The global messaging network Swift and its fintech challenger, Ripple, have been vying for bankers’ hearts and minds for more than a year. Whoever prevails, their latest moves could bring needed change to how international banking is done.
There has been a lot of activity lately around modernizing cross-border transfers through the use of blockchain and and cloud-hosted technology, but despite the potential savings in cost and time, none of these methods has caused a meaningful decline in the use of cash.
Ripple's distributed ledger platform has fed an appetite for cheaper and more efficient cross-border payments, but it may not measure up to the needs of a larger market. Ripple wants to scale its payment system to something resembling a large card network.