Isn't this what Ripple/XRP is intended for? I always wondered why the banks wouldn't just create and own their own network instead of relying on a 3rd party like that.
That's what SWIFT is. It doesn't settle which is in the banks interest (since they settle the transfers).
Yes, for the settlement, sure. But I was referring to this:
"Banks see an opportunity for stablecoins to speed up more routine transactions, such as cross-border payments that can take days in the traditional payments system."
There is no settlement in Swift itself as it’s not network. Swift is messaging only. Bank settlements would happen later through networks like SEPA or Fedwire.
Ripple provides both messaging and settlement with XRP
but if bank moving to certain network, its not is just make it a "new swift" system??
Gas fees would skyrocket and expensive again