You may not have heard of it before, but SWIFT, which stands for Society for Worldwide Interbank Financial Telecommunication, plays a huge role in the global financial industry. This network enables safe and reliable money exchange between banks and other financial institutions for international payments.
Now the company is exploring more new technologies, including blockchain, naming XRP as an interesting alternative. This is according to a recent post by XRP enthusiast “XRP_Avengers” on X (formerly Twitter).
Cooperation with R3
SWIFT is an irreplaceable player in the financial world, handling around $5 trillion worth of transactions every day. The fact that the company now sees potential in blockchain and XRP could provide a huge boost to the industry. The first step in this direction is the partnership with R3, a leading blockchain consortium.
The goal of this collaboration is to integrate SWIFT’s Global Payments Innovation (gpi) with R3’s Corda platform, which uses blockchain technology. This integration should ensure faster and more transparent transactions between different financial institutions and more efficient payments in fiat currencies. However, the project is still in its early stages and is not yet commercially available.
The potential role of XRP
An important aspect of this project is XRP’s potential role as a settlement currency in SWIFT’s system. This would mean that XRP could facilitate liquidity between different fiat currencies, which would be a big step towards the wider adoption of blockchain in the financial industry.
Although no commercial agreements have yet been made, the XRP community sees this project as a promising development that could have significant implications for the growth of digital currency and blockchain technology as a whole.