XRP offers faster & cheaper cross border transactions compared to the SWIFT system but it faces significant regulatory & adoption challenges.
So do many other coins.
Main difference is that swift can be used to get a transfer back.
I think this is also the main thing that hold back institutions from adopting XRP, the irreversible nature of the transaction, we all know there's few case where banks just got stolen of their balance and with SWIFT it's irreversible, the damage can be undone as long as it's not too late but i'm not so sure about XRP, since XRP is irreversible as far as I know, maybe the financial institutions are just so doubtful whether the benefit of cheap and fast transaction outweight the disadvantage of mitigating danger.