Ripple is viewed as alternative to enhance SWIFT system security

During a recent banking security webinar, the Ripple protocol was discussed as a potential solution to enhance SWIFT security. Cryptocurrency researcher SMQKE, who shared video footage of the discussion, highlighted the technology's potential to address vulnerabilities in interbank infrastructure.

One speaker emphasized that despite SWIFT's high security, the weak link remains banks' internal IT environments. The 2016 cyberattack on Bangladesh Bank was cited as an example, where hackers stole $81 million by exploiting a vulnerability in a router that cost $20.

In this context, the role of Ripple and the XRP Ledger as tools to enhance security was discussed. The distributed ledger technology enables real-time transaction verification, reducing reliance on static credentials.

The question of Ripple’s scalability remains open, but interest in such solutions is growing. XRP could serve as a viable alternative to traditional payment systems, SMQKE notes.