Cross-border Payment systems: SWIFT, RippleNet or BWW?
Traditional International Payment system has some serious competition
If you have ever tried to send money offshore to family or friends through a bank or other international payment services like Western Union, you know it’s expensive, cumbersome & extremely inconvenient. At least that was the case until about a few years ago when the FinTech & Blockchain explosion took place.
I have been using a service called Transferwise which is a UK-based startup working since 2011 whose features include low transfer fees, competitive fiat exchange rates & direct transfer to bank accounts in more than 48 countries and most important of all it’s all done online.
Another popular PayPal owned money transfer App is XOOM, which can send money to 132 countries offering similar features. Enter Blockchain/Cryptocurrencies & the whole landscape is beginning to change. But before that let’s take a brief look at the current system being used for international money transfers by the banks around the globe.
