SWIFT Business Director: SWIFT Instant Payment Services competitors include Ripple, Stellar, IBM and Libra

SWIFT said the company is responding to the current challenges of providing instant payment services. By adapting new technologies, the company plans to use its brand to influence communities that are not currently within the SWIFT network to maintain a leading position in global payments. Harry Newman, the company's head of banking, said SWIFT and other traditional platforms face many challenges, especially Ripple, Stellar, IBM and Facebook's controversial and unreleased Libra stable.