SWIFT Welcomes 50 Banks to Pilot Program Amid Ripple and Stellar Competition
SWIFT's payments scheme has welcomed 50 major banks to its pilot program, which aims to enhance cross-border transactions. This move aligns with the G20 expectations of having most cross-border transactions settled immediately by 2027.
The 5-pillar G20 program includes speed, cost, access, choice & transparency, which SWIFT is successfully covering. According to the latest data, 80% of money is settled within 10 minutes, a huge contrast from the former 3-5 business days.
Some major banks have ties with Ripple's XRP and Stellar Lumens (XLM), but it seems that Ripple's XRP is leading in bank integration. However, both DLT coins offer reduced reliance on intermediaries, able to process transactions in seconds rather than SWIFT's legacy 3-5 day time-frame.