Standard Chartered Drops Bombshell On Ripple (XRP) and SWIFT Use Cases In Payment

As users increasingly prioritize speed and digital responsiveness, legacy financial systems, such as SWIFT, are becoming increasingly outdated.

In a video recently shared on X by Edoardo Farina, Gautam Jain, Global Head of Digitisation & Client Access at Standard Chartered’s Transaction Banking division, questioned the practicality of traditional payment infrastructure.

Standard Chartered is a key Ripple partner, and Jain’s comments highlighted the inadequacies of SWIFT and Standard Chartered’s work with Ripple as part of a broader push to modernize finance.

SWIFT Cannot Compete With Ripple (XRP)

Jain began by framing the problem in simple terms: “We live in a day of instant gratification,” he said. “You won’t wait five seconds for a web page to load. Why would you wait three days for a payment to settle?” The question effectively captures a growing frustration among institutions and individuals alike, as the demand for real-time processing continues to rise across all sectors.

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Jain’s remarks come at a time when financial institutions worldwide are reassessing the viability of existing frameworks. Many experts believe Ripple will take SWIFT’s place through XRP, and Ripple CEO Brad Garlinghouse recently predicted that XRP will capture 14% of SWIFT’s market share within five years, reaffirming the company’s commitment to changing the cross-border payments landscape using XRP and through partners like Standard Chartered.

Use Case 1: Enhancing Trade Finance with TradeSafe

Standard Chartered has been exploring solutions to overcome these long-standing inefficiencies. According to Jain, the bank has already tested two separate use cases in collaboration with Ripple. The first was focused on trade finance.

Under the code name TradeSafe, Standard Chartered worked alongside DBS Bank, which uses Ripple’s Custody solution, and Singapore’s Infocomm Development Authority (IDA) to address the problem of duplicate invoice financing.

Use Case 2: Real-Time Cross-Border Payments

The second use case directly targets cross-border payments, one of the most heavily criticized areas in traditional banking. Jain explained that the initiative aimed to make international money transfers “real-time, instantaneous, with full transparency.” These are precisely the areas where SWIFT, the current industry standard, has failed to keep pace with digital expectations.

Ripple’s Blockchain Advantage

Ripple’s involvement signals a meaningful shift. Unlike SWIFT, Ripple uses blockchain-based infrastructure that can settle transactions in seconds with clear visibility into the transfer process. As a result, XRP has been recognized by the World Bank as the most suitable asset for cross-border payments.

Ripple’s technology places XRP within the scope of potential solutions being tested by the bank, and its speed and cost efficiency make it the best option to achieve this goal.