SWIFT's Chief Innovation Officer, Tom Zschach, has raised concerns about Ripple's technology and the ability of XRP to meet global banking standards for cross-border settlements. Zschach highlighted that banks may be reluctant to outsource settlement finality to an external token that is neither a deposit nor regulated. He suggested that as tokenized deposits and regulated stablecoins scale, banks are more likely to use their own issued tools rather than pay fees for using XRP. Zschach emphasized that the lack of a legal framework, privacy, and regulatory "trust layer" are key reasons banks continue to rely on SWIFT.