Nowadays, replacement of archaic platforms with new blockchains can only be a matter of time. One of them, supposedly, will end SWIFT.
The international Internet banking financial telecommunications, or SWIFT, has been around for 40 years. Swift was created in Brussels (Belgium) in 1973. It has played a role in international transactions, but it has not developed any further. That is why there is a need for blockchain technology.
A cryptocurrency with the same above-mentioned goal and integrated blockchain technology is Ripple.
Ripple against SWIFT
To explain why SWIFT should be replaced and what problems it has, let's discuss an example of a company, who is importing items from China or Australia and then selling them all over the world. The owner of the company makes transactions in foreign currencies and his business has been in operation for 25 years already, but many plans have collapsed during international transactions:
One US dollar transfer from his HSBC account to China's HSBC account took 4 working days. Pay attention to the fact that the process was carried out between the same bank in the same currency.
It also took 4 days for the individual to initiate an Australian dollar shipment from Australia to Switzerland - and that's not all. When the bank exchanged the Australian dollar in Swiss Francs and then back in dollars, the bank took 5% of the money as a transaction fee.
Ripple creates xRapid for international transactions to solve the above problems. This transfer will only take 3 seconds and will not depend on the location and currency. Also, it does not have an additional fee.
The Bill Gates Foundation is a project aimed at improving living standards for people in different countries. In order to achieve better results, the foundation was merged with Ripple and by using their technology the program Mojaloop was created.
According to the World Bank, more than 2 million people are beyond the poverty line because they do not have access to bank accounts and other major financial services.
Mojaloop is an easy-to-use program that banks can use easily and with low cost. During the development process, the Gates Foundation funded the project.
"Payment methods for the poor are possible through mobile wallets, together with various results, to increase their connection with the economy in the state. This will lead to the import of millions of dollars in the global digital economy. We are honored to be part of this project. "- Stephan Thomas - Senior Technological Officer of Ripple.
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