XRP Becomes the Biggest Beneficiary of ISO 20022 Transition..."No More Outdated SWIFT System"

▲ XRP, SWIFT, Traditional Finance, International Payments/ChatGPT Generated Image

As the full implementation date for ISO 20022, SWIFT's (Society for Worldwide Interbank Financial Telecommunication) new international payment messaging standard, approaches, the roles of XRP and Ripple are once again drawing attention. A market analyst asserted that SWIFT plans to discontinue its existing unstructured messaging system by November 2026, suggesting that this change could present a significant opportunity for XRP and Ripple.

Bitcoinist reported on the 12th, citing an analysis by market analyst Cheeky Crypto, that SWIFT's transition to ISO 20022 could bring about mandatory changes in the global banking system. ISO 20022 is SWIFT's new global messaging standard for cross-border payments and is scheduled for full implementation in November 2026.

Cheeky Crypto explained that SWIFT plans to eliminate its existing unstructured addressing system. He argued that if banks fail to meet the new standards, transactions might not be settled or processed. Consequently, major financial institutions may seek out already prepared bridge assets and infrastructure rather than building new compliant systems themselves.

He analyzed that XRP could benefit from this change, given its goal of being a global bridge asset for cross-border remittances. The existing banking system has relied on manual data input and unstructured message formats for decades, leading to repeated transaction delays and failures. Cheeky Crypto argued that as SWIFT transitions to a new structured data-based system, institutions might consider blockchain-ready solutions like XRP.

According to the article, Cheeky Crypto mentioned that there is already a growing flow of institutional funds into XRP-based products. He explained that this movement stems from companies' demand to ensure operational continuity before SWIFT discontinues its existing unstructured messaging standards. Remarks by Ripple co-founder Chris Larsen were also cited. Larsen stated that the existing banking system is built on a weak foundation, and the mandatory implementation in 2026 will be a current that sweeps away anything lacking structure, verification, and compliance.

Cheeky Crypto suggested that the XRP Ledger could be presented as an alternative for the banking sector. He argued that the XRP Ledger is designed to immediately handle the type of structured data processing that SWIFT aims to build. He compared this to traditional cross-border remittances, which typically take 3-5 days and incur significant hidden fees, whereas the XRP Ledger settles transactions in approximately 3-5 seconds with costs below one cent.

However, this analysis is primarily based on Cheeky Crypto's market outlook. Bitcoinist conveyed the perspective that SWIFT's ISO 20022 transition could be a significant variable for XRP and Ripple, but the article did not include confirmed information that major banks are actually adopting the XRP Ledger.

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