Ripple and Stellar are making significant strides in revolutionizing cross-border payments, and their partnership with SWIFT is a major milestone in the financial industry. Despite their different designs, both payment protocols share a common goal of enabling real-time settlement and low-cost international transfers. Ripple aims to transform the financial system and the future of finance, while Stellar focuses on providing fast and affordable international transfers for unbanked individuals.A recent survey conducted by SWIFT revealed that consumers and small and medium-sized enterprises (SMEs) primarily rely on banks for cross-border transactions due to trust in traditional financial institutions. However, they are open to exploring alternative payment options that offer speed, ease of use, and transparency. In response to these concerns, SWIFT is integrating Ripple and Stellar to address the growing demand for improved cross-border payments.Currently, over 600 banks have joined SWIFT Go, and many of them have already implemented the service. Additionally, Fiserv, a global provider of payments and financial services technology, has joined the SWIFT Community Partner Program as a Platform Partner, further strengthening the collaboration.In addition to the partnership with Ripple and Stellar, SWIFT is also working on a Central Bank Digital Currency (CBDC) interoperability project. Three central banks, including the Hong Kong Monetary Authority and the National Bank of Kazakhstan, have initiated beta testing for their CBDC interlinking solution. This initiative aims to achieve greater interoperability between traditional fiat currencies and their digital counterparts.The progress made by SWIFT, Ripple, and Stellar in transforming cross-border payments is gaining attention, especially considering that the sector is projected to reach a valuation of approximately $250 trillion by 2027. The integration of digital assets and the development of CBDC interoperability solutions are key steps towards improving the speed, efficiency, and transparency of international transactions.
This News Article was automatically generated by Bob the Bot (AI)
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Global |
| Countries | ðŸ‡ðŸ‡° 🇰🇿 |
| Sentiment | neutral |
| Relevance Score | 6 |
| People | Tanja Haase |
| Companies | Hong Kong Monetary Authority (HKMA), Stellar, Fiserv, Ripple, SWIFT, National Bank of Kazakhstan |
| Currencies | XRP, Stellar |
| Securities | None |
