SWIFT mirrors Ripple ideas without replacing banks

SWIFT has unveiled a new global retail payments scheme aimed at making cross-border transfers for consumers and small businesses as fast and predictable as domestic payments.

The initiative, announced on January 29, will roll out in phases from 2026 with more than 40 banks involved and a minimum viable product planned for the first half of the year.

The design closely reflects long-standing criticisms raised by Ripple around slow settlement times, opaque fees, and poor visibility in international payments.

Under the scheme, participating banks must follow a strict rulebook that includes upfront disclosure of fees and exchange rates, guaranteed full-value delivery, and end-to-end tracking of payments.

Cross-border retail payments have become a weak point for banks as domestic systems settle in seconds while international transfers still take days and rely on multiple intermediaries.

While SWIFT’s model improves transparency and predictability for customers, it does not change correspondent banking or the need for pre-funded accounts that lock up capital.

Ripple continues to target liquidity efficiency through blockchain-based settlement pilots, leaving its value proposition focused on balance sheet optimisation rather than payment messaging alone.