Ripple’s Ultimate Goal is to Provide Every Human with Almost Instant Financial Transfers within Seconds
During a conference in London this year, Ripple’s very own Cassie Craddock, a specialist in international payments has stated that the company’s ultimate goal is to integrate its technology to enhance and upgrade transfers speeds between financial institutes and clients in a matter of seconds.
Speaking at Unbound, she expressed that attempting to provide a solution for instant international transactions is a current sore-spot. Should Ripple’s technology provide the expected results, global payments will receive an unbelievable boost in speed anywhere between three to five seconds no matter the location.
She adds that several use cases are available. For example, should an individual transfer money from one country to another, or parents looking to keep their children funded if studying abroad, this technology will introduce real-time transaction within mere seconds. She believes that if the company achieves its ultimate goal, the finance and banking industries will see massive gains.
Amit Shafrir proposed a question regarding transfers without a need for banks and why one would use complex bank transfer procedures when the current technology to avoid that exists. Craddock replied saying that the idea of no transaction ever occurring through a bank is impractical. While cryptocurrencies can be transferred anywhere and anytime, many customers are skeptical and do not trust the process itself.
The company has decided to collaborate with many banks to solve this issue and provide a seamless and dedicated global money transfer service. Another question proposed was the early foundation of Ripple and whether it contributed to a head start over others like Ethereum.
Replying, she stated that she was unsure regarding that matter and that Ripple is dedicated to just one use case as of now while Ethereum is invested in countless cases. As Ripple’s primary focus is solutions for the financial and banking industry, Ethereum is used for a wide variety of activities and that’s why she believes Ripple’s tech will be a complete success.