Ripple’s competitor Swift We have announced plans for adoption of the ISO 20022 standard and integration of blockchain technology. Additionally, the company suggested that there are no plans to launch tokens that could have competed with XRP.
Swift announces plans at Race, Race and Ripple and XRP
in xPostCrypto commentator John Squire shared a video highlighting how Swift executives will hire them. ISO 20022 Data Format For that payment service. She noted that this opens up opportunities for banks to provide value-added products and services to their customers. This is because the company faces increased competition from Ripple, which uses XRP as Bridge Currency for its payment services.
moreover, Swift Executive He expressed his opinion that the biggest opportunity for the industry related to the new platform is the possibility of integration with several networks, rails and third parties. She explained that the new platform will leverage ISO 20022 format and transactional orchestration to manage this interoperability. Based on her statement, Swift will be able to integrate with any cryptographic network through a single central framework.
This means that Swift does not plan to establish or adopt a particular network just in the way Ripple uses XRP ledger (XRPL) Native token XRP. Squire said the company is making this move to avoid competing with networks like XRPL.
Market commentators, meanwhile, added that the future is interoperability rather than monopoly, suggesting that all networks play a role in global payments. However, this could affect XRP’s forecasts reaching ambitious price targets, because most transactions resolve to XRPL at some point. Ripple’s payment solutions.
Ripple is also working on interoperability
It’s worth mentioning that Ripple also works on interoperability in payment networks, as it appears to overtake Swift. XRPL Validator Veterinarians have pointed out previously Ripple’s latest acquisition, Stablecoin Platform Railsupports SEPA, Fedwire, ACH, and Swift Payment Rails.
Additionally, the Stablecoin platform also supports four layer 1 networks: Bitcoin, Ethereum, Tron and Solana. He noted that the XRP ledger would soon be the last one, and that the XRP/USD pairs will be able to use the support payment rail.
Meanwhile, as part of promoting interoperability, Ripple’s rlusd stablecoin It can also be used on Ethereum Network along with XRPL. There are also plans to integrate it into the Cardano network. It is worth mentioning that Stablecoin plays an important role in Ripple’s payment solution.
At the time of writing, XRP prices have been trading for around $3.04 over the past 24 hours. data From CoinMarketCap.
Adobe Stock featured images, charts on tradingView.com
Editing process Bitconists focus on delivering thorough research, accurate and unbiased content. We support strict sourcing standards, and each page receives a hard-working review by a team of top technology experts and veteran editors. This process ensures the integrity, relevance and value of your readers’ content.
