Can XRP Replace SWIFT For International Settlements? At Least One Person Thinks So

The adoption of digital currencies as a form of payment is increasingly becoming popular. When it comes to moving funds, the products of Ripple Inc. seems to be very fast and cost-effective.

Ripple Inc. is the parent firm of XRP (XRP), even though they are independent of each other. Some of the products of Ripple uses XRP (XRP) facilitate cross-border payments. This is because XRP is one of the fastest digital currencies in the crypto space.

XRP (XRP) and Ripple Inc. have grown stronger over the years. The firm has a strong dev team and it’s also backed by a large, supportive fan base. Recently, one of its diehard fan on Twitter, by the name @Hodor, released a blog post.

In the post, Hodor said the Financial Stability Board (FSB) had said that digital currencies could become the number one option when it comes to carrying out international transactions.

XRP (XRP) Price Today – XRP / USD

Name Price24H (%)
XRP (XRP)
$0.297861
0.04%

The FSB is an international organization monitoring global financial policy. The FSB said digital currencies might become the most preferred option when banking or current payment services are too slow, more expensive, or less convenient. This was stated by the FSB in a recent publication.

Digital Currencies Could Enhance International Settlements

The cost associated with international settlements is very high. It also takes a whole lot of time to process. According to the XRP fan on Twitter, the FSB perfectly identified the international value transfer use-case for digital currencies, especially XRP.

Hodor said that on the 3rd of October, the European Parliament (EP) said that transactions cost could greatly be reduced with the help of Distributed Ledger Technology. DLT could help eliminate the need for intermediaries.

Also, the FSB said that SMEs could benefit immensely from Distributed Ledger-based solutions as it promotes disintermediation. This would enable them to carry out transactions cost-effectively.

The DLT-driven technology of Ripple Inc. is aimed at improving this sector. A lot of financial institutions and banks are beginning to adopt the products of Ripple.

RippleNet Might Replace SWIFT in the Future

Hodor also believes that one of Ripple’s products, RippleNet, might replace SWIFT in the future. He predicts that the current customers of SWIFT might consider switching to RippleNet.

According to Hodor, RippleNet might be a strong alternative to SWIFT. He added that the features of RippleNet might complement the features of SWIFT, giving their customers more reasons to switch to RippleNet.

XRP (XRP) to See More Use Cases beyond the Banking Industry

Ripple Inc. is currently looking for new ways to expand the adoption of XRP beyond the banking space. Recently, Ethan Beard talked about the effort of the firm to expand the ecosystem of XRP through Xpring. Ethan Beard is the senior vice president of Xpring of Ripple.

Beard said “The XRP Ledger has more use cases beyond the world of banking. He said with Xpring, they aim at identifying, amplifying, and helping those projects take off and get off the board.”

Ripple Inc. launched Xpring back in May. The firm launched this program to provide investments and grants to entrepreneurs that use the XRP Ledger and the XRP token. So far, the firm has made investments in SB Projects, Blockchain Capital, Omni, and Coil.

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