For the past few weeks, we have been talking about SWIFT and Ripple a lot. The reason is that SWIFT is up to something that involves innovation and the modern technology. It is exploring the ways to improve its services. Ripple, we can say that is the speedy, cheaper, and advanced version of the traditional SWIFT system. The collaboration and involvement of SWIFT with the San Francisco-based payment company can bring revolution in the cross-border payment transfer. However, a recent step has been taken by SWIFT that indicates a complete surrender to Ripple. Join us in today’s video to find out about what is really going on between Ripple and SWIFT, what are the future plans of both the systems involved.
But before we get to it, welcome back everyone to Crypto Millionaires. A channel where you get your daily dose of XRP. If you like the content, do give it a thumbs up, and don’t forget to subscribe to the channel and click the bell icon, so you can know every time we upload a new video. Now, without any further wait, let’s get to it.
The increased worldwide movement of products and services, capital, and people has led to the growing economic relevance of cross-border payments over the past few decades. Banks use the Society for Worldwide Interbank Financial Telecommunications (SWIFT) system to process international transactions. SWIFT’s messaging technology allows interbank transfers to take place all over the world. Cross-border money transactions, which amounted to $150 trillion in 2015, are a significant aspect of the financial system today.
SWIFT is an old and traditional system. With the advent of blockchain and specifically Ripple, people are moving towards innovative methods for these international transactions. With its distributed ledger and ability to enable transactions with minimal fees, blockchain poses a tangible threat to cross-border funds transfer systems. And none of those systems is more threatened than SWIFT, a consortium of banks that manages a bulk of global transactions.
Where the SWIFT system takes 1 to 4 days for the payment transfer along with a bulk of fee, the blockchain-based digital payment network Ripple just takes 3 to 5 seconds and the fee is equal to none. This posed a threat to the traditional SWIFT system. The system whose authorities were against the new blockchain system was later forced to improve using some new technology.

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In this episode, New York CPA and Accountant Anil Melwani talks to Casey Cavell, the Founder of Kingdom House Social, to discuss exploring using NFTs and Crypto for financial planning and accounting. As somebody who is big on doing his own research, Casey made sure to do 40 hours of research on both Crypto and NFTs before taking action. Believing that there are new inventions and discoveries that can improve life and solve everyday problems, Casey saw the potential in cryptocurrency and got into projects involving it. From purchasing Olivia Rodrigo tickets to a Gucci purse, Anil and Casey discuss the future money-making potential that NFTs and cryptocurrency could bring when purchasing items.

https://www.finextra.com/newsarticle/39444/swift-explores-expansion-of-network-into-the-digital-asset-market

https://setl.io/setl-hires-ripple-global-head-of-banking-to-lead-payments-business/

***credit goes to king Solomon one of the many OG xrp researchers***