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Many of my comments have been about how I think PSP's or bank software providers are the way Ripple can exponentially grow the network they are attempting to build. This hypothesis leads me to check out various PSP's and software providers frequently for any new information they may put out in relation to Ripple. ACI Worldwide posted this video back in September and I think is ties in pretty directly to where the world is headed: https://www.aciworldwide.com/insights/videos/2018/september/cross-border-real-time-payments-the-next-opportunity-for-banks This video makes it very clear to me that banks are quickly realizing that Swift can't go it alone anymore. ISO20022 + Blockchain (Ripple) are probably the way to the future, a defined interoperable messaging system and a settlement system will allow real time cross boarder payments. I don't think banks themselves can move quickly enough to update old payment rails and I don't think Ripple really wants to go through the trouble of plugging in each individual bank. Ripple needed to "get the ball rolling" and prove that some entities saw the benefits of their network and increase its value so they partnered "directly" with their first 100-200 partners. I believe we are getting very close to the point where one day banks will turn to their PSP/Banking Software and find an option to send a payment that settles in minutes at an extremely cheap cost. These benefits will increase over the next several years as National RTGS systems go live with Open API's and PSP's can directly plug into the entire domestic network. These RTGS' will be connected through the ILP and XRP will transfer/settle value across them all.
The present Temenos T24 Core banking solution uses the agnostic DLT technology by Ripple. If JP Morgan has done it's updates (and it has) then they will be using Ripple's ILP and probably XRP settlement at some stage in the very near future. Old article from 2008: https://investor.shareholder.com/jpmorganchase/releasedetail.cfm?releaseid=305720 JP Morgan Chase has migrated to the new Temenos Core banking platform with Ripple's ILP integrated for payment settlement. Recent article from 2017: https://www.temenos.com/en/blog/2017/november/successful-migration-is-all-about-choosing-the-right-route/
It seems that each time there is a shift in the Blockchain/Interledger Universe, new members and even some of the veterans lose faith in XRP and start to wonder if we have all made a big mistake by backing XRP. I have seen it time and time again in the Chat Box and in posts. Each time I hear what is perceived as potentially "BAD NEWS", I go back to these 4 examples of why 100 Banks are already using Ripple and why BANKS WILL SEE THAT USING XRP IS A NO BRAINER because NOT USING XRP WILL COST THEM MILLIONS. So, if any of you start to loose faith, go read all 4 of these key REASONS that will reassure anyone that XRP is not going anywhere. It is here to stay and will become “THE MUST-HAVE DIGITAL ASSET!”, per the quote from our own Chris Larsen! 4 REASONS NOT TO GIVE UP ON XRP #1 - "XRP AS A BACKSTOP" – REDUCES COST OF NOSTRO ACCOUNTS BY 60% "The banks can use its digital currency, which can be acquired instantly, to expedite settlement liquidity. (It’s important to note that Ripple’s digital payment network, unlike bitcoin, does not only transmit its native digital currency, but can also be used to move traditional fiat currencies back and forth.)" “It’s not on a transaction by transaction basis—instead, it involves using XRP as backstop if there’s a shortage in a day,” says Nilesh Dusane, Ripple’s head of Global Sales. He adds that the availability of XRP as a backstop means banks need to tie up less capital for settlement purposes, and can instead deploy it for other purposes. Dusane tells Fortune it will also reduce the cost of using and maintaining nostro accounts by 60%. http://fortune.com/2016/10/20/ripple-r3/ ---------------------------------------------------------------- #2 – ROI IF BANKS USE XRP? 11 MONTH PAYBACK PERIOD "......A respondent bank that processes $12 billion in international transactions a year (over 5 corridors with an average transaction size of $6,30019) can assume a conservative, estimated $10 million one-time cost of deploying Ripple and a payback period of just over 11 months. Read Whitepaper - Page #8 https://ripple.com/files/xrp_cost_model_paper.pdf ** WHY WOULD BANKS USE XRP? $10 MILLION IN SAVINGS ANNUALLY USING XRP(Minimum) As such, if BANKS can recoup $10 Million each year with Ripple + XRP, then, the math is easy. Implementing Ripple + XRP reduces bank costs(with $12 Billion in annual transactions) by $10 Million annually at a minimum based on no longer needing nostro accounts. Not a bad sales pitch to start with..... much faster/safer settlement and cuts costs $10,000,000 EVERY YEAR.There are many other benefits and cost saving measures(see link above)......but this is a good one to lead off with! No wonder the banks are getting on board! ---------------------------------------------------------------- #3 – PER THE SAVINGS FOUND IN SECTION #2, CHRIS LARSEN’S QUOTE MAKES SENSE “XRP IS EMERGING AS THE MUST-HAVE DIGITAL ASSET” "....Ripple remains the only company that’s captured my attention and commitment – I’m not going anywhere or starting anything else. You should only change captains when seas are calm and things are going well. And things are indeed going well at Ripple! We’re leading the market in ‘blockchain’ cross-border payments, ILP is on its way to becoming the standard for ledger interoperability, and XRP is emerging as the must-have digital asset for institutional transactions. And as a company, we’ve never been stronger in terms of capital, talent and leadership. I’m more excited about Ripple than I’ve ever been about anything else in fintech. And, I’m more excited now about Ripple’s opportunity than ever before." https://ripple.com/insights/new-chapter-ripple/ ---------------------------------------------------------------- #4 – THE TIME IN NOW FOR RIPPLE AND XRP! Ripple is currently working with 100 Banks. 30 Banks are currently "MOVING REAL MONEY" via Ripple. 10 Banks are creating services around RIPPLE for their clients. These Banking Leaders believe......the TIME IS NOW FOR RIPPLE! The Deloitte Partner initially misinterprets the question and thought the question was about how many years until FULL IMPLEMENTATION of the Blockchain by the Banking System. The Ripple Rep and the Temenos Rep jump in and say, THE TIME IS NOW! Later in the 6 minute Video the Deloitte Partner clarifies his position and says, Yes, the time is now for Ripple......especially if the Central Banks LEAD THE WAY and start using Ripple and other Blockchain technologies! Not 10 years or 5 to 7 years.....but now! INDUSTRY LEADERS IN VIDEO • Patrick Stutvoet – Head of Transactions , ABN AMRO • Danny Aranda, Head of Channels, Ripple • Patrick Laurent – Partner, Deloitte • Jordan Brandt – CEO, Inpher • Darryl Proctor, Product Director - Transaction Banking and Payments, Temenos
Deloitte is pioneering an integration project combining Ripple’s protocol and Temenos’ core banking software for direct bank-to-bank settlements in real time. Deloitte says the European Payments Council is expected to develop a scheme for instant payments in euro by November 2016 and implement it by November 2017, based on SEPA CT (Single Euro Payments Area – Credit Transfer), and available for all payment service providers in Europe. http://www.bankingtech.com/497492/ripple-and-temenos-power-deloittes-payments-project/
Guest posted a topic in General Discussionhttp://www.bankingtech.com/600881/bank-of-ireland-chooses-temenos-for-core-banking-revamp/?utm_source=rss&utm_medium=rss&utm_campaign=bank-of-ireland-chooses-temenos-for-core-banking-revamp "Bank of Ireland has selected Temenos’ T24 core system and Temenos Connect for digital as part of its five-year €500 million revamp plans" I think this will definitely play out in Ripple's Favor. Earlier this year, we saw Ripple Technology Integration into Temenos T24, allowing for real-time international payments. (Link below) http://www2.deloitte.com/lu/en/pages/technology/articles/deloitte-integration-ripple-technology-temenos-t24.html