Ripple competitor SWIFT has announced its plans regarding adopting the ISO 20022 standard and integrating blockchain technology into its operations. Furthermore, the firm suggested that it has no plans to launch a token, which could have competed with XRP.
SWIFT Unveils Plans In Race Against Ripple And XRP
In an X post, crypto commentator John Squire shared a video in which a SWIFT executive highlighted how the company will be adopting the ISO 20022 data format for its payment services. She noted that this will open up opportunities for banks to offer value-added products and services to their customers. This comes as the company faces increased competition from Ripple, which uses XRP as the bridge currency for its payment services.
Furthermore, the SWIFT executive opined that the biggest opportunity for the industry in relation to their new platform is the potential for integration with several networks, rails, and third parties. She explained that the new platform will leverage the ISO 20022 format and the transaction orchestration to manage this interoperability. Based on her statement, SWIFT will be able to integrate with any crypto network through a single central framework.
This means that SWIFT doesn’t plan to establish or adopt a particular network just the way Ripple uses the XRP Ledger (XRPL) and its native token XRP. Squire opined that the company was making this move to avoid competing with networks like the XRPL, which are already established in the crypto space.
Meanwhile, the market commentator added that the future is interoperability, not monopoly, suggesting that all networks will have a role to play in global payments. However, this could impact projections of XRP reaching ambitious price targets on the grounds that most transactions will be settled on the XRPL at some point through Ripple’s payment solution.
Ripple Is Also Working On Interoperability
It is worth mentioning that Ripple is also working on interoperability for its payment network as it looks to overtake SWIFT. XRPL Validator Vet had previously pointed out the fact that Ripple’s latest acquisition, stablecoin platform Rail, supports SEPA, FedWire, ACH, and SWIFT payment rails.
Furthermore, the stablecoin platform also supports four layer-1 networks: Bitcoin, Ethereum, Tron, and Solana. He noted that the XRP Ledger will soon join the last and that a pair of XRP/USD could make use of the support payment rails.
Meanwhile, as part of the push for interoperability, Ripple’s RLUSD stablecoin is also available on the Ethereum network alongside the XRPL. There are also plans to integrate it into the Cardano network. It is worth mentioning that the stablecoin also plays a key role in Ripple’s payment solutions.
At the time of writing, the XRP price is trading at around $3.04, down in the last 24 hours, according to data from CoinMarketCap.
Featured image from Adobe Stock, chart from Tradingview.com
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