Speaking on the recently concluded SWELL event, Ripple CEO Brad Garlinghouse commented that SWIFT is a “one-way messaging framework, you execute a SWIFT wire transaction and the only way you know I received it is when you send me a note saying ‘hey I sent you a wire.’” Commenting further on the subject, Garlinghouse stated that a minute error from the sender in effecting a traditional payment can cause a lot of “overhead and that does not need to happen in a world where people can use better technology.”
While comparing SWIFT to Ripple, Garlinghouse stated that SWIFT acts more like a postcard which takes some days to deliver and that Ripple is working effortlessly to improve the existing infrastructure. He went thus: “What we have done is take that very rudimentary conversation infrastructure that was built decades ago and said, let’s have a two-way messaging framework.”
