- Bill Morgan contrasts XRP’s open model with bank-controlled ONYX blockchain system.
- SWIFT advances with blockchain pilot and stablecoin to rival Ripple’s cross-border role.
- Debate centers on open crypto networks versus permissioned platforms for future payments.
A renewed debate over Ripple’s role in cross-border payments has emerged after fresh commentary on the long-standing competition with the SWIFT network. The discussion was reignited when XRP community member Panos Mek publicly urged Ripple CEO Brad Garlinghouse to revisit his past remarks on SWIFT. Mek cited Garlinghouse’s 2018 comparison, in which SWIFT’s technology upgrade was described as “a Ferrari shell on a Model-T engine.”
The callout prompted legal expert Bill Morgan, a lawyer and supporter of XRP, to weigh in on the issue. Morgan directed attention to ONYX, a blockchain system operated by a consortium of more than 30 banks. ONYX, also known as Kinexys, is based on Ethereum technology and serves as a permissioned platform. In contrast, Ripple promotes an open framework for global transfers through the XRP Ledger.
SWIFT, the long-established international payments network, has also advanced its position in digital finance. The organization recently introduced a blockchain pilot and confirmed plans for a stablecoin initiative.
Morgan’s Response to Bank-Led Blockchain Projects
In his response, Morgan questioned the advantages of permissioned systems like ONYX when compared to XRP. He emphasized that XRP operates as a neutral, censorship-resistant digital asset, whereas ONYX is specifically designed for banks. According to Morgan, this structural difference separates Ripple’s technology from blockchain projects controlled by financial institutions.
Criticism that XRP functions as a “bank coin” was also addressed. Morgan noted that XRP has faced such claims for years, yet the new Ethereum-derived ONYX chain is the one explicitly tailored for banking consortia. His remarks positioned the contrast between public digital networks and bank-controlled systems as a central issue in the payments debate.
The discussion points to a fundamental question: whether the future of cross-border payments will be governed by open, decentralized models or by permissioned platforms tied to financial institutions. Ripple continues to present XRP as a tool for faster settlements, with tokenization and stablecoins included in its roadmap. Meanwhile, ONYX demonstrates banks’ growing reliance on blockchain through tightly controlled systems.
