Crypto pundit SMQKE revealed how SWIFT may finally have it figured out XRP for its global payment services. The researcher highlighted a statement made by the company’s CEO, Gottfried Leibbrandt, explaining why the company was reluctant to use cryptocurrencies.
How SWIFT Can Save XRP for Global Payments
In an X postSMQKE has announced that SWIFT will use cryptocurrencies like XRP as the rules become clearer. He then pointed to a document highlighting Leibbrandt’s statement, where the former CEO of SWIFT said they were reluctant to use cryptocurrencies due to issues such as uncertainty. regulatory environment at that time. He added that risk-averse institutions were unlikely to accept crypto until the rules were clarified.
However, the regulatory environment has improved significantly since Leibbrandt’s statement, indicating that SWIFT may soon use cryptocurrencies like XRP. It is worth noting that the payment provider has already taken the first step to accept crypto last year announcing plans introducing its own distributed ledger.
SWIFT has partnered with Joe Lubin’s Consensys to launch a distributed ledger that will enable faster, cheaper, and more efficient cross-border transactions, thereby improving its payment services. The move has been widely viewed as a way to directly compete with Ripple, which uses XRP Ledger for its payment services. Meanwhile, there were concerns that it might have an impact an altcoin app if Ripple gains less traction due to competition from SWIFT.
However, it is still possible that SWIFT could take the token alongside other crypto assets for its on-chain payment services. SMQKE has been highlighted before SWIFT CEO Stephen Grainger’s statement that they have no plans to issue their traditional token. If so, then the company’s distributed ledger may use other crypto assets instead.
Ripple and SWIFT connection
Crypto pundit BankXRP is highlighted communication between Ripple and SWIFT among the latest discussions that may have accepted the token. The artist revealed that GTreasury, owned by Rippleis part of the SWIFT Verified Partner Program. As such, it offers global banking connectivity and hosting options for the Alliance Lite2 SWIFT Program. GTreasury has also partnered to provide SWIFTRef data for IBAN and ABA for direct lookup within its operations.
Ripple may also deepen its relationship with SWIFT, as the crypto company is set to act as a national trust bank following conditional approval from the OCC. This is bullish for the altcoin, as it could pave the way for SWIFT to integrate XRP into its payment system. XRP is already gaining momentum as Ripple looks to enter more institutions on the Ledger by introducing new developments to the network.
At the time of writing, the price of the altcoin is trading at around $2.38, up more than 12% in the last 24 hours, according to the report. data from CoinMarketCap.
Featured image from Freepik, chart from Tradingview.com
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