The large banks now have a seamless alternative to RippleNet for transmitting and receiving payments. SWIFT Go, a worldwide service of secure financial messaging, competes straightforwardly with the XRP network.
SWIFT competes with RippleNet in providing real-time global payments.
The SWIFT network currently connects more than 11 thousand financial institutions worldwide.
The behemoth aspires to reduce the cost of international bank transactions. The network is aimed towards retailers and small and medium-sized businesses (SMEs) that pay overseas contractors.
The business relies on stringent service level agreements between entities to provide a quick and consistent service for the customers. Go is based on the high-speed rails of SWIFT’s global payments interface (GPI), a program aimed at improving the rapidity, traceability, and transparency of international financial transactions.
The introduction of Go is a significant step forward in the messaging network’s goal of connecting 4 billion bank accounts across 200 nations.
SWIFT Go is now used by top worldwide banks such as BBVA, BNY Mellon, DNB, MYBank, Sberbank, Societe Generale, and UniCredit. The seven banks handle a total of $33 million in overseas transfers each year. SWIFT Go competes with RippleNet, which provides decentralized liquidity options with a transparent infrastructure.
Ripple Network has launched beta features such as a credit line for SMEs on RippleNet to obtain funds on demand for financial transfers.
RippleNet has a separate decentralized infrastructure that removes the need for custom integration, which is the most significant difference between the two rivals.
As more banking institutions use SWIFT Go, the battle between the two titans will intensify as XRP tries to stay competitive in the face of the banking system.
SWIFT’s Chief Product Officer, Stephen Gilderdale, stated,
SWIFT Go is a further step towards achieving our vision of enabling anybody, anywhere, to send money instantly and securely around the world. Our new service will allow banks to compete effectively in one of the fastest growing segments of the payments market, delivering a seamless experience for their customers.