Key Takeaways
- SWIFT CIO has called out Ripple’s centralization and dependence on other chains.
- The scathing comments came amid Swift’s blockchain trials using Ripple’s XRPL.
- Ripple, the blockchain payment giant, is eyeing to capture the traditional payment market.
Ripple, the blockchain payment processing giant, is eyeing a piece in the global payment network, which is currently dominated by SWIFT, the global messaging network underpinning the world’s interbank transfers.
Although both firms are currently working together, as SWIFT started its blockchain trial with Ripple’s XRP Ledger, this has not stopped the SWIFT Chief Innovation Officer from criticizing XRP’s centralization.
322
-
0x Protocol
-
1inch Network
-
Aave
-
Aavegotchi
-
Acala Token
-
Adventure Gold
-
Akash Network
-
Alchemix
-
Alchemy Pay
-
Algorand
-
Alien Worlds
-
Alpha Finance Lab
-
Altair
-
Ambire AdEx
-
Ampleforth Governance Token
-
Ankr
-
APEcoin
-
API3
-
Aptos
-
ARPA Chain
-
Astar
-
Audius
-
Augur
-
Augur V2
-
Avalanche
-
Axie Infinity
-
Badger DAO
-
Balancer
-
Bancor
-
Band Protocol
-
Bonded Finance
-
Basic Attention Token
-
Basilisk
-
Biconomy
-
Bifrost
-
Bitcoin
-
Bitcoin Cash
-
BitDAO
-
Blur
-
Bluzelle
-
BitTorrent
-
Boba Network
-
Solana Name Service
-
Cardano
-
Cartesi
-
Celer Network
-
Centrifuge
-
Chain Games
-
Chainlink
-
Chiliz
-
Chromia
-
Civic
-
Compound
-
Coin98
-
Convex Finance
-
Cosmos
-
COTI
-
Crust Shadow
-
Curve DAO Token
-
Dai
-
Dash
-
Decentraland
-
Dent
-
Dogecoin
-
dYdX
-
Energy Web Token
-
Enjin Coin
-
Enzyme
-
EOS
-
Ethereum
-
Ethereum Classic
-
Ethereum Name Service
-
Euler
-
Fantom
-
Artificial Superintelligence Alliance
-
Filecoin
-
Flare
-
Flow
-
Frax Share
-
Gala
-
Galatasaray Fan Token
-
Gari Network
-
GensoKishi Metaverse
-
Gitcoin
-
GMX
-
Gnosis
-
Gstcoin
-
Harvest Finance
-
Hashflow
-
ICON
-
IDEX
-
iExec RLC
-
Immutable
-
Injective Protocol
-
Internet Computer
-
Integritee
-
Interlay
-
JasmyCoin
-
Juno
-
Karura
-
Kava.io
-
Keep Network
-
Keep3rV1
-
Rook
-
KILT Protocol
-
Kin
-
Kintsugi
-
Kusama
-
Kyber Network
-
Lido DAO Token
-
Lisk
-
Litecoin
-
Livepeer
-
Loopring
-
Maker
-
Marlin
-
Mango
-
Marinade Staked SOL
-
Mask Network
-
Merit Circle
-
Mina
-
MIR COIN
-
Monero
-
Moonbeam
-
Moonriver
-
Multichain
-
MultiversX
-
Moonchain
-
MyNeighborAlice
-
Nano
-
NEAR Protocol
-
Nodle
-
Numeraire
-
NYM
-
Ocean Protocol
-
OMG Network
-
Orca
-
Orchid
-
Origin Protocol
-
Oxygen
-
Parallel Finance
-
PAX Gold
-
Perpetual Protocol
-
Phala Network
-
Polkadot
-
Polkastarter
-
Polygon Matic
-
Powerledger
-
pSTAKE Finance
-
Qtum
-
Quant
-
Radworks
-
Rarible
-
Raydium
-
Ren
-
Request
-
XRP
-
Robonomics.network
-
Rocket Pool
-
Rubic
-
Saber
-
Samoyedcoin
-
Secret
-
Selfkey
-
Serum
-
Shiba Inu
-
Shiden Network
-
Siacoin
-
Solana
-
Songbird
-
Spell Token
-
Stacks
-
Stafi
-
Star Atlas
-
Star Atlas DAO
-
Stargate Finance
-
Stellar
-
1Step.Finance Step Finance
-
STEPN
-
Storj
-
SuperCoin
-
SuperRare
-
SushiSwap
-
Solar
-
Synapse
-
Synthetix
-
tBTC
-
Terra 2.0
-
Terra Classic
-
TerraUSD
-
Terra
-
Terra Virtua Kolect
-
Tether
-
Tezos
-
The Graph
-
The Sandbox
-
THORChain
-
Threshold
-
Tokemak
-
Tribe
-
TRON
-
TrueFi
-
UniFi Protocol
-
Uniswap
-
USD Coin
-
Waves
-
WOO Network
-
Wrapped Bitcoin
-
Wrapped Axelar
-
Wrapped Ethereum
-
yearn.finance
-
Yield Guild Games
-
Zcash
-
Beam
-
Aevo
-
Altlayer
-
Arkham
-
ether.fi
-
Safe
-
Zetachain
-
Nosana
-
WenMoon
-
Zeus Network
-
Pendle
-
PDATA
-
Big Time
-
Portal
-
Gravity
-
Osmosis
-
Kujira
-
Hivemapper
-
Mantle
-
Neutron
-
SagaWorld
-
Stride
-
Renzo
-
CloudTx
-
Balancer USD Stable Pool
-
0xBitcoin
-
Crust Shadow
-
Orbitcoin
-
r/FortNiteBR Bricks
-
Bionic
-
MoonSwap
-
Ambire AdEx
-
00 Token
-
Tether EURt
-
FunFi
-
Gstcoin
-
Ethena
-
Unifi Protocol DAO
-
Selfkey
-
Terra Virtua Kolect
-
Ampleforth
-
ForthBox
-
Onyxcoin
-
Merit Circle
-
Star Atlas DAO
-
Proof Of Liquidity
-
Energy Web Token
-
Radar
-
Alpha Finance Lab
-
Hashflow
-
LCX
-
PayPal USD
-
Nano
-
TerraUSD
-
UMA
-
JITO
-
EthereumPoW
-
Moonbeam
-
Rubic
-
Afsc Coin
-
SuperCoin
-
aTUSDv1 Aave Interest bearing TUSD
-
Dymension
-
Helium
-
Axie Infinity
-
Pyth Network
-
Bonk
-
Strike
-
MultiversX
-
Jupiter
-
Sui
-
Dogwifhat
-
Sei
-
THORChain
-
Celestia
-
Pepe
-
ETC Cooperative
-
Arbitrum
-
Uniswap
-
Shiba BSC
-
Doge Dash
-
1Sol
-
Toncoin
-
Stably USD
-
Kaspa
-
Popcat
-
Mog Coin
-
Cat In A Dogs World
-
zkSync
-
Eigenlayer
-
TurboStarter
-
Echelon Prime
-
Memecoin
-
GigaSwap
-
Ponke
-
Apu Apustaja
-
Athens
-
Kamino
-
Clearpool
-
Goldfinch
-
Morpho
-
Bounce Token
-
Maple Finance
-
Parcl
-
Covalent X Token
-
Swell Network
-
Litentry
-
deBridge
-
Puffer
-
Globiance USD Stablecoin
-
Zeta
-
Quantoz USDQ
-
Quantoz EURQ
-
Skycoin
SWIFT Exec Calls Out Ripple’s Centralization
SWIFT’s chief innovation officer, Tom Zschach, didn’t hesitate to point out Ripple’s control over XRP and its resilience over other chains.
In a LinkedIn post , Zschach discussed the significant shift in finance and how, by 2025, public blockchains will be too big to be ignored by financial institutions.
Zschach noted that Ripple wasn’t facing regulatory scrutiny but a regular lawsuit.
“Institutions don’t want to live on a competitor’s rails. Compliance isn’t about one company convincing regulators that it should be allowed to operate. It’s about an entire industry agreeing on shared standards that no single balance sheet controls,” he added.
SWIFT Takes Blockchain Route
SWIFT’s comments about blockchain use cases in the traditional financial system are not just on social media; SWIFT is currently running multiple blockchain-based trials to integrate a decentralized solution for its payment network.
SWIFT has ruled the traditional banking networks for a decade, and now aims to leverage blockchain-based instant transactions at a fraction of the cost to carry on its conventional financial legacy.
Although SWIFT has been experimenting with blockchain technology since 2016, this year marks its first significant move into payment integration, its core business.
The firm started blockchain trials in August, with transaction testing on Hedera Hashgraph and Ripple’s XRP Ledger, to review whether blockchain-based solutions could coexist with traditional banking systems.
ISO 20222 Key to SWIFT Blockchain Adoption
SWIFT’s shift to the ISO 20022 messaging standard is critical for its blockchain integration. This standard enables richer data and better integration with digital asset networks. This standard supports XRP’s fast settlement and low-cost features, making it suitable for cross-border payments.
ISO 20022 is a global standard for financial messaging developed by the International Organization for Standardization (ISO). It provides a structured, data-rich format for exchanging financial information between institutions.
SWIFT began migrating to ISO 20022 for cross-border payments and reporting in November 2022 and is expected to complete the network migration to the new standard by the end of 2025.
ISO 20022 could play a pivotal role in SWIFT’s blockchain trials and projects by enabling seamless integration of traditional financial systems with blockchain-based digital assets.
