XRP has been recognized by SWIFT as a bridge currency, with SWIFT mentioning XRP as an option for a bridge currency between its participants.
SWIFT is an interbank messaging platform that connects over 11,000 banks globally and facilitates $150 trillion in transfers annually.
Initially viewed as rivals, XRP and SWIFT now work together, with SWIFT providing legacy finance connections while XRP offers technology.
XRP's low fees and fast transactions make it a leader in revolutionizing global fund transfers, but complete system overhaul takes time to ensure compliance with financial regulations.