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TradeReact - Keynote speech Swell by Ripple 2019 Brad Garlinghouse

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Author: TradeReact
Categories: Business Technology
Tags: business, technology
Views: 1 · Last viewed: 2026-10-13 22:55 UTC

Short Summary

Main recommendation: Ripple's CEO argues that cross-border payments should be rebuilt on a new "Internet of Value" architecture rather than patched with workarounds on existing rails, and Ripple positions itself to enable this by partnering with banks, payment providers, and other customers rather than signing up end users directly. The speech frames today's cross-border system as slow, costly, and error-prone, and presents Ripple's effort as a reset of that underlying plumbing.

Key Points

  • The "Internet of Value" is defined as a shorter-term, efficient initiative aimed at enabling payments everywhere, every way, for everyone, with value moving the way information moves today.
  • Ripple's stated role is to enable, not compete for, customers: the company works through its banking, payments, and other partners to bring the changes to market.
  • Cross-border payments are described as slow, expensive, and unreliable, with friction affecting speed, cost, and the customer experience, restricting commerce.
  • Error rates in cross-border payments are cited as ranging from as low as 2%, with one CFO describing an 11% error rate using SWIFT messaging.
  • Many new fintech startups are described as "hacks" built on the existing infrastructure, which the speaker argues treat symptoms rather than the root cause.

Details Worth Noting

  • Concrete instructions: The transcript does not give step-by-step actions for viewers. The only implied guidance is directed at businesses and institutions: reduce payment friction, reset the underlying payment architecture, and work with partners to enable payments.
  • Ripple co-founder Chris Larsen's background is mentioned: he started one of the first online managed lending platforms and Prosper, a peer-to-peer lending exchange, which shaped Ripple's early vision.
  • The stated benefits of reducing payment friction and increasing speed include direct and indirect gains for customers worldwide, including the underbanked and unbanked, as well as businesses at large.
  • The speaker acknowledges that some bank CEOs and regulators did not immediately understand the "Internet of Value" concept, indicating the idea was still being explained at the event.
  • The speech is from Ripple's third annual Swell event in Singapore, and the speaker signals several updates will follow but does not detail them in this transcript.

Bottom Line

Ripple is betting that the fix for cross-border payments lies in rebuilding the core infrastructure, not in layering new services on top of legacy networks, and it frames its role as an enabler working through partners.