Despite the underlying fraud vectors, funds transmitted over SWIFT, Fedwire, CHIPS, and ACH incur costs of approximately 18 billion USD every day. Additionally, transfers require three to five days for settlement, and up to 4 percent of payments fail due to technical reasons.
The blockchain brings several enhancements to these systems, namely cryptographically secure transactions, immutability, and data redundancy. For instance, Ripple, a prominent US startup, allows financial institutions to quickly settle cross-border payments using its xCurrent network, claiming a 60 percent reduction in net cost.
Remittance providers such as Western Union and Moneygram have also piloted using native Ripple blockchain tokens (XRP) for settlement. Using products such as these, we believe that blockchains have the potential to influence well beyond the primary layer of the global financial network.
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