XRP Ripple System

Ripple suggests U.S. banks will want to use XRP cryptocurrency for fast international money transfers, after July 2023 ruling

Banks may use XRP Ripple as a payment system to replace SWIFT

XRP Ripple is a payment settlement system and currency exchange network that can process transactions globally. It is designed to facilitate cross-border payments by using XRP, a cryptocurrency, as a bridge currency between different fiat currencies.

XRP advantage is cost and speed

XRP Ripple claims to offer several advantages over SWIFT, the system most financial institutions use for international money transfers. XRP transactions can be completed in as little as 3 to 5 seconds and transaction fees are just 0.0001 XRP. SWIFT, on the other hand, can take up to 5 business days and charge higher fees.

Not so Swift

However, despite XRP Ripple’s efforts to disrupt the industry, SWIFT has not been idle. The interbank payments network has recently launched SWIFT Go, a new service that enables businesses and consumers to send low-value cross-border payments anywhere in the world in seconds with full transparency and security. 

SWIFT has also reportedly completed a successful cross-border payment from Australia to Singapore in only 13 seconds in a trial.


Therefore, it is not clear whether banks will adopt XRP Ripple as a payment system to replace SWIFT, or whether they will stick with the incumbent network that has been improving its speed and efficiency. The outcome may depend on factors such as regulation, customer demand, and market competition.

XRP Ripple
Fast International money transfers via the XRP Ripple system could be adopted by banks

It may also depend on costs and speed guarantees – banks will love to save money on money transfers.

Now that an international money transfer can be completed in seconds and not days – what will the client be charged?


Ripple is confident U.S. banks will start wanting to use XRP for cross-border transactions after a judge gave the firm a partial victory in its fight against the SEC.

A judge ruled that XRP cryptocurrency Ripple is closely associated with, but was not in itself necessarily a security, in a development with major implications for the digital asset industry.

XRP Ripple
Fast International money transfers via XRP Ripple

It wasn’t a total victory for Ripple, however – the judge also ruled that sales of XRP by Ripple to institutional buyers do count as unregistered sales of securities.

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