SWIFT Faces a Blockchain Crossroads: Traditional Infrastructure or Decentralized Transactions?

Source: [1] SWIFT is currently piloting

and as part of its initiative to use blockchain for international payments, aiming to improve both efficiency and compatibility. The global payments network is assessing Ripple’s XRP Ledger and Hedera’s Hashgraph (HBAR) within the ISO 20022 framework, with the goal of simplifying cross-border payment processes. Despite handling $150 trillion in transactions each year, SWIFT has not announced any official partnership with Ripple, clarifying that it is still in the exploratory phase rather than moving toward adoption.

[2] Tom Zschach, SWIFT’s Chief Innovation Officer, has refuted suggestions that XRP could take over SWIFT’s role, stating that true neutrality in finance demands robust governance, regulatory compliance, and mechanisms for resolving disputes. He pointed out that public blockchains like XRP do not offer the institutional protections required for the global financial system.

[3] The deadline for migrating cross-border payments to ISO 20022 is November 2025, and SWIFT has stated there will be no extension. This shift is expected to transform how financial institutions process transactions, though XRP itself does not meet ISO 20022 standards. Ripple’s CEO, Brad Garlinghouse, has predicted that XRP could account for 14% of SWIFT’s liquidity by 2030, but experts caution that this is speculative.

[4] The market response to SWIFT’s blockchain trials has been subdued. By the end of 2025, XRP was valued at $2.88, reflecting a 0.67% decrease, while HBAR fell by 1.14%. Recent fact-checks have dispelled rumors that SWIFT has approved XRP for all cross-border payments, confirming that no formal agreement is in place.

[5] Regulatory ambiguity continues, as the SEC’s case against Ripple is still under appeal. A partial settlement in 2025 resulted in a $125 million fine, but the matter remains unresolved. This ongoing legal uncertainty has discouraged institutional adoption and contributed to market instability.

[6] Experts caution that if SWIFT focuses on ISO 20022 compliance rather than integrating XRP, demand for the token could diminish. For example, if just 1% of SWIFT’s $150 trillion volume were to move to XRP, it would create $1.5 trillion in demand. On the other hand, if institutional support does not materialize, especially amid regulatory challenges, a sell-off could occur.

[7] Ripple’s collaborations with institutions such as UnionBank and ChinaBank showcase XRP’s effectiveness for instant remittances. However, SWIFT’s recent partnership with

to improve blockchain interoperability highlights a competitive stance. This competition illustrates the ongoing struggle between established financial systems and decentralized technologies.