Ripple Aims to Replace SWIFT, Not Partner With It: CEO Brad Garlinghouse

Ripple CEO Brad Garlinghouse has made it clear that the company has no plans to collaborate with SWIFT, the globally dominant financial messaging network. Instead, Ripple's mission is to disrupt and replace SWIFT’s role in the international payments infrastructure. With an aggressive focus on expanding its XRP-powered remittance solutions, Ripple is targeting financial institutions worldwide to create a faster, more efficient payment system.

Over 100 Former SWIFT Banks Transition to RippleNet

In a recent interview with Bloomberg TV, Garlinghouse revealed a significant milestone: more than 100 banks previously affiliated with SWIFT have now transitioned to RippleNet, Ripple’s blockchain-based payment network. While SWIFT primarily operates as a messaging platform for payment information, RippleNet stands apart by facilitating seamless liquidity transfers and real-time foreign exchange (forex) conversions. This transformative capability is powered by XRP, Ripple's native digital asset, enabling instant cross-border money transfers.

“We are not just a messaging platform; Ripple offers an end-to-end solution for liquidity and settlement,” Garlinghouse stated during the interview. By delivering an integrated system for payments and removing long settlement processes, Ripple is positioning itself as a bold disruptor to traditional financial frameworks.

At the “XRP APEX 2025” conference in Singapore this past June, Garlinghouse set ambitious goals for Ripple, stating, “Within the next five years, XRP will handle 14% of SWIFT's global transaction volume.” Considering SWIFT facilitates trillions of dollars in daily transactions, this target underscores Ripple’s aggressive pursuit of dominance in the global remittance market.

Ripple Denies Rumors of SWIFT Collaboration

Recent speculation about a potential partnership between Ripple and SWIFT led to a temporary surge in XRP’s price. However, Garlinghouse decisively dismissed the rumors, leaving no room for ambiguity. “The idea of collaborating with SWIFT is baseless. We are not welcoming SWIFT; we are taking over,” he stated.

This strong declaration reflects Ripple’s broader strategy: to build a self-sufficient and independent payment ecosystem that bypasses legacy systems. Ripple’s XRP serves as a highly efficient bridge currency for cross-border payments, allowing institutions to achieve real-time settlements without the need for pre-funded accounts or intermediary systems. Such functionality makes Ripple's solution uniquely suited to address inefficiencies in traditional payments infrastructure.

Progress in Ripple’s Legal Battle with the SEC

Ripple has also made strides in resolving its prolonged legal dispute with the U.S. Securities and Exchange Commission (SEC). On June 27, Ripple announced its decision to withdraw its appeal in its ongoing court case, signaling progress toward a resolution. Reports suggest that the SEC is likely to drop its own appeal in the near future, which could bring the legal saga closer to an end.

More recently, on October 26, U.S. District Judge Analisa Torres rejected Ripple’s proposed settlement offer that included reduced penalties and the withdrawal of specific case provisions. The ruling has prompted both parties to focus on finalizing a broader resolution strategy. This includes revisiting expert witness testimony and ironing out procedural details before closing the case.

The conclusion of this legal battle is widely anticipated by the crypto and financial sectors, as it could set important precedents for how digital assets are classified and regulated in the U.S.

XRP Market Volatility Amid Recent Developments

As of now, XRP is trading at $3.13 on CoinMarketCap, reflecting a 2.34% decline in the last 24 hours. Over the past week, the token has seen a steeper drop, falling 12.8% amid looming regulatory outcomes and broader market uncertainties. Nonetheless, the long-term trajectory of XRP remains a key focus for both investors and industry participants, as Ripple continues to expand its reach.

Ripple’s Vision to Reshape Cross-Border Payments

Ripple is clearly doubling down on its mission to revolutionize the entrenched payments ecosystem, with XRP at the heart of this initiative. By offering faster, cheaper, and more transparent solutions for cross-border transactions, Ripple sets itself apart from legacy systems like SWIFT, which rely on intermediaries and delayed settlements.

The next few years will be pivotal in determining whether Ripple’s strategy can achieve the massive scale and adoption it is targeting. But with more than 100 institutions already onboard and a bold vision to capture 14% of SWIFT’s transaction volume, Ripple is positioning itself as a formidable player in reshaping global finance.