My thoughts were sparked a while ago by news like this and previous similar sanctions:
NEWS ITEM: EU Foreign Ministers Approve 16th Sanctions Package Against Russia including SWIFT access cut off for 13 Russian banks. (spravdi.gov.ua – 24 February 2025)
So I asked Perplexity AI a few questions, answers to which you can see below.
My Conclusion
If you wanted my life history, a year by year account of blockchain for the last 15 years and loads of other filler, you have unfortunately decided to read Mr Spoiler Alert. Reorder these words: chase to the cut!
Yes and its going faster but not fast.
To put a bit more meat on that bone, there are three points to consider, policy, the speed of innovation and technology…
Firstly, the impact of new technologies rely on policy, especially in highly regulated environments, as we have seen with cryptocurrency and blockchain for the last 15 years. Policy is the reason that payments that could take seconds still take days or weeks or get refused and returned, all of which situations have occured to me in the last weeks. Policy makes it hard to change regulated environments. Along with international and national policy, there is also the time consuming matter of corporate policy and adoption. All these factors military against an easy replacement of current traditional networks like SWIFT, SEPA and CIPS.
Secondly, staying with the truism of the slow pace of change of policy, but there again war has always been the supreme force for innovation. Indeed blockchain can measure its roots back to the second world war and the invention of computers for the specific use in cracking encryption, but that’s another story I’m writing. Radar, Internet, mobile phones and more have all been invented or accelerated by war or cold war. In the current Russian war on Ukraine, we have seen a massive acceleration of the use of drones, which will have a huge impact on far reaching subjects like emergency response, military budgets and more. So we can intimate that it is within the realm of possibility that the current bans will push alternatives.
Thirdly, is it within the technical possibility to replace SWIFT, SEPA, CIPS et al? The answer is yes, unless you spent the last fifteen years under a rock and have not heard the word blockchain. A dozen heavily backed projects are pushing this agenda, including Ripple (partnered with institutions like Santander and American Express), JPMorgan’s Liink and Visa B2B Connect. Leaving aside that many regulated exchanges can enable anyone to transact any crypto individually. And so we come to two projects running in Russia for a while now that are attempting to provide a potential replacement, Domestic SWIFT and CELL are two of many SWIFT alternatives in the Russian market, blockchain and non-blockchain. While these serve internally they can be a base for cross border trade, especially the ones that are based on decentralised governance, be that regulated or not.
Hence, the answer is yes but not now now, maybe just now, as our South African friends might say.
So that’s the spoiler, thanks for listening and speaking to you soon.
Andrew Rippon
Details
Now to the detailed for you detail hounds, i.e. the questions I asked Perplexity with the answer and citations. You can see the main queries here:
https://www.perplexity.ai/search/which-blockchain-projects-spec-0.rMO2zAS2uAYvUsNwQCCQ
Which blockchain projects are specifically competing with swift as an inter bank settlement network?
Several blockchain projects are actively competing with SWIFT as interbank settlement networks:
– **Ripple**: RippleNet and its XRP Ledger enable faster, cost-effective cross-border payments without intermediaries, offering near-instant settlement and transparency. Ripple has partnered with institutions like Santander and American Express[6][7].
– **Fnality International**: Backed by major banks (e.g., Santander, HSBC), Fnality uses Utility Settlement Coins (USCs) to facilitate near-instant cross-border payments with tokenized central bank money[2].
– **JPMorgan’s Liink**: A permissioned blockchain for secure interbank communication and payment verification, reducing inefficiencies in traditional systems[2].
– **Visa B2B Connect**: A blockchain-enabled platform for direct global bank transactions without intermediaries[6].
– **Domestic SWIFT (Russia)**: A decentralized interbank financial messaging system using distributed ledger technology, designed to bypass restrictions and enhance throughput[3].
These projects aim to address SWIFT’s limitations, such as high costs, slow speeds, and lack of transparency.
Domestic SWIFT is one of many SWIFT alternatives in the Russian market. The Bank of Russia has used a non-blockchain alternative called the System for Transfer of Financial Messages (SPFS) since 2014. SPFS is used by Russian banks and at least 52 foreign organizations.
Other competitors also appear to be under development. In June, a Russian state-owned technology developer called Novosibirsk Institute of Software Systems (NIPS) announced that it was developing a blockchain platform called CELLS to complement SWIFT.
Earlier this year, SWIFT blocked seven Russian banks from its network in opposition to Russia’s invasion of Ukraine. If such sanctions continue to be imposed, SWIFT alternatives could become indispensable in Russia.
SWIFT is one of the world’s largest bank messaging and settlement networks, handling about half of all cross-border transactions. Over 300 Russian banks use the service, meaning that banks excluded from the system will need to find a replacement if the war continues.
Though SWIFT is popular for bank transactions, it is not the only way to make cross-border payments.
Citations:
[1] Banks to use Swift network for crypto transaction trials – Blockworks https://blockworks.co/news/banks-swift-crypto-transaction-trials
[2] 5 Blockchain Projects the World’s Biggest Banks Are Behind https://www.pymnts.com/blockchain/2025/5-blockchain-projects-the-worlds-biggest-banks-are-behind/
[3] Developers Are Working on a Blockchain-Based SWIFT Substitute https://www.payset.io/post/developers-are-working-on-a-blockchain-based-swift-substitute
[4] Swift blockchain interoperability experimentation – Finextra Research https://www.finextra.com/blogposting/24450/swift-blockchain-interoperability-experimentation
[5] Swift unlocks potential of tokenisation with successful blockchain … https://www.swift.com/news-events/press-releases/swift-unlocks-potential-tokenisation-successful-blockchain-experiments
[6] Blockchain in cross-border payments: 2024 guide | BVNK Blog https://bvnk.com/blog/blockchain-cross-border-payments
[7] Ripple vs. SWIFT: The Battle for Global Payment Dominance https://101blockchains.com/ripple-vs-swift/
[8] Top 4 Swift Alternatives Revolutionizing Cross-Border Payments in … https://www.transfi.com/blog/swift-alternatives
Is the ripple network growing?
Yes, the Ripple network is growing significantly in 2025. Key indicators include:
– **Wallet Growth**: The number of XRP wallets surpassed 6 million, with 60,000 new holders added in early 2025 alone, reflecting rapid adoption[2][4][8].
– **Institutional Adoption**: Financial institutions are increasingly integrating XRP into payment infrastructures, supported by Ripple’s regulatory approvals and partnerships[6].
– **Ecosystem Expansion**: Ripple’s XRP Ledger (XRPL) continues to innovate with features like tokenization, NFTs, and decentralized finance tools, driving broader utility[3].
– **Market Performance**: XRP saw a 500% price surge from late 2024 to early 2025 and remains a top cryptocurrency by market capitalization[2][3].
These trends highlight Ripple’s growing role in blockchain-based finance and cross-border payments.
Citations:
[1] XRP Price Predictions: What’s Next for Ripple in 2025 and Beyond? https://vocal.media/trader/xrp-price-predictions-what-s-next-for-ripple-in-2025-and-beyond
[2] Ripple (XRP) Reaches Milestone with 6 Million Wallets and Surges … https://thecurrencyanalytics.com/altcoins/ripple-xrp-reaches-milestone-with-6-million-wallets-and-surges-in-adoption-156712
[3] XRP in 2025: A Comprehensive Analysis of Ripple’s Growth … https://www.fxempire.com/education/article/xrp-in-2025-a-comprehensive-analysis-of-ripples-growth-catalysts-and-price-forecast-1486754
[4] Adoption Wave in 2025: XRP Leads the Charge with … – Binance https://www.binance.com/en/square/post/18789518155217
[5] XRP Prediction For 2025: What To Watch For This Year – Forbes https://www.forbes.com/sites/digital-assets/article/xrp-prediction-2025/
[6] XRP Jumps 50% in January as Ripple Secures Key Licenses and … https://finance.yahoo.com/news/xrp-jumps-50-january-ripple-080207993.html
[7] XRP (Ripple) Will Soar More Than 100% by the Year’s End in 2025 https://www.nasdaq.com/articles/prediction-xrp-ripple-will-soar-more-100-years-end-2025
[8] XRP Holders Cross 6.07 Mil As Retail Adoption Fastest Ever https://bitcoinist.com/xrp-holders-cross-6-retail-fastest-adoption-rate/
Which traditional banking networks compete with swift
Traditional banking networks that compete with SWIFT for cross-border payments include:
– **SEPA (Single Euro Payments Area)**: A European network enabling low-cost or free euro transfers within 36 countries, often instantly for members of the SEPA Instant network[4][6].
– **Fedwire**: A U.S.-based real-time gross settlement system for domestic and some international payments[4].
– **CIPS (China International Payment System)**: Facilitates cross-border RMB transactions, offering an alternative to SWIFT in Asia[4].
– **CHAPS (Clearing House Automated Payment System)**: A UK system for high-value, same-day GBP transfers[6].
– **BACS and BECS**: Used in the UK and Australia, respectively, for direct debit and credit transfers[4].
These networks focus on regional efficiency and cost-effectiveness, often complementing or competing with SWIFT.
Citations:
[1] SWIFT vs. Ripple – the fight for better, faster, cheaper bank transfers https://www.penser.co.uk/article/swift-vs-ripple/
[2] The Future of Cross-Border Payments: A Comparative Analysis of … https://globalradar.com/the-future-of-cross-border-payments-a-comparative-analysis-of-swift-and-xrp/
[3] Blockchain vs. SWIFT: Why Traditional Systems Can’t Keep Up in … https://www.finextra.com/blogposting/27505/blockchain-vs-swift-why-traditional-systems-cant-keep-up-in-the-global-economy
[4] Best 4 Swift alternatives for cross-border payments in 2024 – BVNK https://bvnk.com/blog/swift-alternatives
[5] Is SWIFT still relevant? Exploring the network’s future in a changing … https://www.cobase.com/insight-hub/is-swift-still-relevant
[6] Swift payments: how it compares to BACS, CHAPS, and SEPA https://blog.currencycloud.com/swift-payments-vs-other-gateways
[7] What is the SWIFT Banking System? (Definition, Benefits, Challenges) https://www.peakframeworks.com/post/swift-global-banking
[8] SWIFT Go vs SWIFT: Understanding the New Payment System https://www.karboncard.com/blog/swift-go-vs-swift
How does “now now” differ from “just now” in South African culture
In South African culture, “now now” and “just now” differ in their sense of urgency and timing:
– **Now now**: This phrase implies something will happen soon, with a shorter delay than “just now.” It suggests action in the near future, typically within minutes or hours, but not immediately[1][2][3].
– **Just now**: This is more ambiguous and can mean anything from a few minutes to hours or even days. It conveys a less urgent or indefinite timeframe compared to “now now”[1][3][4].
Both terms reflect South Africa’s flexible approach to time and are influenced by Afrikaans expressions like *nou-nou*.
Citations:
[1] South Africanisms – Yolandie Horak https://yolandiehorak.com/2016/10/19/south-africanisms/
[2] Settling in South Africa | Guide to the Local Culture – Wise Move https://www.wisemove.co.za/post/settling-in-south-africa-a-guide-to-understanding-local-culture
[3] South Africa Time: The Concept of “Now” – The Producer https://www.theproducer.com/support/2018/7/2/africa-time-now
[4] The Meaning of “Now” in South Africa – Kiva Stories from the Field https://kivafellows.wordpress.com/2011/03/01/the-meaning-of-now-in-south-africa/
[5] Understanding South African Language: Now, Now, and Just Now … https://www.tiktok.com/@samihallsays/video/7151668866538638598?lang=en
[6] Understanding South African Slang: Now, Nownow, and … – TikTok https://www.tiktok.com/@mrthankyouplease/video/7394034195342937351?lang=en
[7] South African Time Explained : r/southafrica – Reddit https://www.reddit.com/r/southafrica/comments/8lpdh4/south_african_time_explained/
[8] Understanding South African Time: Explaining Now, Now … – TikTok https://www.tiktok.com/@brashaadmayweather/video/7379247230881942790