according to - By 36crypto
SWIFT has confirmed that it will support services related to cryptocurrencies without launching its own digital assets. This has placed XRP and other relevant cryptocurrencies in a more favorable position for integration into global payment systems.
According to cryptocurrency researcher SMQKE, a recent update demonstrated SWIFT's commitment to working with existing digital currencies. The researcher shared a video in which a SWIFT representative outlines the organization's strategy related to cryptocurrencies. The update also included direct statements from Stephen Granger, CEO of SWIFT in America and the UK.
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Granger made it clear that SWIFT does not intend to issue or manage digital assets. Instead, the organization will support banks and institutions that choose to use cryptocurrencies in their payment infrastructure. This position has led to a renewed focus on Ripple's XRP token, which is already expected to comply with the ISO 20022 standard that SWIFT is implementing worldwide.
ISO 20022 is a universal financial messaging exchange system that supports structured and standardized data exchange. It is the foundation of SWIFT's strategy to comply with new forms of payment technologies, such as those based on blockchain.
SWIFT announced that the full transition to ISO 20022 will be completed by November. As part of this transition, the organization is preparing its Global Payments Innovation (GPI) platform to ensure interaction with digital asset networks.
Granger noted that the network can support digital currencies if financial institutions choose to use them. He emphasized that SWIFT will facilitate access and not compete with crypto service providers. This restores the organization's status as a neutral entity in the evolving landscape of digital payments.
This announcement has drawn more attention to Ripple's XRP token. The current compliance with the ISO 20022 standard makes future integration with SWIFT's messaging systems highly likely.
By refraining from issuing digital currencies, SWIFT does not risk disrupting fintech companies that are already developing on blockchain networks. This strategy could lead to possible collaboration between Ripple and SWIFT instead of competition.
Granger stated that SWIFT will continue to support any bank or institution that decides to work with digital assets. This means that Ripple and other relevant platforms could play a key role in cross-border transactions backed by SWIFT's upgraded infrastructure.
As crypto integration takes shape, XRP continues to remain at the forefront of discussions about digital finance.
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