XRP Validator Says XRP Doesn't Need SWIFT to Function

XRP Ledger validator Vet has pushed back against the idea that XRP and SWIFT could work together.

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Specifically, Vet stated that SWIFT is not using XRP, and more importantly, XRP does not need SWIFT to function.

The argument centers on a shift in which blockchain systems could bypass legacy financial rails entirely. According to the validator, banks and financial institutions are more likely to leapfrog outdated infrastructure and adopt blockchain solutions that integrate messaging and settlement into a single process.

• XRP Ledger validator Vet says XRP doesn’t need SWIFT to function and can bypass legacy banking rails.
• Blockchain networks like XRP combine messaging and settlement in one, reducing delays and costs.
• Asheesh Birla notes that XRP modernizes both messaging and settlement, offering faster, real-time payments.
• Ripple aims to fully replace SWIFT, supporting XRP, RLUSD, USDC, or USDT for flexible transactions.

This perspective highlights a key distinction between traditional finance and blockchain systems. SWIFT has long served as the backbone for cross-border bank communication, but it only handles messaging between institutions.

The actual transfer of funds occurs separately, leading to delays, higher costs, and multiple intermediaries.

In contrast, blockchain networks like the XRP Ledger enable both messaging and settlement to occur simultaneously within a single transaction. XRP supporters see this as a major advantage as institutions explore faster and more efficient cross-border payment solutions.

Meanwhile, the XRPL validator acknowledged that SWIFT is now adapting by integrating blockchain technology into its system. However, according to this view, the core value proposition of crypto is that it eliminates the need for centralized intermediaries altogether.

With open access to blockchain networks, participants can theoretically perform the same functions as SWIFT without relying on its infrastructure.

This narrative is not entirely new. Former Ripple executive Asheesh Birla, now CEO of Evernorth, previously explained that the ambition behind Ripple’s technology goes beyond replacing SWIFT.

He noted that global payments consist of two layers: messaging and settlement. While SWIFT handles communication, it does not move money itself.

Birla emphasized that blockchain solutions modernize both layers. Using APIs and real-time processing, systems built around XRP can eliminate the inefficiencies of legacy messaging while also enabling instant settlement. In his view, this dual capability makes blockchain systems more comprehensive than traditional alternatives.

Meanwhile, Birla also acknowledged that SWIFT is unlikely to disappear overnight. Due to the complexity and cost of upgrading banking infrastructure, many institutions may continue using it for years.

However, he suggested that more innovative players are already adopting crypto systems to stay competitive in the evolving financial landscape.

Notably, Ripple’s SVP, Eric van Miltenburg, told a 2025 World Economic Forum panel that the company aims to be a “SWIFT update or replacement.”

The statement also cancels the view that Ripple might work with SWIFT. Instead, Ripple’s goal is to fully replace legacy systems, not complement them.

Notably, Ripple’s platform supports XRP, RLUSD, USDC, or USDT depending on customer needs, keeping transactions simpler and more flexible.