- Ripple and Stellar, two significant players in the blockchain sphere, have united to lead the integration of SWIFT, signaling a major shift in the multi-billion-dollar crypto market.
- SWIFT integration could enable almost instantaneous cross-border transactions, bypassing current delays and complex settlement procedures.
Amidst a torrent of digital currencies vying for dominance, Ripple XRP and Stellar XLM have emerged as formidable contenders. In a joint initiative, these two have embarked on an integration with SWIFT, the global financial messaging network. This alliance could potentially revolutionize the multi-billion dollar cryptocurrency industry.
Consumer and SME cross-border payments are booming. How can you capture this growth and keep your customers coming back over and over again?
👉 See the results of our research into this fast-growing market and learn how you can cement yourself in the middle of it for years to… pic.twitter.com/1zLwpGGgNk
— Swift (@swiftcommunity) July 18, 2023
A New Era of Cross-Border Transactions with Ripple and Stellar
In the rapidly expanding cryptocurrency landscape, Ripple and Stellar have seized the initiative, propelling the industry towards a new era of cross-border transactions. Their integration with ISO 20022, an internationally recognized standard for electronic data interchange among financial institutions, amplifies their appeal and broadens their market reach.
>> Buy Stellar quickly and securely with PayPal, credit card or bank transfer at eToro with low fees and deposit protection. Get started with XLM now. Visit Website <<
Ripple’s innovative payment solutions have earned a nod from the Bank of America, which identified Ripple as a “potential outlier” in payments. Such recognition underlines Ripple’s distinctive position and groundbreaking capabilities. This affirmation further validates Ripple’s growing clout within the industry, exemplified by its recent preliminary approval for the ‘Major Payments Institution License’ in Singapore, an important Asia-Pacific market.
Simultaneously, Stellar has caught the attention of MoneyGram, a leading global payments firm, which recently announced a collaboration with the Stellar Development Foundation (SDF). Their product, MoneyGram Access, leverages the capabilities of the Stellar network to offer financial access to unbanked individuals.
The Impact of SWIFT and Blockchain Integration
Ripple, as a significant blockchain solutions provider for global financial institutions, aims to streamline cross-border payments with its native cryptocurrency, XRP. It has earned trust and credibility in traditional finance through partnerships with prominent banks.
Stellar, on the other hand, concentrates on quick cross-border transactions and bridging the gap between established financial systems and blockchain technology. Its native currency, XLM, supports affordable and rapid transactions, making it an appealing choice for seamless cross-border transfers.
The integration of SWIFT into these platforms opens up the possibility of near-instant cross-border transactions, bypassing delays caused by intermediaries and intricate settlement procedures. This advancement could be a game-changer, benefiting individuals, businesses, and financial institutions by reducing costs and enhancing operational efficiency.
Best Crypto Exchange for Everyone:
- Invest in Stellar and 70+ cryptocurrencies and 3,000 other assets.
- 0% commission on stocks – buy in bulk or just a fraction from as little as $10.
- Copy top-performing traders in real time, automatically.
- Regulated by financial authorities including FAC and FINRA.
2.8 Million Users
