SWIFT has launched a pilot program involving 50 major banks to enable near-instant cross-border payments, aiming to meet the G20 goal of immediate settlement by 2027. The new system improves speed, cost transparency, and real-time tracking, reducing settlement times from days to minutes. While SWIFT integrates blockchain technology, it does not seek to replace it, instead complementing it alongside cryptocurrencies like Ripple's XRP and Stellar's XLM. XRP currently has stronger bank adoption, especially in Europe and Asia, while XLM is more focused on bank-to-bank and CBDC experiments. The pilot tests SWIFT's own tokenized payments, but XRP's network remains influential in some corridors, highlighting ongoing competition in the $155 trillion cross-border payment market.
The Bank Policy Institute, representing major US banks like JPMorgan, Goldman Sachs, and Citigroup, has retained counsel to potentially sue the Office of the Comptroller of the Currency (OCC) over its approval of national trust bank charters for cryp...
Fidelity tops Strategy's Bitcoin Banking Adoption Index with a 71% score, leading major banks like Goldman Sachs, JPMorgan, Morgan Stanley, and Citigroup, which scored around 43-45%. The index measures adoption in Bitcoin trading, custody, and digita...
