There are rumors that the global banking network SWIFT may soon integrate with Ripple's XRP Ledger. However, many claims about SWIFT's interest are being greatly exaggerated.
Although Ripple has successfully integrated its network with several large banking partners for cross-border payments, the rumors about SWIFT are currently more speculative than factual. However, if this becomes a reality, the collaboration would be a significant achievement for blockchain and traditional finance (TradFi) integration.
Is SWIFT About to Integrate XRPL?
After the SEC signaled the rejection of the prolonged lawsuit against Ripple, the company has accelerated its goal of integrating its proprietary blockchain technology into TradFi institutions. Recently, Ripple acquired the global primary brokerage platform Hidden Road for $1.25 billion. They have also launched their own stablecoin, RLUSD. With increasing expansion into TradFi, rumors about collaboration with SWIFT have been reignited.
"In recent weeks, some influential voices have pointed to the possibility of an announcement from SWIFT. This 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, and it could bring many benefits to the XRP Network. Even handling just a small portion of SWIFT's daily volume would be a significant boost for the network and this altcoin in terms of revenue and institutional acceptance.
Moreover, XRP supporters have identified several ways it could assist the payment processor in return.
However, these statements have met with skeptical reactions from the cryptocurrency community. In fact, while it would greatly help 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 years.
"In 2023, Ripple participated in SWIFT-led interoperability pilot programs. More recently, SWIFT published a report discussing Distributed Ledger Technology (DLT) integration. Ripple is on that list. XRP is part of that conversation," he said.
Unfortunately, deeper research shows his statements are confused or even incorrect. Major studies from global asset managers have confirmed that XRP integration could benefit SWIFT, but the organization itself is not involved in these conversations.
Other global banking organizations besides SWIFT have conducted similar interoperability pilot programs.
Rumor Analysis
This doesn't mean the account is the source of all industry rumors. However, the fact remains that XRP could benefit from more collaboration with SWIFT.
Through the lens of wishful thinking, many indirectly related statements might appear as evidence of a future relationship.
For example, EastNets, a third-party SWIFT software licensing company, has mentioned the possibility of integrating some of Ripple's technologies. This does not reflect any direct connection between SWIFT and XRP, but it still contributes to the exaggeration. Someone could easily misunderstand this subtle difference.
SWIFT's push for ISO 20022, a global standard for financial messaging, has further fueled speculation about XRP's potential role. Ripple's compliance with ISO 20022 positions it as a candidate for integration into modern payment systems, aligning with SWIFT's objectives.
However, ISO 20022 is a global standard, and SWIFT has never mentioned any blockchain connections when adopting it. Both companies are implementing the same useful standard, but that doesn't mean they are working towards each other.
In summary, collaboration between SWIFT and XRP Ledger remains a speculative rumor. Such a partnership may be under consideration, but current events and information are insufficient as evidence.
If SWIFT accepts XRPL, it would be a truly significant milestone for cryptocurrency integration with TradFi. Such an event could even usher in a new era for the global cryptocurrency industry. However, that doesn't mean it will happen soon.
