Ripple has finally finished its legal battle against the US Securities and Exchange Commission, bringing legal clarity to its underlying coin, XRP 

XRP$2.88. Now observers are asking whether XRP can finally focus on providing a viable alternative to SWIFT.

The Society for Worldwide Interbank Financial Telecommunication (SWIFT) has been the backbone of international money transfers since its founding in 1973. However, for several years, critics have said that the system is outdated.

Many in the blockchain industry, including Ripple CEO Brad Garlinghouse, argue that blockchain technology provides higher throughput and better transparency, making it a superior alternative to SWIFT.

Now that Ripple’s legal battles have calmed down, can it provide a reasonable alternative to SWIFT?

How does Ripple stack up to SWIFT?

Over 50 years ago, SWIFT replaced Telex as the coding system underpinning worldwide financial transactions. The system does not send money itself but rather provides standardized codes and a secure messaging platform through which banks can coordinate money transfers.

A customer will make a money transfer request. Their bank will then send the request to the recipient bank, and that request may go through several other banks in the network. Actual settlement happens through established banking relationships and clearing systems.

SWIFT processes over 53 million messages daily across 40,000 payment routes, 220 countries and over 11,500 institutions.

But there are some major complaints with SWIFT. Transactions can take several days and are rife with fees. Furthermore, the complex network of bank partners means it is more difficult to ensure visibility.

There are also delays and failures. SWIFT said in January 2024 that one in 10 transactions fails, while one in 20 settles late. 

The network has undergone a number of upgrades since its inception, including ISO 20022, which aims to provide clearer payment data and more transparency by Nov. 25, 2025. Still, critics claim it is ultimately outdated “legacy” tech running on decades-old XML technology.

SWIFT may have the advantage of ubiquity and clear institutional adoption, but Ripple offers a clear advantage in technological terms, with faster transaction and settlement speeds, as well as lower costs.