The Daily Hodl
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise
No Result
View All Result
The Daily Hodl
No Result
View All Result

Swift Challenges Ripple With New Cross-Border Payment System

by Daily Hodl Staff
December 6, 2018
in Altcoins

SWIFT is striving to live up to its name. The global payments network, Society for Worldwide Interbank Financial Telecommunication, is testing a new payment system designed to counter Ripple and other emerging cross-border payment startups.

According to the Financial Times, Swift is piloting a new system designed to reduce errors and delays on the network by allowing financial institutions to share data on a bilateral basis.

The system is not based on blockchain. Instead, it will utilize an application programming interface (API) that allows financial institutions to access one another’s data in order to verify bank account numbers prior to payments. The goal is to cut out delays that previously slowed down the payment network – shutting down Swift’s critics, as well as its competitor Ripple, whose CEO says Swift’s technologies have not evolved.

In addition to Ripple, Swift is feeling the squeeze from fintechs such as TransferWise and Revolut that aim to offer better, faster and cheaper cross-border payments.

So far, a total of 15 banks are participating in the trial, including JP Morgan. Swift chief marketing officer Luc Meurant says the new system will process payments faster.

“We know that there are still some payments which are badly formatted and missing some information.

Instead of correcting that later in the chain and delaying payment, we are trying to anticipate as many of those issues as possible (with pre-validation) so payments can be processed faster.”

Although JP Morgan is participating in the Swift trial, it has also created a blockchain-based payment platform called Interbank Information Network (IIN). That solution is currently being tested by a network of 130 banks.

[the_ad id="42537"] [the_ad id="42536"]
 
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Submit a Press Release

Industry Announcements

  • Falcon Finance Publishes Strategy Allocation Breakdown for Yield Generation Transparency
    October 16, 2025
  • Seascape Launches First Tokenized BNB Treasury Strategy on Binance Smart Chain
    October 16, 2025
  • C1 Fund Inc. Announces Equity Purchase in Ripple
    October 16, 2025
  • Aptos Labs and Universal Destinations and Experiences Launch Universal Backlot Club, a Next-Gen Fan Engagement and Rewards Platform
    October 15, 2025
  • xMoney Launches XMN on Sui, Expands Listings Across Global Exchanges
    October 15, 2025
  • Chainwire Earns Eight Badges in G2’s Fall 2025 Grid® Reports for Press Release Distribution
    October 15, 2025
  • WhiteBridge Network’s WBAI TGE Event Sets PancakeSwap Record and Goes Live Across Top Exchanges
    October 15, 2025
Submit a Guest Post
ADVERTISEMENT
Bitcoin
$107,948.92
$107,948.92
3.23%
Ethereum
$3,867.29
$3,867.29
3.48%
BNB
$1,141.94
$1,141.94
2.44%
Solana
$186.57
$186.57
5.19%
XRP
$2.33
$2.33
4.24%

Spotlight

  • 70,000 Discord Users Warned After Massive Hack – Drivers Licenses, Passports, Credit Card Numbers, IP Addresses and More Affected: Report
    October 9, 2025
  • Square Launching Bitcoin Payments Platform and Wallet in Push To Reshape Retail Crypto
    October 9, 2025
  • North Dakota Enters Crypto Frontier With State-Backed Stablecoin
    October 9, 2025
  • JPMorgan Chase Issues Warning To Customers, Says Scammers Draining Accounts Through Zelle, Social Media, Fake Websites and More
    October 9, 2025
DON'T MISS A BEAT
Crypto headlines delivered daily
to your inbox
BTC, ETH, XRP news alert options
By joining The Daily Hodl news list you agree to our
Terms and Conditions and Privacy Policy.
Featured Image: Shutterstock/Billion Photos

Covering the future of finance, including macro, bitcoin, ethereum, crypto, and web 3.

Categories

Bitcoin • Ethereum • Trading •
Altcoins • Futuremash • Financeflux •
Blockchain • Regulators • Scams •
HodlX • Press Releases

 

ABOUT US | EDITORIAL POLICY | PRIVACY POLICY
TERMS AND CONDITIONS | CONTACT | ADVERTISE

JOIN US ON TELEGRAM

JOIN US ON X

JOIN US ON FACEBOOK

COPYRIGHT © 2017-2025 THE DAILY HODL

No Result
View All Result
  • FEATURES
    • News
    • Bitcoin
    • Ethereum
    • Altcoins
    • Financeflux
    • Trading
    • NFTs
    • Blockchain
    • Futuremash
    • Regulators
    • Scams, Hacks & Breaches
  • HODLX
    • Latest Stories
    • FAQ
    • Submit Guest Post
  • INDUSTRY ANNOUNCEMENTS
    • Latest
    • Press Releases
    • Chainwire
    • Sponsored Posts
    • Submit Your Content
  • CRYPTO MARKETS
  • SUBMIT
    • Guest Post
    • Press Release
    • Sponsored Post
    • Advertise

© 2025 The Daily Hodl