SWIFT accelerate international payments, but the Ripple is still far

International interbank system SWIFT announced in one of the press releases about the successful test of instant cross-border transfers in the Asian region. According to the report, during testing instant payments were among 17 banks in Australia, China, Canada, Luxembourg, the Netherlands, Singapore and Thailand. The average time of each transaction is 25 seconds. However, in some cases we were able to transfer the funds in just 13 seconds.

Testing consisted of interaction between the platform an instant of SWIFT payments Global Payments Innovation (GPI) and the internal decision of the Singapore system for instant payments FAST.

How to tell the representatives of SWIFT, the GPI system using an existing payment infrastructure. Theoretically, this should reduce the costs of institutional stakeholders on the implementation of the updated system. Head of banking services in the company Harry Newman commented on the test results.

In SWIFT we assume that cross-border payments will become as easy as domestic transactions. And successful testing in several areas between Europe, North America and the Asia-Pacific region shows how important the role of the GPI will be Instant to play in the implementation of this bold decision.

In June, the Cointelegraph wrote that SWIFT is going to provide access to the blockchain-companies to their platform the GPI.

See also: SWIFT and Ripple has denied rumors of a collaboration. Between the companies of the brewing war.

But Ripple is still faster

Just last week was the news that according to Google Patents, Bank of America has applied for a patent for a system of payments with reference to the distributed registry Ripple.

Source: Medium

And here it is worth noting that the Ripple system usually processes the transaction for 5-7 seconds. At least, as technical Director of Ripple’s David Schwartz said the users of the popular service of questions and answers Quora. It turns out that banks are trying, but still can’t compete with modern blockchain solutions. In this age of competing parties is very different — and this is doubly funny.

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