XRP News Today: Standard Chartered Tests Ripple for Real-Time Cross-Border Payments

Standard Chartered, a prominent global bank, has recently highlighted the limitations of traditional payment infrastructure, particularly SWIFT, in a video shared by Edoardo Farina. Gautam Jain, the Global Head of Digitisation & Client Access at Standard Chartered’s Transaction Banking division, emphasized the growing demand for real-time processing and digital responsiveness, which legacy systems like SWIFT struggle to meet.

Jain’s comments underscore the inadequacies of SWIFT and Standard Chartered’s efforts to modernize finance through its partnership with Ripple. He questioned the practicality of traditional payment systems, noting that in an era of instant gratification, waiting three days for a payment to settle is unacceptable. This sentiment reflects a broader frustration among institutions and individuals who expect real-time processing across all sectors.

Standard Chartered has been actively exploring solutions to address these inefficiencies. Jain revealed that the bank has tested two use cases in collaboration with Ripple. The first, codenamed TradeSafe, aimed to tackle the issue of duplicate invoice financing in trade finance. This initiative involved DBS Bank, which utilizes Ripple’s Custody solution, and Singapore’s Infocomm Development Authority (IDA).

The second use case focused on real-time cross-border payments, an area where SWIFT has been heavily criticized for its slow processing times. Jain explained that the goal was to make international money transfers instantaneous and transparent, areas where SWIFT has fallen short. Ripple’s blockchain-based infrastructure, which can settle transactions in seconds with clear visibility, offers a significant advantage over SWIFT. This technology has been recognized by the World Bank as the most suitable asset for cross-border payments, making XRP a potential solution for Standard Chartered’s goals.

Ripple’s involvement in these initiatives signals a meaningful shift in the financial landscape. The company’s technology, which includes the use of XRP, provides speed and cost efficiency that traditional systems like SWIFT cannot match. As financial institutions worldwide reassess the viability of existing frameworks, Ripple’s solutions are gaining traction as a viable alternative to SWIFT. This shift is part of a broader push to modernize finance and meet the growing demand for real-time processing and digital responsiveness.