Cross-border transfers of funds via the traditional SWIFT system are usually slow and expensive. They can also be unreliable about this. The British newspaper and website The Guardian has now published an article highlighting such cases.
These are people and charities whose payments have disappeared in the traditional SWIFT system or have arrived late. The article has the appropriate headline: “Why send money through a bank abroad? It's quicker to pack a suitcase full of money and fly there yourself. “
In his article, The Guardian presents four impressive cases. These are summarized below.
Timely reminder of why our ripple mission is so important. Building the #IoV for super-fast, transparent and reliable payments worldwide https://t.co/TZ3iOVOaks
– Marcus Treacher (@marcus_treacher) December 9, 2018
Disappeared school fees for the orphans
St. Paul's Children's Project by Elaine and Malcolm Thompson pays school fees and expenses for 36 orphans in African Zambia. In October, the Thompsons sent £ 11,000 from the charity's Barclays account to their usual account in Zambia. However, the payment never arrived there. This means that the further training of the 36 children is no longer secure.
Money for the mother-in-law
Martin Finnegan (name changed) sent £ 2,450 to his mother-in-law in Russia. He was told that the money would be there in three days. Three months later, the payment was still in transit and current location unknown.
Buying a house in danger
In June, Jane Collins (name changed) almost lost the opportunity to buy a home she wanted to buy after moving to Canada. The £ 54,000 sent from their account had been inexplicably lost. The money finally arrived six weeks later. Your bank delayed the bad communication possibilities within the bank chain.
holiday payoff on the way
Laura Fulcher had to wait five months for a payment of £ 500 to reach her Ghanaian tour operator. After British bank The Observer contacted the bank, the money was refunded. In addition, the Bank paid the costs and interest associated with the transfer and £ 50 extra for the “inconvenience”.
Marcus Treacher of Ripple Labs responded with a tweet to the article in The Guardian. He wrote:
“Just the right time to remember why our goal at Ripple is so important. Building the Internet of Values for super-fast, transparent and reliable payments around the world. “
SWIFT itself has apparently realized that it's time for improvement. So it has recently been announced there to work on a new payment system. This should minimize errors in the network. In the blog I had dedicated this topic already a separate article. However, the new SWIFT system is not based on the blockchain. SWIFT claims the blockchain is “not ready” for mainstream use.
Sources: The Guardian, Twitter, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/ripple-sagt-finanzindustrie-braucht-ripple-xrp-angesichts-enormer-verzoegerungen-im-gegenwaertigen-swift-system/
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