offer a strong argument for these changes and could revolutionize international payment transactions in the coming years.

Currently XRP is traded at $ 2.12 after a decline of 2.60 % in the last 24 hours. With the growing interest in blockchain-supported payments, however, the acceptance of ripple technology in the financial world could increase in the near future.