XRP Leaves SWIFT in the Dust at G20 Summit
The G20 summit has highlighted the ongoing competition between SWIFT and XRP in the realm of international payments. While SWIFT is attempting to meet the G20's targets for cost reduction, transparency, and access, XRP has already surpassed these goals on live corridors.
XRP settles transactions in seconds, compared to SWIFT's 10-minute processing time. Additionally, XRP charges fractions of a percent as fees, whereas traditional rails charge between 3-7%+. The G20 aims to reduce costs to under 1-3%, and XRP is already meeting this target.
Ripple has built real-time tracking into its system, eliminating mystery fees. Furthermore, XRP offers liquidity on demand across over 70 markets without pre-funding requirements. In contrast, SWIFT is still playing catch-up with rules and frameworks to meet the G20's goals.