Major financial institutions are increasingly testing digital assets, including XRP, to improve cross-border payments. A recent report by Mastercard, titled “Blockchain Technology Fuels New Remittances Business Cases,” highlights several examples of blockchain applications in remittance systems.

Speculation has resurfaced around a possible integration of Ripple’s XRP with SWIFT, the global messaging network for cross-border transactions. Previous reports have indicated that banks have tested XRP’s compatibility with SWIFT. If confirmed, such a partnership could significantly boost XRP adoption among global financial institutions.

SBI Remit Uses XRP for Transfers

The report also mentions SBI Remit, a Japanese money transfer service that uses XRP as a bridge currency. It places SBI alongside earlier examples such as MoneyGram and Stellar, suggesting a broader trend of using cryptocurrencies to cut costs and speed up cross-border transactions.