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Hodor

Customer Expectations are XRP’s Best Friend

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As usual, another great read @Hodor. And I agree, everyday people want more ease-of-use in their day to day lives. Your reference to amazon is bang on. I rarely go to shops or shopping centres now, seeing as I can usually buy on amazon cheaper and delivered to my front door the next day. No wasting fuel driving, spending 10 minutes looking for a parking space, dodging hundreds of snotty kids in the shops and queueing for an age. 

Most things seem to be taking that course, so hopefully ripple becomes implemented as the norm as people demand faster transfers and services. My bank transfer to bitstamp took 3 days. In those 3 days XRP price rose €0.3c and I obviously lost out on a few more XRP. If ripple was already the norm, I could have transfered my money and bought my XRP in the space of a few minutes. So yeah, I think It'll be the norm one day.

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1 minute ago, Lifestream said:

My bank transfer to bitstamp took 3 days. In those 3 days XRP price rose €0.3c and I obviously lost out on a few more XRP. If ripple was already the norm, I could have transfered my money and bought my XRP in the space of a few minutes.

It's painful just hearing these stories - it's 2017 and almost 2018!  Those banks that think SWIFT is really building something for real-time payments should wake up and realize that the only thing SWIFT has done consistently is stall, stall, stall. 

They are protecting correspondence banks' ability to charge high fees and take days. 

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1 hour ago, Hodor said:

 

They are protecting correspondence banks' ability to charge high fees and take days. 

I agree and it is concerning in that said banks will have to overcome this and adopt speed on the side of the customers transactions over high fees and days to approve a transaction. There's a fine line for the banks to cross to make that happen.

 

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Also, don't forget, Ripple had an iPhone app at one point.

From wikipedia, "By 2014, Ripple Labs was involved in several development projects related to the protocol, releasing for example an iOS client app for the iPhone that allows iPhone users to send and receive any currency via their phone. This Ripple Client app no longer exists. In July 2014, Ripple Labs proposed Codius, a project to develop a new smart contract system that is "programming language agnostic.""

The tracks are laid and the train is coming. Choo choo!

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Another amazing read Hodor, and such great research!  On a hunch, I followed your link to the CGI survey, and pulled these quotes also:

https://www.cgi.com/sites/default/files/pdf/cgi-global-payments-research.pdf

CGI Global Payments Research 2017 Key highlights and observations

"In the future, networks for exchanging high-value or cross-border
payments may not be dominated by SWIFT, as other channels or
networks begin to erode their position for certain types of payments."

"The research raises the question; will banks use SWIFT for realtime
messaging? It is clear from the significant increase expected
in real-time account-to-account transfers, which is underpinned by
ongoing investment in new real-time infrastructures around the world,
that this instrument is expected to grow, replacing other transaction
types."

"SWIFT is expected to stay relatively constant, while non-SWIFT
wires are forecasted to decrease. This implies that many of the firstgeneration
FinTechs will be overtaken by the next generation, built on
shared ledgers and digital currencies."

"In conclusion, leading banks are deciding what role they want
to play in the new open banking world and transforming their
business to fit that role."

"This affects technology, business and
strategy. They are making a conscious decision on their direction,
understanding they (banks) do not have the luxury of playing a waiting
game any longer. They realize it is time to transform and develop
new revenue models."

Also, I always find it amusing to trip over the word "wire" in reference to money transfer; what the telegraph? LOL 

"...others require a money transfer, or ‘wire’ – using the existing legacy implements considered part of the SWIFT network."

Another amazing read Hodor, and such great research! :D On a hunch, I followed your link to the CGI survey, and pulled these quotes also:

https://www.cgi.com/sites/default/files/pdf/cgi-global-payments-research.pdf

 

Also, I always find it amusing to trip over the word "wire" in reference to money transfer; what the telegraph? LOL :lol:

"...others require a money transfer, or ‘wire’ – using the existing legacy implements considered part of the SWIFT network."

image.png.887f0f5b59991766d93b03bb6764c9e5.png

Edited by GiddyUp
dual post

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1 hour ago, GiddyUp said:

Also, I always find it amusing to trip over the word "wire" in reference to money transfer; what the telegraph? LOL :lol:

"...others require a money transfer, or ‘wire’ – using the existing legacy implements considered part of the SWIFT network."

We should probably keep the SWIFT network up and running in a museum somewhere!  

When you can tell your grandchildren that you lived in a time when sending money to another country through a bank took days... they may not believe you. 

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