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Could Ripple and SWIFT Be Working With Each Other?

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4 hours ago, Tako said:

https://www.swift.com/standards/standards-releases/mt-release-2018

https://www.swift.com/standards/standards-releases/release-highlights

I'm pretty far from being an expert in the topic, but to my untrained eyes November update seems to be just the final update in the messaging standards necessary due to the revision of ISO 9362 Business Identifier Code Standard. The ISO 9362 BIC standard was revised in 2014 and implementation will end in November 2018. For me it seems that this update has no connection to Ripple whatsoever.

I certainly would like to believe otherwise though.

 

Thank you Tako! Much appreciated!!

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27 minutes ago, mrenne_17 said:

Yep you would have a double interface system. But if that runs smooth it should not be a problem. SWIFT will do more API-based stuff in the future which works well with xCurrent.

The huge advantage IMO would be that SWIFT can tell to its members: just continue to work with us, you don't need to think about blockchain or DLT, you don't need to think whether or not you trust Ripple or wheter or not you need to trust Ripple to work with their systems at all. And we'll take care of the rest and make sure you get quick, reliable and cheap payment and settlement.

But some of the larger SWIFT members will have their own agenda. Some may want to have first mover's advantage and use their capacities to be ahead of all the others, while other members may try to fight/delay adoption of the tech to keep their income/money.

We should just lock Ripple and SWIFT into a room and only let them out when they have an agreement.

Thanks mrenne17!!

Wow mrenne17 and Tako you guys are really the King! I learned so much Today thanks to You!!!

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12 minutes ago, xrpthestandard said:

Thank you Tako! Much appreciated!!

You're welcome.

Please note that facts and fiction tend to mix in this forum (even though, here the situation seems to be much better than elsewhere, but still), and when you are in doubt (and you always should be if you, like me, has no prior knowledge of banks and international finance, etc,) the best practice is to check your facts. Getting above info and assess that most probably it has nothing to do with Ripple in any way took me approx. 5 minutes. If you want to understand what is this whole thing about, and you are a layman in this field like me, these 5 minutes are worth your time and will help you separate facts from opinions/fiction in the long run.

Oh, and please don't take my reply (especially the part after "You're welcome.") personally, I just used this opportunity to call the attention of everyone reading this to check their facts, especially if it is so easy to do so. (like in case of this not severely complex topic of a SWIFT messaging system update)

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45 minutes ago, Tako said:

You're welcome.

Please note that facts and fiction tend to mix in this forum (even though, here the situation seems to be much better than elsewhere, but still), and when you are in doubt (and you always should be if you, like me, has no prior knowledge of banks and international finance, etc,) the best practice is to check your facts. Getting above info and assess that most probably it has nothing to do with Ripple in any way took me approx. 5 minutes. If you want to understand what is this whole thing about, and you are a layman in this field like me, these 5 minutes are worth your time and will help you separate facts from opinions/fiction in the long run.

Oh, and please don't take my reply (especially the part after "You're welcome.") personally, I just used this opportunity to call the attention of everyone reading this to check their facts, especially if it is so easy to do so. (like in case of this not severely complex topic of a SWIFT messaging system update)

No you are totaly right. But i know nothing at all about financial world. So checkin Facts is really difficult for me. That is the main reason why i am here, reading allmost everything but not contributing. 

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How would Ripple benefit from Swift? Swift is inefficient and a partnership with Ripple would mean that swift has to lay off a lot of their employees. Ripple already has some of the biggest banks behind them and they get more every day.

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54 minutes ago, Zerp_Legend said:

How would Ripple benefit from Swift? Swift is inefficient and a partnership with Ripple would mean that swift has to lay off a lot of their employees. Ripple already has some of the biggest banks behind them and they get more every day.

Have you ever been in a merger?  There are sacrifices both ways in man power due to overlapping responsibilities but the goal is to come out with a more dominate stance in your area of Business.  Both Ripple and Swift stand to gain in a partnership.  Ripple 11k more banks using their technology.  SWIFT(Trust from their customers that they are willing to do what it takes to help their customers negate higher cost and realize substantial savings and their willingness to do what it takes to move their clients into the future.)

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Guest

Swift are down to 1 day at moving money. 

Ripple down to 4 seconds. 

 

 

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Marcus Treacher, general manager of Ripple's London office.

Treacher spent six years on the board of SWIFT. He is hopeful about Ripple working together with the incumbent bank messaging network.

Treacher said that SWIFT's unique messaging categories – FIN, InterAct, FileAct would be well complemented by a message called "RippleConnect". He said: "SWIFT could run Ripple and the benefit SWIFT would give is that you have the 8,000 banks and the community and the governance and the oversight already.

"I think there are many futures for Ripple. One could be as part of the infrastructure of SWIFT. One could be as entirely new network. As a software company we are pretty agnostic about where it goes.

"SWIFT has run Ripple in its labs and is totally up to speed with what Ripple does. I guess the problem is whereas we are fresh and we are new, we haven't got our feet on the ground and we are establishing our network. SWIFT has got a humongous legacy. It moves the GDP of the world every three days.

"They are very cautious for a good reason. It just takes some time but we are in dialogue with them. We are speaking to their top brass and given time I feel positive," said Treacher

 

https://www.ibtimes.co.uk/seven-banks-kick-off-ripples-blockchain-network-including-santander-ubs-unicredit-90-more-1566894

Edited by MKH613

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https://www.txfnews.com/News/Article/6391/It-could-never-happen

TXF: Will we ever see a Ripple-SWIFT partnership?

MT: The Ripple and SWIFT models are so different that we would not need to partner. SWIFT's system is not designed to process high volume, low value payments – a market that also is underserved.

We do acknowledge two potential outcomes. One: our IoV model could be adopted for time critical treasury flows, and there is still a home in the ecosystem for messaging based platforms like SWIFT. Two: The IoV model becomes so pervasive that people don’t need a messaging based platform any more. We recognize that our model could eventually lead to SWIFT’s demise, as it is equally equipped to handle large as well as low-value transactions, but we are happy to coexist with the SWIFT world.

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