As the need for immediately settled cross-border transfers is expected to grow tremendously by 2032, blockchain integration would open doors to an estimated $320 trillion market cap. Right now, cross-border transactions on SWIFT encapsulate $155 trillion, approximately 50 times larger than the global crypto market cap.
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In a recent interview for FOX Business, Rippleโs CEO Brad Garlinghouse revealed that XRP vs. SWIFT face-off in the cross-border payment sector is likely to happen sooner or later, responding to the demand of modernization of international banking.
A few months back, SWIFT Alisa DiCaprio, the Head of Industry Engagement, made a surprise appearance at the rival HederaCon in Denver, Colorado. She hinted at SWIFT testing XRP & HBAR for future integration, answering to the need of less-than-an-hour transactions by 2027.
XRP vs. SWIFT: Competition Or Partnership?
With 70% of merchants demanding payments to be settled in one hour, SWIFTโs regular 2-4 working day time frame could be deemed outdated. Brad Garlinghouse explained that SWIFT is a technology architecture that was developed 50 years ago, and integrating with blockchain will become inevitable to settle instantly with merchants.
While itโs largely dominated by SWIFT, XRP aims at capturing some of the $155 trillion cross-border market, whether its outpacing SWIFT or working together with Ripple (XRP) to rewire the financial infrastructure.
Further on, Ripple CEO named massive impact on spheres like real-estate, securities transactions and infrastructure in the United States over the next 10-20 years, naming the Trump Effect as a catalyst for these changes.
As for now, the outcome of SWIFT testing XRP is unclear, while SWIFTโs Alisa DiCaprio has previously mentioned the need to design a system to audit crypto wallets held by authorized entities, allowing a regulated atmosphere for merchants and a coherent cybercrime prevention scheme.
On The Flipside
- Delays in the 6-year long Ripple vs. SEC suit could impose challenges and legal restrictions, as the case is still pending closure despite a favorable ruling for XRP.
Why This Matters
Rippleโs XRP Ledger is already a big hit across banks and payment providers, including Santander, TransferGo, SEB & many more. The XRP integration into SWIFT would likely produce long-term price appreciation for the underlying asset.
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