Foreign media, citing the view of cryptocurrency researcher SMQKE, stated that the next stage of the global payment system is more likely to involve parallel collaboration between traditional financial networks and blockchain, rather than a single-step replacement by new technology. The article focuses on SWIFT, suggesting its future competitiveness will depend more on its interoperability with digital asset networks.
Cross-border payments are shifting toward integration.
The article states that SWIFT has long been the core messaging infrastructure for cross-border finance, with banks typically completing cross-border transfers through a correspondent banking system. While this system offers broad coverage and high stability, it also suffers from lengthy processes, relatively high costs, and restrictions based on banking hours.
In contrast, the blockchain networks represented by Ripple and Stellar emphasize fewer intermediaries, faster settlement, and 24/7 operation. The article notes that XRP and XLM are often discussed as liquidity bridges for cross-border payments and foreign exchange, helping to reduce friction in the movement of funds across borders.
The focus is on how to adapt.
The article argues that the more pressing question today is not whether SWIFT will be replaced, but how it will redefine its role. As interoperability, tokenization standards, and digital asset compatibility are increasingly discussed by institutions, the relationship between traditional payment infrastructure and on-chain networks is shifting from opposition to integration.
The article cites examples of SWIFT's ongoing engagement with fintech and corporate treasury infrastructure providers. Ripple’s GTreasury is listed as a SWIFT-certified partner, which the article views as a signal of institutional experimentation with new connectivity methods—but this does not mean SWIFT has directly integrated into blockchain networks.
Ripple and Stellar's positions
The article suggests that future payment systems may adopt a layered structure: traditional networks will continue to provide regulatory compliance, banking coverage, and established trust, while blockchain networks will complement them with speed, transparency, and continuous settlement capabilities. Under this framework, Ripple and Stellar are seen as early participants in building the next-generation payment network.
The article further notes that some analysts have drawn parallels between the potential roles of both in cross-border payments and the roles of Visa and Mastercard in card payment networks—not implying identical business models, but highlighting that network effects and infrastructure status may gradually emerge.