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Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention

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Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention
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Amid reports of Ripple allegedly misrepresenting the actual amount of XRP in their escrow accounts, the US-based blockchain tech firm continues to be one of the fastest growing networks in the world. Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.

He further explained that this, in turn, would add “time and cost” and pointed out that “cost” did not only imply the fees associated with the transactions, but also the “pre-funding” or the cost of capital required for commercial banks which adds up to the drawbacks of the existing legacy financial system.

Garlinghouse said that the current cross-border payment scenario is riddled with issues such as high cost and slow process time. He added that often these “pre-funding” costs were “borne and burdened” by the people who are least able to afford them. He further cited,
“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”
Taking the opportunity, he praised Ripple’s native digital coin and stated that XRP was cheaper and faster on a “per transaction basis” than Bitcoin [BTC] by a “thousand times”.
According to Garlinghouse, global payments today “have not caught up with the age of the Internet”. He also said that Blockchain technology had the ability to change the existing payment settlement dynamic by removing the need for a “central counterparty” because of its unique ability to “transact without the need for trust”.

Speaking on the subject of interoperability, Garlinghouse termed it an important factor while scaling the cross-border remittance issue. He stated:

“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”

The CEO clarified that the company has not focused on the Central Bank Digital Currency [CBDC] issuance and emphasized on the need for interoperability globally. Garlinghouse argued that “even in a world of CBBC’s”, interoperability was needed in order to solve the cross-border transaction dealings issue.
Garlinghouse had earlier dismissed JP Morgan’s in-house stablecoin dubbed “JPM Coin” stating “lack of interoperability” as the reason.





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XRP

Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool

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Ripple's XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
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Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.

An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.

The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.

Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”

Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.

To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.

The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,

“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”





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