Foreign media, citing crypto researcher SMQKE, argue that the next phase of the global payment system is more likely to involve the parallel collaboration of traditional financial networks and blockchain, rather than a one-off replacement of the old system by a new technology. The article focuses on SWIFT, suggesting that its future competitiveness depends more on its interoperability with digital asset networks.

Cross-border payments are shifting towards integration

The article states that SWIFT has been the core messaging infrastructure for cross-border finance for many years, with banks typically completing cross-border transfers through the correspondent banking system. This system boasts broad coverage and high stability, but it also suffers from drawbacks such as lengthy processes, high costs, and restrictions imposed by bank operating hours.

In contrast, blockchain networks represented by Ripple and Stellar emphasize fewer intermediaries, faster fund transfers, and 24/7 operation. The article mentions that XRP and XLM are often discussed as liquidity bridges in cross-border payments and foreign exchange transactions, used to reduce friction during cross-border fund transfers.

The focus is on how to adapt.

The article argues that the more pressing issue now is not whether SWIFT will be replaced, but rather how it will adjust its role. As interoperability, tokenization standards, and digital asset compatibility are increasingly discussed by various institutions, the relationship between traditional payment infrastructure and on-chain networks is shifting from opposition to connection.

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 equate to SWIFT having directly connected to blockchain networks.

The positions of Ripple and Stellar

The article argues that the future payment system may exhibit a layered structure: traditional networks will continue to provide regulatory compliance, banking coverage, and existing trust foundations, while blockchain networks will supplement these with speed, transparency, and continuous settlement capabilities. Within this framework, Ripple and Stellar are considered early participants in developing next-generation payment networks.

The article further states that some analysts draw parallels between the potential positions of both in cross-border payments and the roles of Visa and Mastercard in card payment networks. This does not mean their business models are entirely identical, but rather emphasizes the potential for network effects and infrastructure status to gradually emerge.