Is Ripple too far ahead of its time?

As Swift and Ripple vie for the future of cross-border payments, an article published in American Banker has shed some light onto the obstacles facing both brands. At the same time, Swift has taken a step towards blockchain by linking its payments standard – GPI, or Global Payments Innovation – to R3’s Corda blockchain.

It’s likely to be a winner-takes-all market because getting everyone onto the same network is crucial for getting the most out of the technology.

As such, now might be a pivotal time for Ripple.

The uptake numbers are sitting in Swift GPI’s favour though.

Swift says more than 450 banks, which handle over 80% of international payments, are using GPI to settle more than $300 billion in payments daily. By contrast, the Ripple network only claims some 200 members, and almost certainly only handles a fraction of a fraction of the volume of Swift GPI. And Ripple was founded in 2012, while GPI only took the stage in 2017.

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Source: Is Ripple too far ahead of its time? | finder.com.au