JC83 439 Posted November 22, 2017 Share Posted November 22, 2017 Quote https://bankinnovation.net/2017/11/whats-next-for-swift-apis-realtime-payments-and-cryptocurrency/ Quote More than 120 banks have already “committed” to go live on SWIFT gpi by the end of the new year, Grainger said, and SWIFT will continue to focus on partnerships moving forward. The aim is to make sure SWIFT gpi becomes “the standard by which all payments are made over SWIFT,” Grainger said. Currently, about 75% of SWIFT cross-border payments run through the gpi payment service, a percentage that should expand as SWIFT moves forward with its API capabilities in the service. While “true” real-time payments aren’t quite there on the network, SWIFT gpi, which was launched in February 2016, has seen “millions of payments to date,” Grainger said, with “the vast majority of those being credited with value on the same day.” Swift's gpi system is still outmoded by ripple even if they are going live with it at the end of they year. Quote One area SWIFT will not be considering is generating its own digital assets, or cryptocurrency, Grainger said. This is at odds with other cross-border payment services, notably Ripple, whose digital currency XRP is used to conduct payments over its distributed ledger network. However, that doesn’t mean SWIFT will ignore cryptocurrency entirely when it comes to its gpi service. “Generating and being responsible for the issuance of an asset is not our business,” Grainger said. “If banks want to go down that route and create and issue assets that are available in alternative formats, we’re able to support them. Our network can support them, but we don’t want to compete in that space with our members.” SWIFT just opened themselves up to a partnership with Ripple. This should not be ignored! Trisky, MemberBerry, DtotheK and 5 others 4 4 Link to post Share on other sites
Niek 292 Posted November 22, 2017 Share Posted November 22, 2017 Hmm, that's very interesting! JC83 and kuyu 1 1 Link to post Share on other sites
MemberBerry 886 Posted November 22, 2017 Share Posted November 22, 2017 Yuuuge JC83 and kuyu 1 1 Link to post Share on other sites
jargoman 862 Posted November 23, 2017 Share Posted November 23, 2017 5 hours ago, JC83 said: SWIFT just opened themselves up to a partnership with Ripple. This should not be ignored! No where does it say they are adopting ripple. It says they WON'T be dealing with crypto-currencies and that their system (not ripples) can issue assets. Link to post Share on other sites
JC83 439 Posted November 23, 2017 Author Share Posted November 23, 2017 15 minutes ago, jargoman said: No where does it say they are adopting ripple. It says they WON'T be dealing with crypto-currencies and that their system (not ripples) can issue assets. Support and not compete are far from won't. Ilp can work with gpi and xrp can handle everything else. It would be better for swift to do that to stay relevant since their ststem cannot compete. Also "Generating and being responsible for the issuance of an asset is not our business". Dunno how you missed that. XRPledger 1 Link to post Share on other sites
bookworm 817 Posted November 23, 2017 Share Posted November 23, 2017 (edited) Quote Delivering the future of cross-border payments, today The future of cross-border payments SWIFT gpi dramatically improves the customer experience in cross-border payments by increasing the speed, transparency and end-to-end tracking of cross-border payments. Over 110 leading transaction banks from Europe, Asia Pacific, Africa and the Americas are already signed up and more are expected to join. Thousands of cross-border payments are today being sent using this new standard, bringing immediate benefits to gpi banks and their corporate customers. Now live, the first phase of SWIFT gpi focuses on business-to-business payments, helping corporates grow their international business, improve supplier relationships, and achieve greater treasury efficiencies. Thanks to SWIFT gpi, corporates can today receive an enhanced payments service from their banks, with following key features: Faster, same day use of funds* Transparency of fees End-to-end payments tracking Remittance information transferred unaltered The second phase of SWIFT gpi will enable the digital transformation of cross-border payments, by allowing banks to: Immediately stop a payment, no matter where it is in the correspondent banking chain. Transfer rich payment data along with the payment, including additional line item details necessary for compliance checks, in an effort to enhance the reconciliation of a payment with multiple invoices. Use an international payment assistant, to further increase the straight-through-processing rate of cross-border payments, at origination. For its third phase, SWIFT gpi is already exploring the potential of using new technologies such as distributed ledger technology, in the cross-border payments process. Join SWIFT gpi https://www.swift.com/our-solutions/global-financial-messaging/payments-cash-management/swift-gpi Reference above is from Swift GPI webpage. Let's see, Swift is still in the first phase with 110+ FIs conducting email confirms/testing by end of 2018 while Ripple is already in their final phase with ILP that links bank DLTs for CB payments... Ripple already has their XRP cryptoccy that can even lessen trx costs etc ... Surely, there would be synergies from partnership between Swift and Ripple ... Edited November 23, 2017 by bookworm JC83 and Trisky 2 Link to post Share on other sites
Trickery 9,291 Posted November 23, 2017 Share Posted November 23, 2017 Hmmm curiouser and curiouser I sense a behind the scenes conspiracy JC83 1 Link to post Share on other sites
JC83 439 Posted November 23, 2017 Author Share Posted November 23, 2017 26 minutes ago, Trickery said: Hmmm curiouser and curiouser I sense a behind the scenes conspiracy Yeah it is very strange swift would change their tune so quickly. Ripple and swift may be closer to each other right now then we know. Trickery 1 Link to post Share on other sites
THARWANI 20 Posted November 23, 2017 Share Posted November 23, 2017 https://tech.economictimes.indiatimes.com/news/corporate/ibm-brings-blockchain-technology-to-resolve-trade-finance-woes/61757974 Is R3 catching up with Ripple ? Trisky 1 Link to post Share on other sites
MemberBerry 886 Posted November 23, 2017 Share Posted November 23, 2017 1 hour ago, THARWANI said: https://tech.economictimes.indiatimes.com/news/corporate/ibm-brings-blockchain-technology-to-resolve-trade-finance-woes/61757974 Is R3 catching up with Ripple ? NO. Totally unimportant. IBM still works with ripple in their FTM Division! Link to post Share on other sites
Trisky 1,183 Posted November 23, 2017 Share Posted November 23, 2017 6 hours ago, JC83 said: Yeah it is very strange swift would change their tune so quickly. Ripple and swift may be closer to each other right now then we know. Mentioning Ripple so openly is unusual, almost a recommendation for their customers with cross border payments in mind. We don't offer (at those prices), Ripple does and we will facilitate if need be. A huge change and great advertisement for Ripple. Swift seems to be trapped here, if they create or participate some kindkind of blockchain token, they are in competition with their customers and if not they lose customers to Ripple ao. So the strategy seems to be, play the neutral friendly card here, see what happens and try to mend fences. But they will likely not partner with Ripple in the short-mid term for the same reasons. Link to post Share on other sites
jargoman 862 Posted November 23, 2017 Share Posted November 23, 2017 17 hours ago, JC83 said: Support and not compete are far from won't. Ilp can work with gpi and xrp can handle everything else. It would be better for swift to do that to stay relevant since their ststem cannot compete. Also "Generating and being responsible for the issuance of an asset is not our business". Dunno how you missed that. but then they also added "OUR NETWORK can support them, but we don’t want to compete in that space with our members.” Swift is likely using Chainlink.https://media.coindesk.com/uploads/2017/10/Screen-Shot-2017-10-12-at-3.49.32-PM-728x538.png Link to post Share on other sites
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