The Ripple project is defined as an efficient cross-border payment solution, an area currently dominated by SWIFT.

SWIFT’s outdated technical standards are often subject to scrutiny.

One of its critics has been, more aggressively, its competitor, Ripple, the San Francisco-based crypto maker.

Swift’s ability to innovate has been a matter of debate for many years.

What made it the talk of the Ripple management, whose executives point out the contradictions plaguing Swift.

Martin Walker, director of banking and financial services at the Swift Management Center, questioned Ripple’s CEO claim that Swift’s error rate is 6%.

Walker’s hypothesis was to check whether Garlinghouse’s statement that 6% of all Swift transactions required human intervention.

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Garlinghouse has highlighted Swift’s error rate on a number of occasions, including at the Asia Money 20/20 conference in 2018, where he said:

Swift’s published error rate is 6%.

Now, you can talk to the corporate treasury staff and they’ll actually tell you it’s above 6%.

In fact, Ripple’s 6% error rate claim was based on a 2014 paper by two independent payment experts.

Walker contacted one of the authors of the paper and came to the conclusion:

Error rate refers to a mathematical model created by the authors to determine whether participants in a SWIFT network are an essential or marginal part of the network.

The error rate indicates the accuracy of the model and not the error rate of the messages.

In other words, the 6% error rate is completely irrelevant.

Garlinghuas and Ripple’s comment on the error rate and what that means are completely wrong.

Interestingly, Marcus Treacher and Marjan Delatin, Senior Vice President of Customer Service and Global Head of Banking, respectively, who published the paper, both worked at Swift.

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Looking at the bigger picture, the real question was:

If your Swift network is fast, reliable and only charges a few cents.

So how can international payments take days and demand high fees?

Walker explained that the answer to this is based on factors such as the infrastructure, business processes and business models of banks and other financial institutions, as well as the laws and regulations of the jurisdictions involved in the transactions.

he added:

Generating payment instructions by sending banks and processing those instructions by banks receiving a Swift message is as good as the banks themselves.

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Swift was only operating as a messaging network, but it had no say in the efficiency or effectiveness of operations at banks and other financial institutions.

Thus, the end-to-end error rate for Swift-based payments is historically impossible using only Swift data, Walker concluded.

When addressing Ripple’s performance and the company’s transparency, Walker noted that Ripple has never released key data about its business and network.

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