SWIFT has confirmed that it will support crypto-related services without launching its digital assets. This has placed XRP and other compliant cryptocurrencies in a stronger position for integration into global payment systems.
According to crypto researcher SMQKE, a recent update revealed SWIFT’s commitment to working with existing digital currencies. The researcher shared a video showing a SWIFT official outlining the organization’s crypto-related strategy in detail. The update also included direct statements from Stephen Grainger, SWIFT’s Chief Executive for the Americas and UK.
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Grainger made it clear that SWIFT does not intend to issue or manage digital assets. Instead, the organization will offer support to banks and institutions that choose to use cryptocurrencies in their payment infrastructure. This stance has led to a new focus on Ripple’s XRP token, which should already be compliant with the ISO 20022 standard SWIFT is implementing worldwide.
ISO 20022 is a generic financial messaging system that supports structured and standardised data exchange. It is the basis of SWIFT’s strategy to stay aligned with newer forms of payment technology, such as those based on blockchain.
Ripple Gains Advantage as SWIFT Embraces Crypto Compatibility
SWIFT has announced that the full migration to ISO 20022 will be completed by November. As part of this transition, the organization is preparing its Global Payments Innovation (GPI) platform to ensure interoperability with digital asset networks.
Grainger remarked that the network can support digital currencies should financial institutions decide to utilize them. He stressed that SWIFT will facilitate access and not compete with crypto service providers. This reinstates the organization’s establishment as a neutral entity in the emerging digital payments landscape.
This announcement has attracted more attention to Ripple’s XRP token. Its current adherence to ISO 20022 makes future integrations with SWIFT messaging systems highly probable.
By refraining from issuing digital currencies, SWIFT does not risk disrupting fintech companies that are already developing on blockchain networks. This strategy can result in possible collaboration between Ripple and SWIFT instead of competition.
Grainger stated that SWIFT will continue to support any bank or institution choosing to work with digital assets. This means Ripple and other compliant platforms could play a key role in cross-border transactions powered by SWIFT’s updated infrastructure.
As crypto integration takes shape, XRP continues to remain at the forefront of discussions on digital finance.
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