SWIFT

Levi Rietveld, a popular crypto analyst with 122,000 followers on X, has released a new video detailing how XRP could potentially surge to $60 overnight by capturing a fraction of SWIFT’s transaction volume. “XRP will hit $60 overnight with this SWIFT news! Here’s the math!!” he teased via X. How XRP Could Skyrocket To $60 Overnight In his analysis, Rietveld delves into the mechanics of SWIFT, the global financial messaging network that processes a significant portion of international payments. He…

Bitcoin (BTC), Ethereum (ETH), and the broader crypto market have notably recovered following Monday’s market meltdown. After dipping to the $49,000 level on August 5, Bitcoin is now trading at $57,375. Similarly, Ethereum has regained its footing at $2,519 after plummeting to as low as $2,100 on the same day. Bullish Sentiments Persist Despite Macroeconomic Risks Data from Santiment revealed that the crowd played a massive part in crypto rebounding over the past 30 hours. Analysts attribute this rapid rebound…

The cross-border payment industry is expected to reach $250 trillion by 2027 as Ripple, Stellar, Swift, etc race for dominance.  It is reported that this industry grew by $25 trillion to reach $150 trillion between 2018 to 2022.  The battle for supremacy in the cross-border payment industry hits a new level as Stellar, Ripple, Cardano, Hedera, Swift and FedNow double down efforts with innovations. According to a report, the industry grew by $25 trillion to reach over $150 trillion between…

Global bank messaging system SWIFT has announced the findings of the second test phase of its CBDC solution after a successful six-month test period.  SWIFT did not create its own central bank digital currency (CBDC); instead, it developed the SWIFT connector, an interlinking solution for existing CBDCs.  SWIFT Announces Second Phase Findings  SWIFT has announced the findings of the second phase of its industry-wide sandbox testing on its central bank digital currency interlinking solution. Results have shown that the SWIFT…

Russia’s apex bank, the central bank of Russia is currently undergoing a test for its proposed digital Ruble with 12 different commercial banks. There are suggestions that Russia could be fast-tracking the development of a virtual currency to evade sanctions. The latest move signals the intention of the major bank to start the pilot phase in 2023, rather than the 2024 initial date.  Evading SWIFT Sanctions The state-controlled news agency CBR reports that the central bank's digital currency (CBDC) may…

The US Consumer Financial Protection Bureau (CFPB) was formed in 2011 after the Dodd-Frank Wall Street Reform and Consumer Protection Act was passed. Its function is to protect consumers from deceptive market practices. It released a report regarding remittance transfers under the Electronic Fund Transfer Act. The government agency noted in the report that it has been monitoring the nascent developments in the remittance market, which includes the growth of cryptocurrency asset firms such as Ripple. The report shows that…

Small and medium enterprises (SMEs)could soon find it easy to conclude their transactions. This follows global payments giant SWIFT's announcement that would make instant payments available to SMEs.  SWIFT, says it intends to be at the fore of global A2A and B2B transactions. The firm is taking on Visa, MasterCard, and emerging fintech ventures, for example, Ripple.  The decision to venture into space was arrived at in a last month's meeting of the firm’s Board and Executive. The decision is…