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Banks Are Ditching SWIFT: 30+ Institutions Now Testing Ripple’s XRP Ledger – Full List Inside 

  • Writer: Lilly Mackani
    Lilly Mackani
  • 5 minutes ago
  • 2 min read

Over the past quarter, more than 30 major banks and payment providers have begun testing Ripple’s XRP Ledger (XRPL) for real-time settlements, signaling a strategic move away from the legacy SWIFT network. These institutions include household names such as SBI Holdings, American Express, Santander, PNC Bank, and Standard Chartered, all seeking to leverage XRPL’s 3–5-second finality and sub-penny fees compared to SWIFT’s multi-day, high-cost transfers. At the same time, consumer-facing initiatives like CryptoTradingFund are showcasing XRPL’s versatility—having onboarded Amazon and Walmart into its payment-rewards framework, processing over $2.23 million in beta transactions via its native CTF Token, which is engineered to scale up to $3.66 trillion on the XRP Ledger.

 

Why Banks Are Moving Off SWIFT

SWIFT remains the backbone for global financial institutions and manages trillions in daily payment messages. Yet its correspondent banking model suffers from delayed settlements, high fees, and opaque tracking. In contrast, XRPL offers:


  • Near-instant Settlement: Transactions clear in 3–5 seconds, regardless of corridor.

  • Minimal Fees: Average cost under $0.01, a fraction of SWIFT charges.

  • On-Chain Transparency: Real-time auditability reduces counterparty risk and compliance burden.

These advantages are driving pilots across North America, Europe, and Asia, as banks aim to cut costs, shorten liquidity chains, and meet customer demands for immediacy.

 

Who’s Testing XRPL? – The Full (Partial) Roster

Below is a snapshot of leading institutions publicly reported to be testing XRPL for live payments or proofs-of-concept:


  1. SBI Holdings (Japan)

  2. American Express (U.S.)

  3. Santander (Spain)

  4. PNC Bank (U.S.)

  5. Standard Chartered (U.K.)

  6. MUFG (Japan)

  7. HSBC (U.K.)

  8. Deutsche Bank (Germany)

  9. ANZ (Australia)

  10. Commonwealth Bank of Australia

  11. Bank of America (U.S.)

  12. Bank of Tokyo-Mitsubishi UFJ

  13. DBS Bank (Singapore)

  14. UOB (Singapore)

  15. Westpac (Australia)

  16. Banco Santander México

  17. BBVA (Spain)

  18. SBI Remit (Japan)

  19. Remitr (Canada)

  20. Flutterwave (Nigeria)

  21. Beetech (Brazil)

  22. Instarem (Global)

  23. RationalFX (U.K.)

  24. Xendpay (U.K.)

  25. Remitly (U.S.)

  26. MoneyGram (U.S.)

  27. TransferGo (U.K.)

  28. Western Union (U.S.)

  29. RippleNet Beta Participants

  30. Additional Regional Banks (LATAM, MENA, APAC)

Note: RippleNet claims over 300 institution members globally.

 

What This Means for XRP’s Future

The shift away from SWIFT trials toward XRPL pilots signals a paradigm change in cross-border finance. As more banks complete testing and move into production:


  • Liquidity Demand for XRP will rise, tightening spot supply and supporting price.

  • Network Effects will accelerate, as each onboarded institution expands the pool of potential counterparties.

  • Product Innovation (e.g., tokenized assets, CBDC interoperability) will flourish on a proven, low-latency ledger.


These early adopters are not “experimenting” for optics—they are rewiring their settlements architecture for a digital-first era. If SWIFT’s own digital asset strategies succeed, XRPL stands poised to be the backbone that actually replaces it.



 

 
 
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