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faisalkhan

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faisalkhan last won the day on December 19 2016

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About faisalkhan

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    Banking & Payments Consultant | X-Border Money Transfer Specialist | FinTech Podcast Co-Host | Fintech Scout for VCs | Quora Top Writer
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  1. Regulations will naturally have a role in the theater. However, I feel most banks are 100s of other projects that might be a priority over the implementation of XRapid. In addition to this, the tech involved, and getting it tested, audited, to go into production has a larger time consideration. Not to mention, pressure from SWIFT and other companies, so I think banks are going to go easy on this one. The key factor (in my opinion) is market. If a particular bank services 4-5 corridors and makes its money through that. It will be quite content if XCurrent is working amongst its corresponde
  2. I agree, Ripple is going to be tough to beat, but then again, the existing players won't let go of the field, just because ripple looks 'good'. ACH is vying for something on its own. So is SWIFT and a few banks who think they have it right. I wouldn't be surprised if VISA/Mastercard hedged their bets all across with a wait-and-see approach. Dwolla (read here: https://www.dwolla.com/updates/dwolla-faster-payments-proposal-download/) is vying for its Fisync is something to watch out. It will eventually be all about what the big boys decide to use and then a couple of smaller payment system
  3. For Ant to expand worldwide, they are on a constant buying spree. You can read about their recent acquisitions/investments in this article: https://techcrunch.com/2017/02/20/ant-financial-mynt/. Every wallet operator is recognizing that the digital money fever is not spreading as fast as the pundits had hoped for within the unbanked and lower class earners. Much of the world's transfers are done by walk-in clients at physical locations. This is one reason PayPal acquired TIO Networks. Take the following statistic for example, and this is compiled using my own data sets. Of the
  4. Here are my thoughts on the MoneyGram + Ant Financial buy out. It is no hidden secret that MoneyGram was performing poorly (financially speaking). Their stock price dipped, and almost went under $1 so that the shares had to be grouped together in order to avoid getting delisted from NASDAQ (look up MoneyGram Reverse Stock Split). Every 8 shares of MG were converted to 1. This happened in November 2011. Despite that, the trend has been a downward trend. AliPay has applied for Money Transmitter Licenses in the US, AliPay which is owned by Ant Financial. MoneyGram already h
  5. In so far as I can tell. You cannot. Unless we all believe that XRP behaves like Bitcoin and there are currency pairs for it, XRP/USD, XRP/GBP and banks have bought massive amounts of XRP - which doesn't make sense.
  6. By OCC/FDIC (if you're a State licensed Bank) and the Federal Reserve, those who are allowed to do/offer correspondent banking.
  7. To understand the confusion, you have to understand what types of Nostro Accounts exist. First let’s talk about the Central Bank and the Nostro Accounts they hold. Say the Bank of Bangladesh (the CB for BD), has US$ 1 Billion in Foreign Exchange Reserves, this money is not actually in Bangladesh. Since the US Dollar is controlled by the United States, i.e. the Federal Reserve, the Bank of Bangladesh maintains a Nostro Account with one of the designated Correspondent Banks, example JP Morgan Chase. So the entire foreign-exchange reserves of Bangladesh are actually sitting within a Nostro A
  8. I'm still trying to understand what he is saying, and how it will pan out. Not a techie, but still trying to understand the commercial or general use case as he is suggesting. Need to watch this video again and again.
  9. FedWire was made to move funds within the Federal Reserve System. It works perfect for them as an RTGS clearing mechanism, in the time slots they work in. Granted there is exposure when they are not settling, but that is something they have lived with very nicely for many, many years. Banks are not reluctant to use the RCL, they are in a phase and place where they see plenty of options and opportunities themselves. Also, I don't think *IF* Ripple were to become the centralized clearing mechanism for all US banks, that any conversion to any other dollars would be performed. It would be a m
  10. Physical cash is moved quite often. Other than the fact that it is also very profitable for the central banks (look up: seigniorage), cash sale/movement by banks is quite common. For example tourists in UAE surrender their US Dollars for example to buy local Dirhams for shopping, etc. The US Dollars collected by money exchange companies is then exchanged for an equivalent electronic deposit. The currency then may snake its way across to a dealer of US Dollars in Kenya or Nigeria or Hong Kong. There is a HUGE market that revolves around the issuance of cash in markets where it is needed and col
  11. Thank you. Great video! Explains it all very nicely.
  12. Sorry if I wan't clear, all of them nearly use SWIFT.
  13. For those wishing to know about the readiness (and willingness) of implementing blockchain based technology solutions for faster payments, etc. Here is some pertinent information you might find handy. The cities which were covered were: Amsterdam, Brussels, Paris, Lisbon, Copenhagen, Stockholm, Oslo, Munich, Berlin, Prague, Salzburg, Zurich, Istanbul, Dubai and Abu Dhabi. The takeaway summary points that can be shared are as follows (keeping the focus on Ripple as this is the unofficial forum for it): Banks in Europe, Turkey and UAE are cognizant of the sol
  14. Just got back this weekend. 44 days on the road. Need one week's of rest and will resume here!
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