In a recent interview with Bezinga Fintech Focus chief strategist Ripple Cory Johnson discussed the recent product testing Ripple and their main competitor the SWIFT.
Answering questions about how to use the products Ripple, Johnson mentioned that it is very expensive and difficult to make cross-border transfers. In addition, for small businesses it is even more difficult due to the excess costs which in turn reduce their profit.
He also said that many banks began using Ripple products, and customers of these banks want to transfer their money quickly and cheaply. In such circumstances, according to Johnson, banks recognize that they can reduce costs for their market customers, forcing them to buy the software Ripple.
In addition, he mentioned the biggest competitor of the product Ripple xCurrent, the international banking consortium SWIFT channels of communication.
– Imagine that you are sending money from one country to another. Using SWIFT, you don’t know what they’ve got there, you don’t know at what point the information ceases to do, in fact, they will never send you any information after you send money. You will need to wait for days to get a return in case of mistake or even just to know that an error has occurred. It was before Ripple came out on the market, – said Johnson.
According to Johnson, customers Ripple get information about what is happening with their money transfers instantly through the company’s products that was not possible before. A year ago a new user Ripple appeared every six weeks. Now, however, the new user appears every six days, which Johnson considers it a huge success.
– I think the day will come when the banks that use our software will be very happy because, together with the necessary accuracy, they will also receive high speed transfers, – said Johnson.
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