XRP vs SWIFT Partnership Rumors: Truth Analysis

There are rumors that the global banking network SWIFT may soon integrate with the XRP Ledger of Ripple. However, many claims about SWIFT's interest are being overstated. Although Ripple has successfully integrated its network with several major banking partners for cross-border payments, current rumors about SWIFT are primarily based on speculation rather than fact. However, if this comes to fruition, the collaboration would be a significant achievement for the integration between blockchain and traditional finance (TradFi). Is SWIFT going to integrate with XRPL? After the SEC signaled the dismissal of the lengthy lawsuit against Ripple, the company has intensified its goal of integrating its proprietary blockchain technology into TradFi organizations.

Recently, Ripple acquired the global prime brokerage platform Hidden Road for $1.25 billion. They also launched their own stablecoin, RLUSD. With the increasing expansion into TradFi, rumors about collaboration with SWIFT have reignited. "In recent weeks, several influential voices have pointed to the possibility of an announcement from SWIFT. It could be an official confirmation that XRP—through Ripple—will become part of SWIFT's global payment infrastructure, used by over 11,000 financial institutions worldwide," cryptocurrency influencer John Squire stated. SWIFT is one of the largest international banking organizations in the world, and it can bring many benefits to the XRP Network. Even processing just a small portion of SWIFT's daily volume would be a significant boost for this network and altcoin in terms of revenue and acceptance from institutions. In addition, XRP supporters have identified a few ways it can assist payment processors in return. However, some of these claims have met with skepticism from the cryptocurrency community. In fact, while it would greatly benefit XRP if SWIFT accepted it, these rumors may just be a case of wishful thinking. John Squire's argument is based on two main statements: that Ripple is ending its legal battle with the SEC, and that SWIFT has been interested in it for many years. "In 2023, Ripple participated in interactive pilot programs led by SWIFT. More recently, SWIFT released a discussion report on the integration of Distributed Ledger Technology (DLT). Ripple is on that list. XRP is part of that conversation," he said. Unfortunately, further research shows that his claims are disordered or even incorrect. Major studies from global asset managers have confirmed that the integration of XRP could benefit SWIFT, but the organization itself is not involved in these discussions. Other global banking institutions outside of SWIFT have conducted the aforementioned interactive pilot programs. Rumor Analysis That does not mean that this account is the source of all the rumors in the industry. However, the fact remains that XRP could benefit from more cooperation than SWIFT. Through the lens of desired thinking, many indirectly related statements may appear as evidence of a future relationship. For example, EastNets, a third-party company that licenses SWIFT's software, mentioned the possibility of integrating some of Ripple's technology. This doesn't reflect any direct connection between SWIFT and XRP, but it still contributes to the hype. Someone can easily misinterpret this subtle difference. SWIFT's push for ISO 20022, a global standard for financial messaging, has sparked further speculation about the potential role of XRP. Ripple's compliance with ISO 20022 positions it as a candidate for integration into modern payment systems, aligning with SWIFT's goals. However, ISO 20022 is a global standard, and SWIFT has never mentioned any blockchain connections when implementing it. The two companies are deploying the same useful standard, but that does not mean they are working towards each other. In summary, the collaboration between SWIFT and the XRP Ledger remains a speculative rumor. Such a collaboration may be under consideration, but current events and information are insufficient to serve as evidence. If SWIFT accepts XRPL, it will be a significant milestone for the integration of cryptocurrency with TradFi. Such an event could even usher in a new era for the cryptocurrency industry worldwide. However, that does not mean it will happen soon.