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- SWIFT has tested Ripple’s XRP in 2020 as it navigates the crypto ecosystem.
- ISO 20022 is set to revolutionize the financial industry, enhancing SWIFT’s real-time functionalities.
The crypto community is buzzing with excitement after a recent tweet by JackTheRippler hinted that SWIFT had tested XRP successfully back in 2020 and is preparing for the integration of ISO 20022, a potentially transformative standard for the financial world.
BOOOOOOOOOOOOOOOM!!!
SWIFT is going ALL IN crypto and they have been tested #XRP successfully back in 2020!
ISO 20022 is on the way and it's a game changer for the financial industry… pic.twitter.com/34aP6pVOok
— JackTheRippler ©️ (@RippleXrpie) May 20, 2022
Exploring XRP’s Functionality Within SWIFT
Bright, a seasoned professional with two decades dedicated to SWIFT, was probed about the possibility of cryptocurrencies like XRP replacing the current SWIFT system in a recent interview with Layah Heilpern. While he accentuated the pivotal role of SWIFT as the main messaging conduit in the finance sector, he acknowledged its limitations in processing real-time transactions and ensuring immediate fund visibility. This is where the rising crypto networks come into play. They offer prompt, on-the-spot fund transfers and grant transparent transaction oversight.
However, Bright clarified that he doesn’t envision cryptocurrencies, especially Ripple’s XRP, to wholly supersede SWIFT. Instead, he imagines digital currencies such as XRP acting as supportive networks, ideally suited for organizations that demand real-time transaction capabilities. Bright also hinted that SWIFT is evolving, adapting to the times by introducing instant functionalities to maintain its significance in the ever-adapting financial realm.
Potential Integration of XRP into SWIFT’s Network
Bright, hinting further about XRP’s integration into SWIFT, stated,
“We may also see Ripple XRP moving across the Swift Network as a currency when we’re perhaps using something like FX.”
It’s worth noting, though, that the much-anticipated SWIFT-Ripple alliance, after Bright’s comments, remained unrealized. Instead, SWIFT opted for a partnership with Chainlink, exploring the potential utilization of the LINK token for crypto payment processes.
