Ripple’s XRP Fused into Banking Network
Alessio Meloni, a cryptocurrency enthusiast, recently shared an important update about SWIFT and Ripple. Meloni stated that XRP can travel freely throughout the network since Ripple is now integrated with SWIFT via EastNets’ PaymentSafe.
He underlined that XRP is a crucial bridge currency for the future because it facilitates quicker and more secure cross-border transactions as an ISO 20022-compliant asset.
Ripple’s growing role in the financial industry is demonstrated by this development, which further incorporates digital assets into conventional banking systems.
Modernizing international payments through increased speed, efficiency, and transparency with XRP within SWIFT.
Along with SWIFT, EastNets’ PaymentSafe is a hub connecting several foreign and domestic payment networks.
One of this platform’s primary features is its universal translator, which makes it easier to convert between various payment formats, such as ISO 20022 and conventional MT messages.
Straight-through processing (STP) across payment networks is improved by PaymentSafe, according to a video that accompanied Meloni’s tweet.
Through efficient interaction between legacy and contemporary financial messaging standards, the universal translator minimizes delays and enhances inter-institution compatibility. CBPR+, cross-border payments, reporting standards, and ISO 20022 are among the formats the system supports, along with the popular MT standard.
Ripple’s adherence to ISO 20022 enhances XRP’s standing as a bridge currency in global finance. Common issues with cross-border payments, like exorbitant fees and lengthy processing times, can be easily and affordably resolved with PaymentSafe’s integration with SWIFT.
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