SWIFT is testing an 'open network' for instant cross-border payments with no hidden fees, incorporating blockchain-based solutions. This initiative includes exploring on-chain messaging through Ethereum L2 Linea. SWIFT, which processes over 40 million messages daily, aims to enhance its payment infrastructure, potentially impacting Ripple's XRP, known for its cross-border payment solutions.
Ripple CEO Brad Garlinghouse has previously stated ambitions to capture 14% of SWIFT's transaction volume by 2030. However, SWIFT's extensive network of over 11,000 partner banks presents a significant competitive edge. The outcome of SWIFT's pilot could reshape the landscape of international payments.
SWIFT Pilots Instant Cross-Border Payments, Poses Challenge to XRP
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