SWIFT (The Society for Worldwide Interbank Financial Telecommunications) is an international money transfer system, which has been known for its slow speed, especially compared to other cryptocurrency companies.
This perception has now changed, when SWIFT released a press release detailing an instant remittance trial, with 17 transfers being made internationally among multiple countries, such as Australia, China, Canada and Luxembourg. The average time was 25 seconds per transaction, with the fastest at 13 seconds, which marks a significant improvement, according to the company.
The head of banking at SWIFT, Harry Newman commented,
“SWIFT envisages that cross-border payments will become as convenient as domestic transactions, and the successful testing across multiple corridors between Europe and North America to Asia Pacific confirms the important role that GPI Instant will play in making that bold vision a reality.”
There have, however, been mixed opinions:
Swift cannot match Ripple's network. It is capable of handling tokenization which is coming. Also, SWIFT still causes banks to have to prefund…Ripple eliminates it. Let's not even talk about the settlement speed which is still faster. No brainer!
— World of Crypto (@TrewSkye) July 21, 2019