Which SWIFT-Compliant Banks Tested XRP On Their Rails?

Ripple’s XRP chain has been tested on traditional financial rails for a while. However, the big question remains - which of the following banks have partnered or tested Ripple’s XRP as a bridge asset prior to the implementation of ISO 20022? SWIFT’s new gold standard for cross-border payments has upped the stake considerably.

SWIFT has recently added 50+ traditional banking institutions to their trials on payment rails that garner over $155 trillion in annualized trading volume. According to XRP analyst Chart Nerd, 30 of those 50 banks have already partnered with Ripple, the issuer of XRP coin, or tested XRP payments on their ecosystem in the past.

“What if sending money across borders felt as seamless as sending it domestically?”, - asked SWIFT in one of their latest X announcements. While not promising to name one lucky winner, the big question is how much of the $155 trillion in annualized volume can Ripple’s XRP capture. According to Ripple CEO Brad Garlinghouse, that’s roughly 14%.

In multiple recent interviews, Ripple’s CEO Brad Garlinghouse explicitly stated that XRP’s chain is looking to collaborate with the likes of SWIFT rather than competing, citing the changed regulatory landscape as one of the main reasons for this transition. Meanwhile, another popular crypto researcher has upped the count to 100 banks.

According to SMQKE, there’s approximately 100 banks presently testing out XRP as a bridge asset. Testing for capacity is important at this stage due to the fact that Ripple’s XRP Ledger can handle up to 1,500 transactions per second (TPS) at fractions of a cent. On the native ledger, XRP garners between $3 to $10 billion in daily volume this year.

This trial includes major banks like Santander, Bank of America, HSBC & Standard Chartered. With SWIFT’s ISO 20022 implementation, XRP Ledger is poised for a regulatory shift enabling programmable money via direct links, rather than a third-party crypto service. The extended list of banks Ripple has partnered with include BBVA, BNP Paribas, Citi & more.

Check out DailyCoin’s hottest crypto news today:
XRP’s Tug-Of-War Shifts As ETFs Collide With Leverage
BTC Floor Shaky as Strategy Hoards Most Demand