SWIFT has announced plans to implement a new global payments scheme by 2026, designed to enhance the speed and predictability of cross-border transactions for consumers and small to medium-sized enterprises (SMEs). According to NS3.AI, the initiative will focus on improving transparency and fee disclosure, aiming to make international payments as seamless as domestic transfers.
The organization is integrating a blockchain-based ledger to enhance payment tracking capabilities. However, SWIFT will maintain its existing correspondent banking settlement system and will not be adopting cryptocurrencies such as XRP. Ripple's blockchain-powered liquidity-saving solutions continue to be relevant in certain areas where SWIFT's model does not address pre-funding capital inefficiencies.
