Home / Crypto News / When does Ripple overtake its competitor SWIFT with 24 million daily transactions? New example shows the superiority of Ripple XRP

When does Ripple overtake its competitor SWIFT with 24 million daily transactions? New example shows the superiority of Ripple XRP


Ripple has recently partnered with payment service provider Mercury FX. Mercury FX helps clients make international payments. For the payment of a customer, a trial ripple XRP was used. The result is a cost savings of 79.12 GBP to a value of just over 3,500 GBP and a transaction speed of a few seconds.

Last night, Mercury FX announced this success via Twitter:

1/1 RippleNet using #XRP – 86,633.00 pesos (£ 3,521.67) from the U.K. to Mexico in seconds. pic.twitter.com/WsHJuZTiOy

– Mercury-fx Ltd (@mercury_fx_ltd) January 17, 2019

With XRP, the company transferred £ 3,521.67 or $ 4,552.41 converted. UK-based Mustard Foods saved £ 79.17 and 31 hours on the transaction. Mustard Foods could be one of the best examples of the impact of using RippleNet and XRP, resulting in lower costs, faster orders and faster payments.

Customer is impressed by Ripple XRP

Mustard Foods is a successful mid-sized company. Director James Durrant said:

“As a food production company serving more than 500 restaurants in the UK and Europe, we pay suppliers around the world to receive high quality ingredients for our customers. Faster, cheaper payments enable us to quickly execute orders and grow our business. “

Now the question arises as to how, with a broader adoption in the XRP market for use cases like the above, the demand for Ripple XRP Coins would increase. In other words, one should assume that the XRP price also rises accordingly.

A Twitter user shared his opinion on this point as follows:

XRPcommunity should be asking the right questions rather than just celebrating. XRP critics make (as it is) with XRP as bridge user does not need XRP for more than a few seconds, and wants to hedge exposure even during that time.

– Alex Krüger 🇦🇷 (@Crypto_Macro) January 17, 2019

However, I think it's a question of scaling. Even if most payment processors only hold the XRP coins for a few seconds (ie the transaction period), there should be considerable demand when we expect hundreds of thousands or even millions of transactions daily in the future. The larger competitor SWIFT, which is more expensive and slower, handles 24 million transactions per day.

As we reported on crypto comparisons a few days ago, Ripple has announced that 13 new financial institutions have joined RippleNet. This has increased the number of global customers to more than 200. RippleNet currently operates in 40 countries.

assumption of Ripple XRP increases continuously

Among the 13 aforementioned financial institutions, it has been confirmed that five use XRP to obtain immediate liquidity for their cross-border payments. These are JNFX, SendFriend, Transpaygo, FTCS and the Euro Exim Bank.

By the end of this year [2018], major banks will use xRapid as a liquidity tool. By the end of next year [2019] I certainly hope that … we will be on the order of … dozens. But we also have to expand this ecosystem … increase liquidity. – Brad Garlinghouse, Ripple CEO.

Source: Pixabay

Author: Peter Joost – Source Post: https://www.kryptovergleich.org/wann-recovered-ripple-the-competitive-swift-with-24-million-day-transactions-new-example-show-the- superior- of-ripple-xrp /

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