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Ripple

Ripple’s XRP Cannot Replace SWIFT? Expert Says This Crypto Is A Better Fit

Scott Matherson
by Scott Matherson
2 weeks ago
·
Posted in Ripple
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

Ripple has long made its ambitions of challenging and eventually replacing SWIFT as the backbone of global cross-border payments very clear. Ripple CEO Brad Garlinghouse has openly criticized SWIFT’s inefficiencies and noted how the company aims to capture a sizable 14% share of the multi-trillion-dollar payments market within the next five years. 

However, although XRP’s utility in facilitating near-instant settlements has kept the XRP replacing SWIFT narrative alive for years, one expert argues that reality may be pointing in a different direction.

XRP Cannot Replace SWIFT

Ripple’s goal is to compete with SWIFT and capture a large portion of the $5 trillion worth of transactions that the network processes each day. However, according to Zach Rynes, who is a community liaison with Chainlink, the idea of XRP replacing SWIFT does not reflect what is actually happening behind the scenes. In a post on the social media platform X, Rynes highlighted that SWIFT is already integrating with blockchain technology through its partnership with Chainlink. 

Related Reading: Ripple CTO Jumps Into The Fray After Caitlin Long Bashes XRP With Centralization Claims

Reports indicate that SWIFT currently uses Chainlink’s infrastructure to connect more than 11,500 SWIFT member banks to both public and private blockchains. This level of integration not only modernizes SWIFT’s existing network but also allows it to interact with tokenized assets and smart contract platforms without abandoning its established global banking relationships. 

Ripple
Source: Zach Rynes on X

Proponents like Zack Ryne also argue that it places SWIFT on par with Ripple’s blockchain advances, and it effectively removes any advantage that the latter has. As such, the competition for dominance in global payments may not be a case of Ripple replacing SWIFT completely, but if SWIFT can catch up through partners like Chainlink and perhaps make its utility coin LINK a better institutional cryptocurrency.

SWIFT’s Partnership With Chainlink

SWIFT’s relationship with Chainlink kicked off in 2016, when Chainlink (known as SmartContract.com at the time) participated in and won SWIFT’s startup competition. However, their partnership has really gained speed in recent years. In September 2022, SWIFT and Chainlink publicly introduced an initial proof‑of‑concept using Chainlink’s Cross‑Chain Interoperability Protocol (CCIP) during the SmartCon 2022 event.

Related Reading: XRPL Infrastructure: Ripple CTO Shares ‘Most Useful Thing’ For The Network

In August 2023, SWIFT conducted a successful proof-of-concept test (with institutions like ANZ, BNP Paribas, BNY Mellon, and Citi) using Chainlink’s Cross‑Chain Interoperability Protocol (CCIP). That pilot has grown into real-world use cases with thousands of SWIFT member banks worldwide. 

Interestingly, recent advancements with Chainlink have also seen more activity from big investors with LINK and heavy accumulations from whale traders. At the time of writing, LINK is trading at $21.40, trading above $20 for the first time since February. 

Ripple, on the other hand, has also expanded its partnership in its quest to compete with SWIFT. This partnership includes the European Central Bank and the Bank of Japan, who are reviewing Ripple’s infrastructure alongside SWIFT.

Ripple
XRP trading at $3.12 on the 1D chart | Source: XRPUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Scott Matherson

Scott Matherson

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Scott Matherson is a leading crypto writer at Bitcoinist, who possesses a sharp analytical mind and a deep understanding of the digital currency landscape. Scott has earned a reputation for delivering thought-provoking and well-researched articles that resonate with both newcomers and seasoned crypto enthusiasts. Outside of his writing, Scott is passionate about promoting crypto literacy and often works to educate the public on the potential of blockchain.

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