Ripple’s History Shows How SWIFT Limits Global Finance

A recent thread by Pumpius, a prominent voice in the XRP community, reveals a deeper understanding of SWIFT’s origins and their limitations compared to RippleNet and XRP. The thread highlights how SWIFT, often presented as a neutral global system, was actually designed with Western banks at its center. 1973 saw 239 banks from 15 countries create SWIFT in Belgium as a replacement for Telex, the existing communication system used by banks. This development established a new framework for cross-border financial institutions, but it ultimately served as a tool for the trans-Atlantic financial bloc.