Ripple CEO Brad Garlinghouse claims 6% of SWIFT transactions require human intervention
Amid reports of Ripple allegedly misrepresenting the actual amount of XRP in their escrow accounts, the US-based blockchain tech firm continues to be one of the fastest growing networks in the world. Ripple’s CEO Brad Garlinghouse, during a recent session at the Swiss National Bank Conference, claimed that around six percent of SWIFT transactions required human intervention.
He further explained that this, in turn, would add “time and cost” and pointed out that “cost” did not only imply the fees associated with the transactions, but also the “pre-funding” or the cost of capital required for commercial banks which adds up to the drawbacks of the existing legacy financial system.
“.. instead you can use a digital asset to have global liquidity on demand now we build upon a tech stack of an open-source technology called XRP”
Speaking on the subject of interoperability, Garlinghouse termed it an important factor while scaling the cross-border remittance issue. He stated:
“We’re trying to solve a problem, selling technologies to banks and financial institutions to solve a cross-border payments problem.”
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