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Ripple CEO: Expect dozens of banks to use our cryptocurrency...CNBC

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4 minutes ago, woodaldo said:

One thing to add to what I said above - and a point that has been missed by a lot of people is that 100 banks + are already up and running using xCurrent, SEB is already processing billions per year, Santandar 50% of their payments are going through xCurrent. They all seemed to get up and running on this fairly quickly once they gave it the green light. 

So what that tells us is a few things. 

Ripple have already implemented their API into the banking legacy systems. Payments can already be processed easily and confidently by banks using this system

Secondly, it will be a much smaller leap technologically to use xRapid once you already have xCurrent in place. We don't know the technical differences, but I imagine the turnaround time in this would be much quicker, in the region of a few months.

Once you are on xCurrent moving to xRapid will be ….er much more rapid.

 

Absolutely. xRapid is like an easy add-on, that's the impression I get from reading lots of interviews from people at Ripple. I can't believe that several of the FI's using xCurrent haven't been trialing it in the background because...why the hell wouldn't you? There's no downside to it. 

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6 hours ago, iLeeT said:

xRapid, the product itself - yes. But this needs to be integrated/implemented into the bank's system. You have testing periods, pilots, regulation certainty etc. Maybe some of these steps are already in place for some of the banks - if that's the case then definitely we can see some production usage until the end of the year, but seeing the low volume in the past months I have my doubts. Sure, pilots are using less money for transfers, but if you want to be sure that something works as expected you need to do a bit of performance testing/real-world scenarios.. e.g. pump up the volume

But remember that many, many of them are already using Xcurrent in production. That is Ripple's bread and butter. 

I believe Schwartz or someone has said it's *real* easy to switch a bank over from Xcurrent to Xrapid. LIke flipping a switch. So...if BG says this year, it's this year (or earlier). 

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As Budapest memorandum showed, 'hopes' and 'assurances' cost less than a paper they were expressed on. 

I wonder if this is another case of Brad's hearing voices of middle eastern bankers, but this time they said they will use xRapid. 

The case of Cuallix is very telling: they can't come to the agreement if they are 'live', 'near live' or still 'in production but with small amounts'. 

I've never would've thought that USD/MXN is that popular of a corridor that 'dozens' of banks will use. Seeing how that is the only corridor 'officially' announced by Ripple. 

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20 minutes ago, Graine said:

The case of Cuallix is very telling:

http://www.cuallix.com/en/

Cuallix is a financial institution with more than 25 years of history with operations in Mexico, United States and Hong Kong. We are focused in providing credit and payment processing solutions to individuals and companies, with products based on specific customer needs and digital content.

We have a certified technology platform that allows us to offer online financial services, 24/7 and 365, in a multi-currency and customizable structure.

We are a leading financial institution of SWIFT, MasterCard and UnionPay.

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5 hours ago, bookworm said:

After listening to BG, I am getting euphoria with his confidence of banks using xRapid by end of 2018 and dozens of banks using xRapid by end of 2019.

That's dozens with a 's' which would mean 24, 36, 48 or even more banks using xRapid.  Hmmm, it may be timely to increase exposure to XRP as the stars are lining up for the Bitcoin decoupling and moon ...

Maybe Brad likes donuts and he’s referring to the infamous baker’s dozen? 13, 26, 39, 52, etc!

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3 hours ago, Montoya said:

Good Lord, people need to calm the f*** down. Everyone gets so hyperbolic about every little statement. Words don't mean much. Sure, it is a good sign when the CEO says something positive, but let's cease this circle jerk of rocket/moon assertions; feeding each other's frenzied, euphoric fever-dreams of riches; parsing every word, no matter how tangential. Have sober expectations and you wont constantly be let down. 

No

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4 hours ago, woodaldo said:

One thing to add to what I said above - and a point that has been missed by a lot of people is that 100 banks + are already up and running using xCurrent, SEB is already processing billions per year, Santandar 50% of their payments are going through xCurrent. They all seemed to get up and running on this fairly quickly once they gave it the green light.

Ripple have already implemented their API into the banking legacy systems. Payments can already be processed easily and confidently by banks using this system

Secondly, it will be a much smaller leap technologically to use xRapid once you already have xCurrent in place. We don't know the technical differences, but I imagine the turnaround time in this would be much quicker, in the region of a few months.

Once you are on xCurrent moving to xRapid will be ….er much more rapid.

 

3 hours ago, djdhrubs said:

Absolutely. xRapid is like an easy add-on, that's the impression I get from reading lots of interviews from people at Ripple. I can't believe that several of the FI's using xCurrent haven't been trialing it in the background because...why the hell wouldn't you? There's no downside to it. 

 

3 hours ago, radcity79 said:

But remember that many, many of them are already using Xcurrent in production.

I believe Schwartz or someone has said it's *real* easy to switch a bank over from Xcurrent to Xrapid. LIke flipping a switch. So...if BG says this year, it's this year (or earlier). 

 

Hmmmmm.... my understanding is that xRapid is already integrated into the same suite that also contains xCurrent?  In other words, if you are using the software to have xCurrent capabilities, xRapid is just another "button" or "module" sitting there, ready to be used.  In fact, I believe there have been allusions to a "trojan horse" dynamic in some Ripple communications; could be referring to this particular issue.

Perhaps all these xCurrent customers already have xRapid capability, it's just a matter of "pressing that button" (from a user interface perspective).  Likely, a bunch of regulatory and logistical issues would have to be resolved before that xRapid "button" would be live in the interface.  But the point is that xRapid is already there in the banks's Ripple dashboards ready to be utilized.

Look forward to feedback on this supposition... ?

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@JohnnyRippleSeed That is true to some extent, we don't know if it is already caked in, I'd imagine its just a simple update to xCurrent to allow xRapid usage. However xRapid may also need changes to bank end legacy systems to, however we are just fishing in the dark. We can't be certain unless someone from ripple tells us. But we can make a reasonable guess that once xCurrent is installed its a far quicker process to add/use xRapid aswell from a technical point. From a bureaucratic point of view - who knows.

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Posted (edited)
6 hours ago, Hodlezerper said:

Yepp. Ripple has been working on their beta software with banks for years. They're ready for production level software which is basically sign and drive. 

The biggest issue I can see is actually having exchanges to get liquidity in and out of *cough* SBI *cough*. LMAX as well for Europe? Nothing in the United States yet that I can see, which is a shame. 

I also have a sneaking suspicion that the SBI exchange might have a less obvious goal:  to be a primary (institutional) exchange destination to many of the other Ripple bank customers.

Seems a lot of the talk about the SBI exchange focuses on the (direct and existing) customers of the SBI companies.  And, sure, that is huge.  But what if there's another level to this?  SBI will be serving as a crucial exchange infrastructure to many other Ripple customers?  And let's not forget SBI is a long-time and significant Ripple investor.  Might explain some of Kitao San's bold statements.

Perhaps this is another part of the "waiting game" puzzle amongst many different Ripple customers and "go live" timeframes?

Edited by JohnnyRippleSeed

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3 minutes ago, woodaldo said:

@JohnnyRippleSeed That is true to some extent, we don't know if it is already caked in, I'd imagine its just a simple update to xCurrent to allow xRapid usage. However xRapid may also need changes to bank end legacy systems to, however we are just fishing in the dark. We can't be certain unless someone from ripple tells us. But we can make a reasonable guess that once xCurrent is installed its a far quicker process to add/use xRapid aswell from a technical point. From a bureaucratic point of view - who knows.

Right.  My fault that I can't source my suppositions, but where I came up with the thought on this is because I think I remember reading a quote (maybe Joel Katz?) about the software design or how it actually worked from a user perspective and how xRapid was already "baked" in to the Ripple software suite/platform  Unfortunately, I haven't yet tried to track down that possible info....

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Well I imagine it needs an update, xCurrent came 9 months before the beta version of xRapid, so I'd imagine they'd have to be some sort of software update - which is probably a 30 min job. But none of us have seen the GUI but I imagine there is just an option somewhere to select xCurrent, or xRapid.

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