Ripple Emerges as Major Challenger to SWIFT in Global Payments
Ripple has emerged as a key contender against SWIFT in the cross-border payments space, according to an April 2024 report from investment bank Houlihan Lokey.
The report identified Ripple and several fintech firms as potential disruptors to SWIFT’s dominance, highlighting the growing role of blockchain technology in addressing inefficiencies in global transactions.
XRP influencer WrathofKahneman recently drew attention to the report, noting that many of the firms listed use Ripple’s solutions. This attention coincided with Ripple’s approval from Dubai’s Financial Services Authority, further strengthening its position in the market.
READ MORE: Bitcoin’s Rally Could Precede a Correction, Analysts Warn
The report pointed out that the cross-border payments sector processes $190 trillion annually, with SWIFT as the main player but facing challenges like fragmentation and high fees. Ripple, leveraging blockchain, offers faster and more cost-effective transactions, attracting partnerships with fintech firms and traditional banks, including Airwallex, Nium, and PNC.
Meanwhile, XRP futures interest surged past $1 billion, driven by anticipation surrounding Ripple’s RLUSD stablecoin, which is in private testing. Ripple has warned against scams, stating the stablecoin is not yet available publicly. The company continues to pursue a regulatory-compliant image, securing approvals from authorities in regions like Singapore, Ireland, and New York.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
