In a recent interview with Bezinga Fintech Focus, Ripple’s Chief Market Strategist, Cory Johnson, discussed the test cases of Ripple and its biggest competitor SWIFT.
While discussing the test cases of Ripple, Cory mentioned that it is really expensive and hard to move money across borders. Also, it is harder for a small business to get involved across the border due to excess charges, which in turn reduce their profit.
He mentioned that there are many banks who are already tied up with Ripple and the customers of these banks want to move their money fast with fewer charges. In this scenario, he said, the banks recognize that they can lower their costs to customers in the market share, which leads them to buy Ripple’s software.
Further, he mentioned about Ripple’s biggest competitor of their xCurrent product, SWIFT, an International banking consortium. Swift has a rate that senses up to 600 basis points. He said:
“Imagine you send money from one country to another. You don’t know if it got there, you don’t know where along the way the information got lost, and they never send you any information back at the moment that you send it. You have got to kind of wait days and days to receive back or even acknowledgement of a problem. That was the State of the Art until Ripple entered the marketplace.”
According to Cory, Ripple customers are getting the details of what is happening with their money transfers instantaneously through their software products in ways they have not seen before. A year ago, Ripple was signing only one new customer every six weeks. However, now they are signing one every six days and Cory considers this a dramatic difference. He also added:
” I think there will be a day when the banks who are using our software are so happy that they’re getting the accuracy they want, they’re getting this incredible speed.
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