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Brad Garlinghouse: Ripple’s xCurrent technology is an upgrade to SWIFT

Finance

www.chepicap.com 20 May 2019 01:58, UTC
  
Reading time: ~3 m

The CEO of Ripple, Brad Garlinghouse, participated in the 9th High-Level Conference on the International Monetary System, where representatives of banks and financial institutions discuss the 'Past, Present and Future of the International Monetary System'.

Brad Garlinghouse, was the only invited member from the private sector to participate in the 9th High-Level Conference on the International Monetary System. The other participants were executives of different Central Banks and Monetary Authorities.

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Key attendees and panelists included:

-Agustin Carstens, BIS Chairman
-Christine Lagarde, IMF Chairwoman
-Tobias Adrian, IMF Director
-Ahmed Abdulkarim, SAMA Governor
-Norman Chan, Hong Kong Monetary Authority Chairman
-Elvira Nabiúllina, Central Bank of Russia Governor

— XRP Research Center (@XrpCenter) May 18, 2019

Garlinghouse, who had to wait till the end of the conference to adress his fellow attendees, started off by thanking Christine Lagarde, Managing Director of the International Monetary Fund, for being included in the conference.

*THREAD*

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On 14/05/19, @bgarlinghouse participated in the "9th High-Level Conference on the International Monetary System" organized by @SNB_BNS_en and @IMFNews to discuss the "Past, Present and Future of the International Monetary System".

Video:https://t.co/MfS7974Zpz

— XRP Research Center (@XrpCenter) May 18, 2019

The Ripple CEO quickly pointed out that the global payment network and the sector in general is yet to catch up with the age of the internet, and added that Ripple’s xCurrent technology is an upgrade to SWIFT.

'xCurrent is kind of SWIFT 2.0.', he said. 'It’s a messaging framework that is much more efficient and more real-time in a fiat to fiat basis.'

Further pointing out that Ripple's xCurrent technology isn't targeting central banks, rather commercial banks, and other financial institutions. 

Garlinghouse went on to explain that 'xRapid is where we use XRP to fund real-time liquidity', and pointed to the immediate demand from financial institutions and banks all over the world. 

'We brought this product to market in Q4, 2018, and immediately we saw that the demand from banks and FIs who want to open up a new corridor for payments but don’t want to open up new Nostro and Vostro relationships.'

The XRP Research Twitter account summed up some of the most important quotes from Brad Garlinghouse.

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2) “Global payments today have not caught up with the age of the internet”

3) “6% of all SWIFT transactions need human intervention [self-published error rates]”

4) “Why can´t we use these technologies to build the Internet of Value?”

— XRP Research Center (@XrpCenter) May 18, 2019

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8) "XRP was originally built by engineers who seen the flaws of Bitcoin and the challenges of scalability around it. Where Bitcoin today, per transaction basis, is rather slow, rather expensive, XRP is very very fast. About a 1000x faster per txn and 1000x cheaper per txn"

— XRP Research Center (@XrpCenter) May 18, 2019

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11) “xCurrent is kind of SWIFT 2.0. It’s a messaging framework that is much more efficient and more real time in a fiat to fiat basis”

— XRP Research Center (@XrpCenter) May 18, 2019

According to the XRP Research Center, there really is no other 'single entity out there that is doing more than Ripple to push digital assets into mass adoption.'

'The fact that Ripple was able to explain the functionalities of XRP and its intended use cases in a Central Bankers conference is mind-boggling.'

No matter how you might feel about Ripple, it is indeed beyond impressive that Brag Garlinghouse was even invited to sit at the same table with the boys and girls of the 'Big banks'.

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