Ripple competitor SWIFT has announced its plans regarding adopting the ISO 20022 standard and integrating blockchain technology into its operations. Furthermore, the firm suggested that it has no plans to launch a token, which could have competed with XRP. 

SWIFT Unveils Plans In Race Against Ripple And XRP

In an X post, crypto commentator John Squire shared a video in which a SWIFT executive highlighted how the company will be adopting the ISO 20022 data format for its payment services. She noted that this will open up opportunities for banks to offer value-added products and services to their customers. This comes as the company faces increased competition from Ripple, which uses XRP as the bridge currency for its payment services. 

Furthermore, the SWIFT executive opined that the biggest opportunity for the industry in relation to their new platform is the potential for integration with several networks, rails, and third parties. She explained that the new platform will leverage the ISO 20022 format and the transaction orchestration to manage this interoperability. Based on her statement, SWIFT will be able to integrate with any crypto network through a single central framework. 

This means that SWIFT doesn’t plan to establish or adopt a particular network just the way Ripple uses the XRP Ledger (XRPL) and its native token XRP. Squire opined that the company was making this move to avoid competing with networks like the XRP

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Author: Scott Matherson