Over the past few months, Ripple vs SWIFT has been debated by many analysts. Multiple crypto experts even argued that Ripple will soon replace SWIFT because of its popularity in smooth payment transactions for overseas. Analysts also say that SWIFT’s old system will be overpowered by Ripple.
A crypto user on X recently implied that Ripple can destroy SWIFT if it wants. The users said, when Ripple says it will compete with SWIFT, it doesn’t only aim to simply split the existing banking clients between the two networks. Instead, it plans to completely transform the landscape of cross-border banking, resulting in the disruption of SWIFT.
Ripple challenges the old system of SWIFT and is working to modernize financial infrastructure. It can potentially become the new backbone for global liquidity flows as financial institutions adopt blockchain solutions, ditching traditional banking.
The crypto analyst says, “Swift is old. As people move away from banks, & liquidity moves on-chain, Ripple will not be a 1:1 competitor to the old, but the death of the old.”
SWIFT plans to complete key ISO 20022 migration milestones and expand live digital-asset trials through 2025. The deadline for the completion of this procedure is November 2025. But again, Ripple holds an upper hand in this because XRP already aligns with ISO 20022 standards. It could allow for easier integration with banks seeking efficient cross-border liquidity solutions.
Ripple has designed its XRP Ledger with an ISO 20022-compatible data model. This authorizes the blockchain method to carry richer payment metadata and enable faster, cheaper transactions suitable for overseas transactions.
Despite having so many advantages and an enhanced blockchain system, Ripple hasn’t taken over SWIFT yet. Cassie Craddock, managing director for Ripple in the UK and Europe, told Cointelegraph that the platform does not want to completely replace the legacy of SWIFT. Instead, it is pushing other financial systems to work better.
She said, “We don’t see blockchain as an opportunity to replace legacy rails, rather a way of augmenting and modernizing the existing financial infrastructure, creating opportunities for greater efficiency and interoperability.”
Ripple uses blockchain to enable near-instant, low-cost transactions, while SWIFT relies on slower, costly messaging through banks.
Ripple offers faster settlement (seconds vs days), lower fees, and real-time tracking, making it more efficient for global payments.
No, Ripple seeks to augment and modernize existing systems, improving interoperability rather than fully replacing SWIFT.
SWIFT has an extensive global network and institutional trust, while Ripple faces adoption, regulatory, and integration challenges despite its tech advantages.
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