Three top crypto payment-oriented protocols Ripple, Stellar and IOTA have formed an alliance.
With the partnership and potential SWIFT integration, brighter days lie ahead for payment through blockchain.
The crypto sector has seen tremendous developments in recent years, with various digital currencies competing for dominance. Ripple’s XRP, Stellar’s XLM, and IOTA have emerged as key players, each with its unique value proposition.
These three blockchain projects have joined forces, forming an alliance that has the potential to revolutionize the billion-dollar crypto market. With the possibility of integration with SWIFT, a global financial messaging network, this alliance could pave the way for widespread adoption and drive significant disruption.
Their involvement in ISO 20022, an internationally recognized standard for electronic data interchange between financial institutions, further strengthens their appeal. ISO 20022 compliance is highly regarded in the finance industry since it provides smooth and consistent communication across various financial systems.
While Stellar and IOTA strive for ISO 20022, Ripple has been a member of the organization since 2020. As earlier reported, the participation of Ripple, Stellar, and IOTA in ISO 20022 opens the door to integration with SWIFT, the world’s most commonly used global financial messaging network.
SWIFT facilitates secure communication and transaction settlement between thousands of banks across the world. Integration with SWIFT would allow these blockchain initiatives to benefit from the network’s vast reach and infrastructure, allowing for frictionless cross-border transactions and boosting their user base.
Strengths of the Power Trio: Ripple, Stellar and IOTA
Ripple has established itself as a leading blockchain solution provider for financial institutions worldwide. XRP, its native cryptocurrency, aims to streamline cross-border payments, enabling fast and low-cost transactions. Ripple’s collaborations with major banks and financial institutions have given it legitimacy and confidence within the traditional financial sector.
Similarly, Stellar, an open-source platform, aims to promote fast cross-border transactions and bridge the gap between existing financial systems and blockchain technology. Stellar’s native currency, XLM, is critical in supporting low-cost, quick transactions, making it an appealing option for consumers and institutions seeking seamless cross-border transfers.
On the other hand, IOTA deviates from typical blockchain architecture by adopting a proprietary technology known as Tangle. IOTA, which was created expressly for the Internet of Things (IoT), allows for safe and feeless microtransactions between computers and devices. This makes IOTA a promising solution for enabling the machine-to-machine economy, where devices can autonomously transact and share data.
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Overall, the power trio’s integration with SWIFT could significantly reduce transaction costs associated with international payments. The elimination of intermediaries and the use of digital currencies would result in lower fees, benefiting both individuals sending remittances and businesses conducting cross-border transactions.
SWIFT integration could allow for near-instantaneous cross-border transactions, removing the current delays created by intermediaries and complex settlement processes. This would greatly benefit individuals, businesses, and financial institutions, reducing costs and improving operational efficiency.
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