XRP and SWIFT Partnership Rumors: Analyzing the Facts

Rumors are circulating that the global interbank network SWIFT may soon integrate Ripple’s XRP Ledger. However, many of the claims about SWIFT’s interest are highly overstated.

Although Ripple has successfully integrated its network with several major banking partners for cross-border payments, the SWIFT rumors are currently more based on speculation rather than facts. Yet, if it pans out, the collaboration would be a major achievement for blockchain and TradFi integration.

Is SWIFT Incorporating XRPL Soon?

After the SEC signaled the dismissal of its long-running lawsuit against Ripple, the company ramped up its goal of integrating its proprietary blockchain technology across TradFi institutions.Most recently, Ripple acquired global prime brokerage platform Hidden Road for $1.25 billion. It also launched its own stablecoin, RLUSD. Given its increasing expansion into TradFi, the SWIFT partnership rumors are fueling again. 

“In recent weeks, several influential voices have pointed to a possible announcement from SWIFT. It could be the official confirmation that XRP—through Ripple—will become part of SWIFT’s global payment infrastructure, used by over 11,000 financial institutions worldwide,” Crypto influencer John Squire claimed.

SWIFT is one of the world’s largest international banking institutions, and it could offer XRP Network many benefits. Even processing a tiny fraction of SWIFT’s daily volume would be a huge boost to the network and the altcoin in terms of revenue and institutional adoption.

Additionally, XRP advocates have identified a few ways that it could help the payment processor in return.

However, some of these claims have met with a skeptical response from the crypto community. Indeed, although it would help XRP tremendously if SWIFT adopted it, these rumors may only be a case of wishful thinking.

John Squire’s argument rests on two key claims: that Ripple is wrapping up its SEC legal fight, and that SWIFT has been interested in it for years.

“In 2023, Ripple already participated in interoperability pilot programs led by SWIFT. More recently, SWIFT published a report discussing the integration of Distributed Ledger Technology (DLT). Ripple was on that list. XRP was part of that conversation,” he stated.

Unfortunately, further research shows that his claims are garbled or even wrong. Major studies from global asset managers have asserted that XRP integration could benefit SWIFT, but the institution itself had no part in these conversations.

Global banking organizations other than SWIFT conducted the aforementioned interoperability pilot programs.

Dissecting the Rumors

That isn’t to say that this one account is the source of all the industry’s rumors. The fact remains, however, that XRP stands to benefit from a partnership much more than SWIFT.

Through the lens of wishful thinking, plenty of tangentially relevant claims can appear to be proof of a future relationship.

For example, EastNets, a third-party firm that licenses SWIFT’s software, mentioned potentially integrating some of Ripple’s technologies. This doesn’t reflect any direct connection between SWIFT and XRP, but it still contributed to hype. Someone could easily misunderstand the subtle distinction.

SWIFT’s push towards ISO 20022, a global standard for financial messaging, has sparked further speculation about XRP’s potential role. Ripple compliance with ISO 20022 positions it as a candidate for integration into modernized payment systems, aligning with SWIFT’s objectives.

However, ISO 20022 is a global standard, and SWIFT never mentioned even a tangential blockchain connection when adopting it. Two firms deploy the same useful standard, but it doesn’t mean that they’re working towards each other.

In short, the SWIFT and XRP Ledger partnership is still very much a speculative rumor. Such a partnership could be on the cards, but the current facts and available information are not sufficient evidence.

If SWIFT were to adopt XRPL, it would be a real milestone for crypto’s integration with TradFi. Such an event could even open a new era for the crypto industry worldwide. However, that doesn’t mean it’s going to happen anytime soon.