Jump to content

BLPinfinity

Silver Contributor
  • Content Count

    2,955
  • Joined

  • Last visited

  • Days Won

    1

BLPinfinity last won the day on July 21

BLPinfinity had the most liked content!

About BLPinfinity

  • Rank
    Hero Member
  1. Not going to argue with you @jabit Gave you the benefit of the doubt. You clearly have an agenda.
  2. “It is a strategic priority for SWIFT to work with new technologies like DLT and incorporate them into key solutions like gpi”, Learn more about our Cookie Policy.Accept Cookies News & Events Press releases 8 March 2018 SWIFT completes landmark DLT PoC • PoC successfully delivers business functionalities • DLT instance meets governance, security and data privacy requirements • ISO 20022 data model and UETR pivotal to improving Nostro processes • DLT a strategic priority for SWIFT Read the news about SWIFT's DLT proof of concept. Brussels, 8 March 2018 – SWIFT publishes today the final results from its DLT proof of concept for Nostro reconciliation, one of the largest and most ambitious proofs of concepts run with the emergent technology. With 34 participating banks each with their own node deployed in the SWIFT DLT sandbox, the initiative was one of the most extensive blockchain proofs of concept powered by Hyperledger Fabric 1.0 executed in the industry so far, both in terms of participant engagement and in terms of the scale of the infrastructure deployed. With the PoC SWIFT set out to work with the technology in a “many-to-many” setting addressing a real business issue, and draw lessons for larger scale implementations of the technology in the bank-to-bank payment area. The PoC sought to assess whether DLT, combined with SWIFT assets, would meet industry-level governance, security and data privacy requirements, whether DLT could bring concrete benefits over other architectures, and to check DLT’s current level of maturity to serve as a production-grade application within a mission-critical global infrastructure. Based on the business and technical requirements validated by the participating banks, SWIFT developed a DLT solution through which Nostro Account owners and their servicers could share a private confidential ledger recording transactions related to their Nostro accounts. The solution leverages ISO 20022 standards [*] and gpiinnovations [*] – including the unique end-to-end transaction reference (UETR) – and integrates intraday liquidity standards. The PoC showed that DLT could deliver the business functionalities and data richness required to support automated real-time liquidity monitoring and reconciliation. It enabled real-time event handling, transaction status updates, full audit trails, visibility of expected and available balances, real-time simplified account entries confirmation, the identification of pending entries and potential related issues, and generated the data required to support regulatory reporting. The PoC also demonstrated the significant progress DLT has made with regards to data confidentiality, governance, security, and identification frameworks, evidencing that the emergent technology, combined with SWIFT assets, provides the necessary foundation for financial multi-bank applications. “The PoC went extremely well, proving the fantastic progress that has been made with DLT and the Hyperledger Fabric 1.0 in particular”, said Damien Vanderveken, Head of Research and Development at SWIFT. “The DLT sandbox enabled us to control access, to define and enforce user privileges, to physically segregate confidential data and store it only with the relevant parties while supporting a strong identity framework by linking all participants to their BIC, and having all keys signed by a SWIFT certification authority”. While successfully meeting all the business requirements set out, the PoC evidenced the considerable pre-requisites for industry adoption of such a solution – for instance, all account servicers would first need to migrate from batch to real-time liquidity reporting and processing, and back office applications would need to be upgraded to feed the platform with real-time updates. “Although the PoC demonstrated DLT could improve Nostro liquidity management and reconciliation processes, it also revealed that the pre-requisites will have to be met before banks can enjoy the full benefits of switching to a DLT process”, added Vanderveken. "To facilitate improvements in the Nostro process, SWIFT will continue helping its community migrate towards real-time liquidity reporting and processing through SWIFT gpi, and establish a roll-out plan for the community-wide adoption of the UETR. Similarly, as the PoC underscored, the ISO 20022 data model is a pre-requisite to deliver the required structure and data richness to support real-time liquidity monitoring and reconciliation. SWIFT will also initiate an ISO 20022 consultation with its community to assess a timeline and a migration approach towards ISO 20022 as a potential means to reduce integration costs, and will continue to actively promote the re-use of ISO 20022 in the DLT context." You are taking things out of context and misconstruing them intentionally. Swft tried there own DLT project and it failed as they publically admitted. Yes the collaborated on hypledger fabric as did ripple, r3, W3c and various others. It all connects to the ILP as the base protocol that runs the settlement later of the internet of value.
  3. This is complete bullsht. I dont mind you having a different view or looking at all the potentials but please dont make outlandish claims based on no facts. Hyperledger quilt connects to the ILP also. So again XRP would be used to settle the transactions as it is the fastest, cheapest and most liquid option. Creating their own coin would serve zero purpose at all.
  4. This is 100% true. Because with the ISO20022 upgrade and SAP they are able to directly use the benefits of ripple net, xrp and the ILP without the bank having to change any infrastructure. The teller sees the exa t same interface as usual and as far as they know it's just beflcome faster and cheaper
  5. Also @jabit am I correct English is not your main language? Might also add to some confusion when communicating
  6. You are welcome to raise the opposing view. I agree we should look at all scenarios. But you need not worry if you are holding XRP
  7. Exactly. What people are not seeing is that ripple have the deck stacked no matter which way people go. XRP gets used regardless because if the ILP. Temenos have 3000 banking clients and are integrated and licensing/whiteboxing ripple solutions to plug in for their customers. SAP are doing the same thing for their some 300,000 business customers world wide with Xvia which will use XRP for settlement when it goes live. SWIFT know they are screwed so they either upgrade internally to plug into the ILP and upgrade their own messaging system (GPI, Swiftnet) not maintained their customer base or they go away. Ripple can also work directly with banks and businesses. What's coming if you are patient will blow your mind. It will be incremental as liquidity builds but it won't take long.
  8. Swift GPI is just a messaging system like xcurrent. It makes it bidirectional and fees mostly transparent. The SWIFT upgrade ISO20022 which all banks must do by November 18 is making them compatible with the ILP as ISO20022 is one of the 3 main protocols it uses for comms. SWIFT Temenos and SAP are all aligning to be connected into the ILP and in some cases the ripple suite directly. The above news is all positive IMO. I am very certain we will see swift payments settled instantly with the use of the ILP and this XRP at some stage.
  9. BLPinfinity

    FUD or FED?

    @vsyc since your not of the belief in such a high price for XRP why don't you share your factual opinion on why you don't feel this is possible? It's great you have a differing opinion, let's hear why, it doesn't do any of us good to descend into insulting each other. We are all 'on the same team' and pro XRP to one extent or another.
  10. BLPinfinity

    Reading here for a year- now my 2 cents!

    Welcome @Xrpforme Good to see you have been stalking the flat earth bearableguy club! Don't be a stranger and feel free to post at will, even if it's just to stir up some respectful discussion.
  11. Not sure on Etoro but dont use plus500 as it is a CFD (contract for difference) you dont actually own the asset and they will close out your position after a certain time frame.
  12. @ecent any suggestions here mate.
  13. BLPinfinity

    SWIFTNet using RippleNet?

    Sure they could integrate with xCurrent and go from one way messaging to two way but they are still then leaving their customers without the liquidity solution, interoperability, instant settlement that the ILP and XRP will provide. So even if they were to start with xCurrent, XRP use is inevitable or else they will just be lagging behind again. I don't know the ins and outs of the GPI upgrade swift have done but that may bring them close to par with xCurrent, but again they still lack the aforementioned benefits. So at some point assuming this happens as we are theorising based on what we are seeing, it will effect XRP price at some point. All speculation at this point still but every day we are getting closer.
  14. BLPinfinity

    SWIFTNet using RippleNet?

    Ahh got ya. Sorry for the ignorant question. What's KarmaCoverage?
  15. BLPinfinity

    SWIFTNet using RippleNet?

    can you be more specific? Happy to explain if you are unsure about something
×