Here’s The Only Connection That Ripple And XRP Have With SWIFT – Crypto News – Crypto News
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Here’s The Only Connection That Ripple And XRP Have With SWIFT – Crypto News

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Crypto pundit Chad has drawn a connection between Ripple and XRP with SWIFT. This comes as Ripple continues to expand its payment services and other operations, further integrating XRP and RLUSD into traditional finance (TradFi). 

Pundit Draws Attention To The Connection Between Ripple And XRP

In an X post, Chad noted that Ripple Treasury and XRP are now connected directly to SWIFT.  This came as he highlighted Ripple’s listing of SWIFT as one of its connectivity partners for payments. The treasury management firm stated that it is part of the SWIFT Certified Partner Program. 

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As part of the SWIFT Certified Partner Program, Ripple Treasury stated that it offers global bank connectivity and hosting options for SWIFT’s Alliance Lite2 platform. As part of the Ripple, XRP connection with SWIFT, Ripple Treasury has also partnered to offer SWIFTRef data for IBAN and ABA lookups directly from within its workflow. 

Additionally, Ripple Treasury has partnered with Fides, which works closely with platforms such as SWIFT. Fides helps Ripple Treasury to extend multi-bank connectivity to customers around the globe. Meanwhile, Chad also pointed out how Ripple and XRP, by proxy, are basically integrated into the financial system. 

Source: Chart from Chad on X

This is through Ripple Treasury’s ClearConnect connectivity layer, which provides connectivity to banks worldwide. The pundit noted that for any bank not yet connected, it now takes only 7 days to install the API and connect. At the moment, Ripple Treasury is connected to NetSuite, Oracle, SAP, Infor, Workday, and MS Dynamics. 

It is worth noting that this Ripple Treasury’s connectivity layer enables customers who hold crypto assets across multiple platforms to connect to these providers, so they can view their entire portfolio on their treasury management system without needing separate systems. 

Acquiring GTreasury Was Ripple’s Biggest Move

In another X post, Chad stated that GTreasury was the “single biggest move” that Ripple has ever made. This came as he alluded to Ripple’s latest move to launch the first management system with native on-chain capabilities. This move integrates XRP and RLUSD into the Ripple Treasury, allowing customers to use these crypto assets in the same environment as fiat. 

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The pundit remarked that Ripple doesn’t need the CLARITY Act to operate, as the crypto firm continues to integrate XRP into mainstream finance. It is worth noting that Ripple is also close to becoming a national trust bank, which could further give the crypto firm access to the U.S. banking system. Additionally, the firm has applied for a Fed Master account, which would enable it to use the Federal Reserve’s payment rails for its stablecoin operations. 

At the time of writing, the XRP price is trading at around $1.31, up in the last 24 hours, according to data from CoinMarketCap.

XRP
XRP trading at $1.31 on the 1D chart | Source: XRPUSDT on Tradingview.com

Featured image from Adobe Stock, chart from Tradingview.com

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