XRP offers faster & cheaper cross border transactions compared to the SWIFT system but it faces significant regulatory & adoption challenges. SWIFT has established big relationships with financial institutions worldwide. The transition to XRP or any alternative would require widespread acceptance & integration within existing financial frameworks making an outright replacement unlikely in the near future. Advancements in blockchain tech may influence future developments in international payments.
That's what I've been saying all along. SWIFT is deemed trustworthy, while Ripple's XRP Ledger is not. I think this has to do with the fact that SWIFT's been a long time in the system (seniority). XRP is relatively new to the world, with just 10 years in the making. Banks will prefer SWIFT because they trust it. Even if SWIFT is often slow and expensive to use. Believe me, the time will come when XRP will render SWIFT obsolete. Assuming SWIFT doesn't make use of Blockchain tech in the long run. If it does, then there would be no need for XRP. Who cares what will happen with a "centralized shitcoin", anyways? Bitcoin is the only coin we need to achieve true financial freedom and self-sovereignity. As long as it's still alive, nothing else matters.
In the end, there is no argument here, SWIFT is just far superior way to move money from one way to another for those banks, and because of that, timing doesn't matter, SWIFT could have started even after XRP was invented, and it would still be used more, because it's a better way to do it, so why would banks not go with the better method and use XRP instead?