Hey everyone, I wrote the quoted article on The Merkle and I'm happy to see it's evoking a discussion. However, I would like to clarify a few things. First, the issue is not purely financial @Chris_Reevesand @Malloy . While banks prioritize making money, geopolitical power is just as important. Banks and governments are closely intertwined as I'm sure you all know and with SWIFT, each could have its way - the government exercising political power and banks earning from the high transaction fees. With RippleNet, as with all other blockchain projects, the power is being given back to the people. This may not sit well with the establishment. This was why towards the end of the article, I suggested that in the not-so-far future, this conglomerate of top banks may develop their own centralized blockchain platform which they can still use to strong arm renegades.
Second, my aim was not to discredit the progress Ripple has achieved. It was purely to highlight the other factors at play. While Ripple is really working on bettering their network as has been highlighted by @King34Maine the factors at play are not strictly academic. But I agree with you Maine, the update will go a long way in making Ripple a more lucrative option for banks