SWIFT Reintroduces Banking, Partners With Stellar And Ripple

A strategic alliance between Ripple and Stellar has been revealed by SWIFT, the world’s premier provider of secure financial messaging services, in a move expected to alter the global banking environment drastically. SWIFT says its aim of taking this path is part of its plan to meet up with modern financial services.

The organization is partnering with Ripple and Stellar to achieve this aim. A recent survey by ETHNews on 4000 participants from eight major financial markets, shows that there is a strong trust between customers and their bank security. The action was taken in response to a thorough survey by SWIFT that included 4,000 respondents from eight major markets and indicated a noteworthy degree of confidence in banking security.

The respondents expressed a great deal of confidence in the security protocols that conventional banks and financial institutions have in place. The same survey did, however, also reveal a rising demand for more cost- and efficiency-effectiveness in international trade.

SWIFT Makes Moves To Meet Market Demands, Introduces SWIFT Go

To meet these demands, SWIFT has been actively exploring projects, most notably with the launch of SWIFT Go. A survey by ETHNews also showed that SWIFT adaptation has increased from a mere 400 to more than 600 in 12 months – 400 are already working.

SWIFT’s goal will be further advanced by its strategic alliance with Stellar and Ripple. SWIFT also explained that with its digital asset XRP, Ripple will be offering a quick and affordable way to handle international transactions, and Stellar’s native cryptocurrency, XLM, will continue to offer financial institutions a solid platform to issue and transfer digital assets with ease.

Tom Zschach, Chief Innovation Officer of SWIFT, highlights the significance of integrating Central Bank Digital Currencies (CBDCs) with the current payment infrastructures and fiat currencies. He adds that an important component of updating the international financial system will be the incorporation of CBDCs into the SWIFT network.

SWIFT/Stellar/Ripple Partnership Explained, Swift’s Chief Innovation Officer Speaks

Explaining the development, Jack Williams, a cryptocurrency analyst, wrote that “this collaboration highlights the merging of traditional banking and cutting-edge technologies and represents a turning point for the financial sector.”

According to Tanja Haase, the Swift Go boss, while explaining the current changing financial landscape, said that the latest partnership will enhance cross-border transactions – amid the conventional banking system.

Haase revealed that the major idea behind the current shift in the finance industry is to hasten transaction speed; simplifying the process. Tom Zschach, the Chief Innovation Officer at SWIFT, in his recent comments, said that the move is necessary in the company’s strategy.

He went ahead to speak on the need to harmonize the CBDC with conversational fiat currencies, as well as relevant payment infrastructures. Zschach also called Stellar and Ripple’s partnership a “quintessential revolutionization.”

Further investigation into the development says that one of Stellar network asserts, Parallelly, has emerged as one of the company’s unique propositions. It was also uncovered that Stellar works through an entity called the “anchors.”

The entity is said to work as a regulator that unitsStellar’s blockchain with the conventional financial systems. Meanwhile, XRP has received numerous predictions, with the latest projection at $500 by 2027. This assertion was obtained considering the fast wide recognition it has been gaining so far.