What SWIFT’s Cross-Border Retail Payments Scheme Means — Not Trailing XRP?
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Key Takeaways
SWIFT is testing Ripple’s XRP Ledger and Hedera Hashgraph to explore faster, cheaper cross-border payments under the upcoming ISO 20022 standard.
XRP enables near-instant settlement with minimal fees, addressing the inefficiencies of SWIFT’s current multi-bank system.
If just 1% of SWIFT’s $150 trillion annual transactions flowed through XRP, it could create $1.5 trillion in demand for the asset.
SWIFT, the global messaging network underpinning the world’s interbank transfers, is embarking on live trials with Ripple’s XRP.
If successful, the move could elevate XRP to a central role in global finance.
SWIFT CIO Fires Back
For years, advocates of Ripple and its token XRP have argued that the San Francisco-based blockchain company could one day displace SWIFT as the backbone of global payments.
But on Wednesday, Tom Zschach, Chief Innovation Officer at SWIFT, fired back and dismissed claims that a single crypto network could replace the cooperative infrastructure currently underpinning cross-border finance.
“I’ve received a lot of ‘feedback’ on X and LinkedIn lately,” Zschach wrote on LinkedIn.
“Let’s just say many in the DeFi community are passionate but often miss some very fundamental things about how finance actually works and what’s required to use public blockchains like Ethereum at scale.”
The debate, he argued, goes deeper than code or throughput.
“Neutrality in finance isn’t about how many nodes you run or whether the codebase is open source. It’s about governance, legal enforceability and ensuring no single participant can tilt outcomes in their favor.”
That, he said, is why SWIFT retains its unique position and remains a “neutral orchestrator.”
“Swift doesn’t issue assets, doesn’t compete with members and is structured as a cooperative with 11,000+ institutions,” he wrote.
Zschach acknowledged that public blockchains bring valuable qualities, but lack neutrality in global markets.
Tom Zschach on LinkedIn | Source: LinkedIn
“Public chains like Ethereum absolutely have a role by providing programmability, transparency, and settlement innovation are essential,” he wrote.
“But neutrality in global markets only works when you combine open infrastructure with trusted governance, regulatory alignment and dispute resolution,” he wrote. “Code alone doesn’t settle billion-dollar disputes.”
In what many have taken as a pointed rebuke to Ripple’s pitch to banks, he insisted, without naming them, that the conversation is not about replacement but convergence.
“That’s why the future isn’t ‘Swift or Ethereum.’ It’s both,” he wrote. “And it’s multi chain. Institutions need the trust scaffolding Swift provides and the innovation open public infrastructure including blockchains enables.”
Marty Sidoruk, product lead at NZ Transport Agency, responded to the post, claiming Zschach should be using his position to embrace new technology.
“You shouldn’t be firing shots at the likes of Ripple and XRP, you should be using the leadership position SWIFT have now to embrace the new players and tech, and be clear of the role SWIFT will play in it,” Sidoruk wrote.
The Problem With SWIFT
For decades, SWIFT has been the default system for transmitting payment instructions between banks.
However, the process remains extremely slow and costly. International transfers can take up to five days and incur fees ranging from £20 to £40.
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It also lacks transparency, with customers often having little visibility over when funds will arrive.
The amount that ultimately arrives can also shrink as banks along the chain deduct their own charges.
The network’s reliance on multiple banks adds further complexity, as each link in the chain can introduce delays, fees, and the risk of errors.
SWIFT’s XRP and Hashgraph Trials
SWIFT began experimenting with blockchain technology in August as part of efforts to modernize cross-border payments.
The organization launched trials using Ripple’s XRP Ledger and Hedera Hashgraph to test whether they can operate alongside conventional banking systems.
At the center of the project is ISO 20022, a new global messaging standard that will become mandatory across financial institutions from November 2025.
XRP’s Potential
XRP, designed by Ripple more than a decade ago, was created to act as a bridge currency for moving money across borders.
It promises settlement in seconds with minimal fees, a stark contrast to the delays and charges associated with SWIFT.
This efficiency is what could make XRP stand out in SWIFT’s current trials.
If SWIFT finds a way to link its infrastructure with Ripple’s ledger, XRP could become the asset at the heart of those global transfers.
In practice, this would mean banks and payment providers using XRP as a bridge between currencies, eliminating the need for correspondent banks to handle the conversion.
What Would SWIFT Integration Mean for XRP?
For Ripple, integration with SWIFT would be a breakthrough after years of trying to position XRP as more than just another cryptocurrency.
Over recent years, Ripple has signed partnerships with major financial institutions, including Japan’s SBI, which introduced a Ripple-backed stablecoin, RLUSD.
According to TipRanks, analysts predict that if just 1% of SWIFT’s $150 trillion in annual transactions were transferred using XRP, it could generate $1.5 trillion in demand for the asset.
This would represent a seismic shift in both scale and perception for the digital asset, with XRP’s current daily trading volumes only a fraction of that figure.
CCN’s maximum price prediction for XRP by 2030 was $16.80, although this estimate was made before the potential integration with SWIFT.
Optimistic Outlook
In June, Ripple CEO Brad Garlinghouse stated that the XRP Ledger could capture up to 14% of SWIFT’s global liquidity by 2030.
“SWIFT today has two components—messaging and liquidity,” he said in a panel at XRPL Apex 2025.
“Liquidity is owned by banks. I think less about the messaging and more about liquidity. If you’re driving all the liquidity, it’s good for XRP. So, in five years, I’d say 14%,” Garlinghouse added.
Despite the optimistic outlook, XRP’s service currently remains limited to a small number of financial institutions.
Kurt Robson is a London-based reporter at CCN, specialising in the fast-moving worlds of crypto and emerging technology. He began his career covering local news in Cornwall after graduating from Falmouth University with First Class Honours in Journalism. There, he cut his teeth on everything from council meetings to missing swans.
He quickly rose through the ranks to become a frontline journalist at several of the UK’s leading national newspapers. Over the years, he has interviewed musicians and celebrities, reported from courtrooms and crime scenes, and secured multiple front-page exclusives.
Following the upheaval of the COVID-19 pandemic, Kurt shifted his focus to technology journalism—just ahead of the AI boom. With a natural curiosity and a trained eye for emerging trends, he has found a new rhythm in reporting on innovation.
At CCN, Kurt's work focuses on the cutting edge of crypto, blockchain, AI, and the evolving digital world. Drawing on his background in people-first reporting and his deep interest in disruptive tech, Kurt delivers stories that are insightful, entertaining, and human-centric.
