Ripple Interledger Protocol On Major ISO 20022 Watchlist

A recent update on the official ISO 20022 website shows that Ripple’s Interledger Protocol (ILP) is now eligible to work with the SWIFT network. 

This comes at the same time as the world’s banks are switching to ISO 20022. This global standard is designed to make financial messages communicate better, clearer, safer, and easier to share.

Ripple Can Now Connect Directly with SWIFT

As revealed, the Mojaloop Foundation, a global group that works on payments, submitted the request, which was officially approved in late 2024. 

The proposal explained that Ripple’s Interledger Protocol lets Ripple’s blockchain connect directly with SWIFT’s ISO 20022 network. This could make sending money across countries faster and easier.

ILP is not a new idea or unfinished experiment. It is already operational within Ripple’s existing infrastructure. Documents reviewed by analysts show that ILP leverages XRP as a bridge asset for value settlement. 

Meanwhile, final reconciliation occurs on the XRP Ledger (XRPL), a fast-growing blockchain network. This means money can move faster and more easily, connecting regular banks with blockchain systems.

Ripple Could Become Key Part of Global Banking with SWIFT Upgrade

SWIFT’s move to ISO 20022 is a big upgrade for the global financial system. By early 2026, up to 90% of SWIFT’s messages are expected to use this new standard. In this context, adding Ripple’s Interledger Protocol to ISO 20022 could make the company more important for banks during this change. 

Instead of being just a side project, Ripple could become a key part of the world’s financial infrastructure. This means payments could move smoothly between traditional banks using SWIFT Ripple’s blockchain network. 

Using XRP as a bridge could also make transactions faster, cheaper, and easier, as the digital coin is designed to work well with modern systems. It is important to note that this approval is just an official step, not full use yet. The ISO 20022 rules only cover messaging standards, not all parts of Ripple or XRP. 

Analysts say the real effect will depend on how many banks and institutions actually start using the ILP-SWIFT connection.

Global Finance Moves Toward ISO 20022

Payment company Stronghold already provides a real-world illustration of how ISO 20022 and blockchain technology can work together. The company is already using ISO 20022 messaging in actual financial projects. 

Stronghold’s spokesperson recently explained that combining these technologies improves the way money is moved. This makes the process more reliable and efficient. 

This adoption is part of a broader global trend. All Single Euro Payments Area (SEPA) payments moved to ISO 20022 in 2022. In July, the U.S. Federal Reserve also shared plans to adopt the standard. This will replace the outdated Fedwire Application Interface Manual (FAIM). 

SWIFT will complete its full ISO 20022 transition by later this month. This worldwide shift is reshaping how traditional and digital financial systems interact, creating smoother integration and interoperability.