SWIFT, a major player in international payments, recently announced some big changes. They’re adopting the ISO 20022 standard and bringing in blockchain tech. This is significant because SWIFT and Ripple are competitors in the global payments arena.
SWIFT’s Strategy: Interoperability, Not Competition
A SWIFT executive explained their plans: they’re focusing on making their system work with other networks, not creating their own cryptocurrency to rival XRP. They’ll use ISO 20022 to connect with various payment systems, including potentially crypto networks. This means SWIFT won’t be building a competing blockchain like Ripple’s XRP Ledger (XRPL). Analysts suggest this strategy is about collaboration, not competition. The future, they say, is all about different payment systems working together.
Ripple’s Interoperability Push
Ripple, however, isn’t sitting still. They’re also focused on interoperability. Their recent acquisition, Rail, already supports several major payment rails (like SWIFT, SEPA, FedWire, and ACH) and multiple blockchains (Bitcoin, Ethereum, Tron, Solana). The XRP Ledger is expected to join this list soon. Plus, Ripple’s RLUSD stablecoin is already on Ethereum and Cardano, further highlighting their commitment to working with other networks.
The Impact on XRP
SWIFT’s decision might affect predictions about XRP’s price. Some believed XRP would become the dominant currency for many transactions because of Ripple’s payment solutions. SWIFT’s move towards broader interoperability could reduce the reliance on XRP as a bridge currency. However, the overall impact remains to be seen.
Current XRP Price
At the time of writing, XRP was trading around $3.04.