Boston Fed VP: DLT Could 'Fundamentally Change' Financial Industry

[MisterRipple]

https://www.coindesk.com/boston-fed-vp-dlt-could-fundamentally-change-financial-industry/

However, while there are applications of DLT in the cross-border payments space, most work in that area is occurring outside the U.S, he said, adding: "So I think there is more potential for change there, but who knows what the future holds back home."

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[Guest]

..."Earlier this month, Cunha told a fintech conference hosted by the Federal Reserve Bank of Philadelphia that blockchain technology will wake up Swift and other middlemen". ..

 

 

[GiddyUp]

1 hour ago, MarioFle said:

...wake up Swift and other middlemen

[Hodor]

2 hours ago, MarioFle said:

..."Earlier this month, Cunha told a fintech conference hosted by the Federal Reserve Bank of Philadelphia that blockchain technology will wake up Swift and other middlemen". ..

 

 

Something tells me that ... some... SWIFT member banks don't want things to change.  It's my opinion that some of them must have done some calculations comparing how much they could save versus how much they could lose in existing transfer fees, if they switch to instant payments using Ripple. 

Unfortunately, that foot-dragging is going to mean they are completely leap-frogged by one or two mobile payment applications eventually.   I predict this will happen in the US and in certain areas of Europe; my hope is that Ripple has already planned ahead as usual, and formed some alliances with those partners building these dis-intermediary mobile payments applications.  Or maybe those developers will just end up using Ripple tech...

[EnchanterIO]

21 hours ago, MarioFle said:

..."Earlier this month, Cunha told a fintech conference hosted by the Federal Reserve Bank of Philadelphia that blockchain technology will wake up Swift and other middlemen". ..

 

 

Regarding the waking up calls, definitely. Actually something that may be a big issue to Ripple is that MasterCard already woke up.  They opened an API that will internally handle what Ripple does using blockchain :/ https://newsroom.mastercard.com/press-releases/mastercard-opens-access-blockchain-api-partner-banks-merchants/

What do you think about this guys?

[Guest]

11 minutes ago, EnchanterIO said:

Regarding the waking up calls, definitely. Actually something that may be a big issue to Ripple is that MasterCard already woke up.  They opened an API that will internally handle what Ripple does using blockchain :/ https://newsroom.mastercard.com/press-releases/mastercard-opens-access-blockchain-api-partner-banks-merchants/

What do you think about this guys?

Mastercard did a collaboration not long time ago with ripple...

http://www.livebitcoinnews.com/mastercard-experiments-ripple-technology-cross-border-b2b-payments/

[Amigo]

43 minutes ago, EnchanterIO said:

Regarding the waking up calls, definitely. Actually something that may be a big issue to Ripple is that MasterCard already woke up.  They opened an API that will internally handle what Ripple does using blockchain :/ https://newsroom.mastercard.com/press-releases/mastercard-opens-access-blockchain-api-partner-banks-merchants/

What do you think about this guys?

I think such other initiatives drive banks towards earlier adoption to make sure they don't get too far behind on their competition, and will search for enterprise-ready solutions to help them with that #ripple

[EnchanterIO]

Was thinking the same @Amigo. If I would be a bank seeing hundreds of fintech startups and other banks and competition to start providing real time transfers, I would be looking for already proven shortcut to survive. Let's see how it goes. So far I really like how is XRP evolving. Saw a really cool video today: 

 running Ripple as far I know.

[Guest]

More block chain walled gardens creates more xrp bridging opportunities....  and spreads demand for it from customers.

[Misil]

On 30/10/2017 at 8:57 PM, Hodor said:

Something tells me that ... some... SWIFT member banks don't want things to change.  It's my opinion that some of them must have done some calculations comparing how much they could save versus how much they could lose in existing transfer fees, if they switch to instant payments using Ripple. 

Unfortunately, that foot-dragging is going to mean they are completely leap-frogged by one or two mobile payment applications eventually.   I predict this will happen in the US and in certain areas of Europe; my hope is that Ripple has already planned ahead as usual, and formed some alliances with those partners building these dis-intermediary mobile payments applications.  Or maybe those developers will just end up using Ripple tech...

IMHO As soon as clients migrate into cheaper transfer services they'll have to adapt or die.... All we need is one trustable bank offering it and the rest Will have to follow...

If Ripple's service stays as the fastest and cheapest, we have nothing to worry...