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HomeCryptocurrencyRipple vs. SWIFT: `Can XRP Oust the Payments Behemoth From Top Spot?

Ripple vs. SWIFT: `Can XRP Oust the Payments Behemoth From Top Spot?

Despite its potential to revolutionize cross-border payments, Ripple, the major distributor of XRP, is yet to match the execution capability of SWIFT, one of the biggest names in international payment operations.

For context, SWIFT stands for Society for Worldwide Interbank Financial Telecommunications. It is the world’s number one international payments provider that operates by interconnecting thousands of financial institutions around the globe.

It is worth noting that SWIFT averages about 44 million unique messages daily, but that does not make it an all-encompassing platform with no flaws.

Read Also: Hope of XRP Integration with SWIFT Reignited By Former SWIFT Employee Interview

With concentrated developmental efforts to improve XRP Ledger (XRPL), it could become a better alternative to rival SWIFT, especially by capitalizing on the Belgium-based payment platform’s shortcomings. 

XRPL is a blockchain network product developed to enhance Ripple’s goal of revolutionizing multi-national financial transactions. This insight shall explore how Ripple Labs’ product compares with SWIFT. 

Operations Execution Speed 

In a world where every sector seems to have relied heavily on digitalization, rapid transaction speed remains a crucial part of every online platform. 

Despite being in existence for over 50 years, SWIFT transaction speed has constantly remained a concern, especially when executing transactions involving developing and under-developed nations. Completing operations on the payment outlet could exceed a day or two, possibly extending up to five days for weekend dealings. 

On the other hand, the Ripple payment protocol has proven to be reliable in the aspect of executing operations rapidly. It takes just 3 to 5 seconds for XRPL to complete transactions to any destination.

Transaction Fees

Ripple’s XRP remains the best option for cross-border transactions with transaction fees as low as $0.0002, which is even cheaper and cost-efficient than any conventional method.

SWIFT transaction costs depend on several factors, including the parties involved and the amount transferred, with transaction charges ranging between $10 to $50.

Read Also: XRP Fake Pump and Swift Dump: BlackRock Denies Spot XRP ETF Filing

Between SWIFT and XRP: Global Adoption 

Being in existence for over fifty years was sufficient for SWIFT to win trust and attract the interest of thousands of financial outlets globally. 


In addition, SWIFT is free of any form of regulatory body scandal, which has helped its course over the years. The same cannot be said for Ripple, as the platform is battling regulatory challenges in the United States. 

While Ripple might have also scored some partnerships in its few years of existence, it does not conceal the fact that its impacts are not yet far-reaching. 

Bottom Line

Considering the points highlighted in this insight, it is safe to say that Ripple’s payment platform stands the chance to become SWIFT’s leading challenger in the future.

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Chinedu Agbakwusi
Chinedu Agbakwusi
Chinedu Agbakwusi is a medical student at the prestigious Nnamdi Azikiwe University with sound knowledge of the crypto space. I am here to be a reliable plug for well-researched crypto content ranging from crypto news to market analyses and blockchain inventions.

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