Ripple’s transaction rates are just a 1000th of what normal banks charge, says Cory Johnson

In a recent interview, Cory Johnson, the Chief Marketing Strategist at Ripple, elucidated on the current banking processes and Ripple’s plans to integrate itself with the banking sector. Ripple has been creating news in the industry after its head honchos had earlier revealed that they would work together to make bank transactions much faster and safer.

During the interview with Steven Diep, Johnson explained that the way Ripple works is by charging customers who use the service a very nominal fee for individual transactions. He made it very clear that the fee levied on the customers is just a thousandth of what established banks charge.

Ripple’s movement into the mainstream financial sector has been quite evident with the company partnering with the United States based PNC bank just this week. Ripple has said that the financial behemoth’s customers will be able to receive “real-time cross-border payments”. The process is part of Ripple’s bank allocation into its own network as part of the RippleNet.

Cory Johnson went on to speak about Ripple’s competitor, the Brussels based Swift. He stated that Swift already has a network consisting of thousands of banks working simultaneously. This, he stated, make it very difficult for a new fintech company to waltz into the financial ecosystem. He further stated that Swift is taking new strides in the industry by reducing transaction competition time for 2 days to just a day.

Johnson has been a vocal advocate of blockchain technology’s introduction into the financial sector with him stating:

“I really do think that finance is the place where there was the most friction in our global economy. And the solutions presented by blockchain are so obvious that they’re really going to change the way money and value move in our society.”

He has also supported countries like Singapore, Malta, Switzerland, and Liechtenstein where blockchain technology has been accepted.

Heads of mainstream financial institutions have also come out in support of blockchain technology which was recently made even more apparent with Hikmet Ersek, the CEO of Western Union also giving his two cents on the technology. Ersek said that blockchain technology has to be used when it is a need. He also revealed that Western Union has been trying some experiments with Ripple but it has not paid dividends yet. The CEO stated:

“ We move a lot of money and hence are looking at blockchain to make the process faster and more secure.”