- Garlinghouse says 6% of the transactions conducted by SWIFT are under human control.
- XRP ledger is ‘thousand times’ faster than the BTC network,” according to Ripple’s CEO.
The chief executive officer Brad Garlinghouse has come out once again to pit XRP head to head against the traditional cross-border payment system SWIFT. He made the remarks during the Swiss National Bank Conference (SNBC) where he said that most of SWIFT’s operations must have human input and control.
This is not the first time, Ripple has gone after SWIFT, however, this time Garlinghouse was more direct in his address claiming that 6% of the transactions conducted by SWIFT are under human control. The effects of such a system result in costly services that take longer to complete. While commenting on the high cost, Garlinghouse was referring to the capital that banks must put into the transactions and not just the transaction costs.
The SWIFT system has for a long time been blamed for being unreliable, slow an expensive. It is a hindrance to the efficiency of the traditional financial system especially when it comes to payments. On the other side, Garlinghouse believes Ripple has more reliable systems that are cheaper and faster. In addition to that, XRP the company’s ledger is ‘thousand times’ faster than the BTC network,” according to Ripple’s CEO.
Share
