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SWIFT Integration Boosts Ripple and Stellar: Changing the Game for Global Transactions

John KumiBy 0Edited by John Kiguru 9. September 20233 Mins Read
  • SWIFT, together with Ripple and Stellar is redefining global transactions in latest Integrations and upgrades.
  • Recently, XRP Ledger sealed a partnership deal with Gatehub to release amplified assets to the platform according to reports.

Global transactions are still evolving with the introduction of ISO 20022 to provide an international standard for electronic message exchange between financial institutions. This is eliminating the contributing factors for the lack of interoperability between financial institutions. Ripple, in May 2020, announced its compliance with the ISO 20022 standards body together with the likes of IOTA and Stellar paving the way for SWIFT integration. 

This was lauded by the business manager for Swift’s strategic platform Stephen Lindsay.

When it comes to payments, it is no different. When money is moving across borders, we rarely think about the layers of communication before the payment is executed. Over time, the formats used for payment messages in different regions have developed idiosyncrasies that require translation, creating bottlenecks that cause inefficiencies and increased costs.

Initially, there was a huge challenge with financial institutions building connections with each other. In a blog post, SWIFT admitted that interoperability has fixed the most pressing tokenization issues.

Recently, XRP Ledger announced a partnership with Gatehub to introduce amplified assets to XRPL. This implies that XRPL would now have the capability to seamlessly interact with the likes of SWIFT, Bitcoin, Ethereum, etc. This provides a real boost to Ripple and Stellar as it sets them up for retail adoption. 

More Details about the Sibos Conference Shared by SWIFT

In this year’s four-day Sibos conference set to take place from 18-21 September, a dedicated SWIFT program will be unveiled to show the latest innovative collaborations.

Sibos is the home of collaborative innovation – a place to come together and share ideas that can move finance forward. Hear @TomZschach, Chief Innovation Officer at Swift share what he’s most looking forward to at this year’s conference. “I think for almost everybody who… pic.twitter.com/Zj6cxusH7d— Swift (@swiftcommunity) September 7, 2023

According to the payment platform, they are about to reach 75 percent of G20’s cross-border payments target, and at the program, they will discuss how payment providers can meet this goal. Also, there would be a discussion on the T+1 securities settlement together with the Central Bank Digital Currency (CBDC).

Don’t miss CBDCs: Forging a path to global interoperability (Tues. at 11:00; in-person and digital) and Blazing the trail towards an interconnected, tokenized world (Wed. at 11:00; in-person and digital), where we’ll share the latest results of our ground-breaking collaborative experiments to enable seamless interoperability across different forms of value and systems.

According to SWIFT, the ISO 20022 adoption across payment platforms would be the main theme. Finally, the fight against cybercrime in addition to being able to detect anomalies in payment transactions will be discussed. 

Recently, Swift Securities View got the Best New Asset Servicing Project award at the prestigious Leaders in Custody event in London. This was shared by SWIFT on X (Twitter).

Back in May, we were thrilled that Swift Securities View picked up Global Custodian’s award for Best New Asset Servicing Project, as part of their Leaders in Custody 2023 awards. A few months later, Swift’s Simon A.X. Daniel spoke to @globalcustodian about the honor of winning the award, as well as the origins of the service, its rapid take up, and future developments.

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This article is provided for informational purposes only and is not intended as investment advice. The content does not constitute a recommendation to buy, sell, or hold any securities or financial instruments. Readers should conduct their own research and consult with financial advisors before making investment decisions. The information presented may not be current and could become outdated.

John is a seasoned cryptocurrency and blockchain writer and researcher, boasting an extensive track record of years immersed in the ever-evolving digital frontier. With a profound interest in the dynamic landscape of emerging startups, tokens, and the intricate interplay of demand and supply within the crypto realm, John brings a wealth of knowledge to the table. His academic background is marked by a Bachelor's degree in Geography and Economics, a unique blend that has equipped him with a multifaceted perspective. This diverse educational foundation allows John to dissect the geographical and economic factors influencing the cryptocurrency market, offering insights that go beyond the surface. John's dedication to the crypto and blockchain space is not merely professional but also personal, as he possesses a genuine passion for the technologies that underpin this revolutionary industry. With his astute research skills and commitment to staying at the forefront of industry trends, John is a trusted voice in the world of cryptocurrencies, helping readers navigate the complex and rapidly changing terrain of digital assets and blockchain innovation. John Kiguru is an accomplished editor with a strong affinity for all things blockchain and crypto. Leveraging his editorial expertise, he brings clarity and coherence to complex topics within the decentralized technology sphere. With a meticulous approach, John refines and enhances content, ensuring that each piece resonates with the audience. John earned his Bachelor's degree in Business, Management, Marketing, and Related Support Services from the University of Nairobi. His academic background enriches his ability to grasp and communicate intricate concepts within the blockchain and cryptocurrency space. Business Email: info@crypto-news-flash.com Phone: +49 160 92211628

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