SWIFT integration supports Ripple and Stellar: changing the game for global transactions

• SWIFT joins Ripple and Stellar in redefining global transactions in latest integrations and updates.

• According to reports, XRP Ledger recently entered into a partnership deal with Gatehub to unlock expanded assets for the platform.

Global transactions are evolving with the introduction of ISO 20022 to provide an international standard for exchanging electronic messages between financial institutions. This eliminates factors that contribute to the lack of interoperability between financial institutions. Ripple announced its compliance with standards organization ISO 20022 in May 2020 alongside companies such as IOTA and Stellar, paving the way for integration with SWIFT.

This was praised by Stephen Lindsay, business director for strategic platforms at Swift.

It’s no different with payments. When money moves across borders, we rarely think about the levels of communication before the payment is made. Over time, the formats used for payment messages in different regions have developed idiosyncrasies that require translation, creating bottlenecks that create inefficiencies and increase costs.

First of all, this Challenge with financial institutions that have established connections with each other. In a blog post, SWIFT admitted that interoperability has solved the most pressing tokenization problems.

Recently, XRP Ledger announced a partnership with Gatehub to launch expanded assets on XRPL. This means that XRPL would now be able to seamlessly interact with companies like SWIFT, Bitcoin, Ethereum, etc. This is a real boost for Ripple and Stellar as it prepares them for retail launch.

SWIFT shares further details about the Sibos conference

This year’s four-day Sibos conference, taking place September 18-21, will feature a special SWIFT program to showcase the latest innovative collaborations.

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

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According to the payments platform, they are close to reaching 75 percent of the G20 cross-border payments target, and on the show they will discuss how payment providers can achieve this goal. In addition, the settlement of T+1 securities will be discussed along with the central bank digital currency (CBDC).

Don’t miss CBDC: “Forging a path to global interoperability” (Tuesdays at 11 a.m.; in-person and digital) and “Blazing the path toward a connected, tokenized world” (Wednesdays at 11 a.m.; in-person and digital) , where we will share the latest results of our innovative collaborative experiments to enable seamless interoperability between different forms of value and systems.

According to SWIFT, the implementation of the ISO 20022 standard across all payment platforms will be the main issue. Finally, the fight against cybercrime and the possibility of detecting anomalies in payment transactions are discussed.

Current, Swift Securities View receive the award for the best new asset management project at the prestigious Leaders in Custody event in London. This was shared by SWIFT on X (Twitter).

In May, we were thrilled when Swift Securities View received the Global Custodian Award for Best New Asset Servicing Project at the 2023 Leaders in Custody Awards. A few months later, Simon AX Daniel from Swift spoke to us @globalcustodian on the honor of winning the award, as well as the origins of the service, its rapid adoption and its future developments.

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