SWIFT and institutional products like FedNow have dominated the payments market, but with blockchain solutions from Ripple, Hedera and others gaining popularity, the end is nigh.
Unlike SWIFT and FedNow, blockchain platforms are instant, have lower fees, are accessible 24/7, eliminate middlemen, and give users ownership of their data.
Global trade relies on efficient payment systems, and for decades, the same few players have dominated the sector. Despite their inefficiencies, the likes of SWIFT have been the go-to services for cross-border funds transfers. This is changing, and as Ripple, Hedera, Stellar, and other blockchain networks become more prominent, the legacy players face their most formidable challenge yet.
Trillions of dollars move globally daily—the global forex trading market alone accounts for over $6.6 trillion daily. Banks remain the most used avenue, a position they have enjoyed for several decades. Fintech startups have jumped on the map in recent times, but they s

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