SWIFT Integrates Payments Scheme with 50 Major Banks, Fueling Cross-Border Transaction Revolution
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has successfully integrated its payments scheme with 50 major banks, marking a significant step towards faster and more transparent cross-border transactions.
This development aligns with the G20's expectations of having most cross-border transactions settled immediately by 2027. The SWIFT scheme is already showing impressive results, with 80% of money being settled within 10 minutes, compared to the former 3-5 business days.
Notably, several major banks have partnered with Ripple and XRP for their cross-border payment needs. However, the integration of SWIFT's payments scheme with these banks raises questions about whether XRP and Stellar (XLM) will collaborate or compete in this space.