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

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5 minutes ago, XRPonTheIronThrone said:

Alright @iLeeT , perhaps not many banks, but i would wager $1 as a "Gentlmen's" bet that SBI and / or Santander will utilize xRapid by the end of this year.

Look, I hope everyone is right and I'm wrong, at the end of the day we all probably benefit from this. I was just expressing a different pov as I'm working for a big bank /one of the biggest world-wide/ and I know how awfully slow integrations/development of new technology is. There is a *lot* of regulation that's happening behind the screen. For example, in my case - we want to migrate some stuff to the cloud - we can't do it before Q4 this year, probably somewhere mid-next year just because there could be some data that can't be hosted in the cloud /depending on where the physical machines are located etc./, there are laws, regulations, different departments that need to give a green light etc. I can imagine it's even harder to do something crypto and blockchain related.

I don't know about Santander, but I don't think SBI would manage to utilize xRapid /production-wise/ until the end of the year, just purely judging by their reputation with delays etc. I hope I'm wrong of course :) If one thing crypto has taught me is that people constantly over-hype things and then are feeling let down etc. 

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41 minutes ago, OzAlphaWolf said:

I'm very confident the regulatory issues will sort themselves out. As Navin said, when they explain how these systems can speed up remittances and the flow through effect on the real economy, that gets the central banks excited. 

But another major ongoing challenge to sort out is institutional quality exchanges to service all the needed corridors. I think it's unrealistic to expect that to happen overnight. What we're likely to see is volume build in a number of primary corridors first (eg. USA/Mexico, Japan/South Korea, India/UAE). As these are stress tested and the systems prove themselves, that will become an organic confidence booster for exchanges and market makers to open into other corridors.

Exactly right -  the system will start working in a few corridors really well and then it will grow more and more branches and twigs.  I think once it is up and running it becomes very difficult to build a competing system, so the system becomes monopolistic.   SWIFT is a monopoly, XRapid/Via will be a bigger system that extends into all sorts of nooks and cavities where it will provide specialist services.  A single ecosystem like the internet of things is one ecosystem.  XRP will be at it centre although I wonder if  after a decade or so they will need more than 100 billion units to service the system?

 

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2 minutes ago, iLeeT said:

Look, I hope everyone is right and I'm wrong, at the end of the day we all probably benefit from this. I was just expressing a different pov as I'm working for a big bank /one of the biggest world-wide/ and I know how awfully slow integrations/development of new technology is. There is a *lot* of regulation that's happening behind the screen. For example, in my case - we want to migrate some stuff to the cloud - we can't do it before Q4 this year, probably somewhere mid-next year just because there could be some data that can't be hosted in the cloud /depending on where the physical machines are located etc./, there are laws, regulations, different departments that need to give a green light etc. I can imagine it's even harder to do something crypto and blockchain related.

I don't know about Santander, but I don't think SBI would manage to utilize xRapid /production-wise/ until the end of the year, just purely judging by their reputation with delays etc. I hope I'm wrong of course :) If one thing crypto has taught me is that people constantly over-hype things and then are feeling let down etc. 

I completely understand and certainly appreciate differing views! I'm just trying to have some fun. If i win, you can owe me. ?

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3 minutes ago, XRPonTheIronThrone said:

I completely understand and certainly appreciate differing views! I'm just trying to have some fun. If i win, you can owe me. ?

If you win, I think I can afford 1$/1xrp :D just need to remind me as I'll forget 100%, drinking is ruining my memory 

Edited by iLeeT

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1 minute ago, iLeeT said:

Look, I hope everyone is right and I'm wrong, at the end of the day we all probably benefit from this. I was just expressing a different pov as I'm working for a big bank /one of the biggest world-wide/ and I know how awfully slow integrations/development of new technology is. There is a *lot* of regulation that's happening behind the screen. For example, in my case - we want to migrate some stuff to the cloud - we can't do it before Q4 this year, probably somewhere mid-next year just because there could be some data that can't be hosted in the cloud /depending on where the physical machines are located etc./, there are laws, regulations, different departments that need to give a green light etc. I can imagine it's even harder to do something crypto and blockchain related.

I don't know about Santander, but I don't think SBI would manage to utilize xRapid /production-wise/ until the end of the year, just purely judging by their reputation with delays etc. I hope I'm wrong of course :) If one thing crypto has taught me is that people constantly over-hype things and then are feeling let down etc. 

I'm in a similar position - I work at a large, conservative FI and I am skeptical about the speed at which XRP can be brought to production.

It is usually a serious slog to get anything done inside such organisations, especially when it comes to new tech.

Of course if it has already been secretly trialled and piloted and greenlit then all bets are off. For Santander at least, this could be the case.

Miguel Vias has already stated that he expects to see banks using XRapid in payment flows this year and that does align with what Brad has said (twice).

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Is there any legal consequences for BG for making such forward-looking and bullish statements? or is it because XRP is not classified as a security, and Ripple is not issuing public stock that the reins are off?

For the CEO of a company, these seem like bold statements.

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@spondulix @iLeeT I have worked at large FI's and one of the worlds biggest car manufacturer implementing huge IT projects, and yes with banks it was even slower. However it depends on the complexity of the project. One of the biggest issues is tying it into legacy applications, such as ERP systems such as SAP/Peoplesoft. However I think some banks are much further down the line than we imagine. Santandar have been working with Ripple for 2+ years, and from my knowledge of payment systems they are relatively more straight forward than actually ERP installations so should have quicker turn arounds. I imagine some banks are ready to go now, those who have been working with Ripple a few years.  . We are 6 months further down the line from the below BG quote. I'd imagine a few would be ready to go this year, but initially it will be a phased roll out, using it for smaller payment corridors first, then scaling up. 

 

Edited by woodaldo

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20 minutes ago, iLeeT said:

 

23 minutes ago, iLeeT said:

Look, I hope everyone is right and I'm wrong, at the end of the day we all probably benefit from this. I was just expressing a different pov as I'm working for a big bank /one of the biggest world-wide/ and I know how awfully slow integrations/development of new technology is. There is a *lot* of regulation that's happening behind the screen. For example, in my case - we want to migrate some stuff to the cloud - we can't do it before Q4 this year, probably somewhere mid-next year just because there could be some data that can't be hosted in the cloud /depending on where the physical machines are located etc./, there are laws, regulations, different departments that need to give a green light etc. I can imagine it's even harder to do something crypto and blockchain related.

I don't know about Santander, but I don't think SBI would manage to utilize xRapid /production-wise/ until the end of the year, just purely judging by their reputation with delays etc. I hope I'm wrong of course :) If one thing crypto has taught me is that people constantly over-hype things and then are feeling let down etc. 

 

15 minutes ago, spondulix said:

I'm in a similar position - I work at a large, conservative FI and I am skeptical about the speed at which XRP can be brought to production.

It is usually a serious slog to get anything done inside such organisations, especially when it comes to new tech.

Of course if it has already been secretly trialled and piloted and greenlit then all bets are off. For Santander at least, this could be the case.

Miguel Vias has already stated that he expects to see banks using XRapid in payment flows this year and that does align with what Brad has said (twice).

Do you guys work in FI's in the West e.g. in US or UK?

I get the impression that regulations for Middle Eastern banks or possibly banks based in the Far East are not as cumbersome to overcome as for banks or FI's in the West. I could be totally wrong about this of course.

There's a quote from Navin Gupta doing the rounds which says that they spent 2 years persuading Santander to implement xCurrent. So based on that, I think things have been developing behind the scenes for quite some time. That's why I choose to believe the CEO's statements today.

I, and everyone else on this forum, could of course be easy to hoodwink and be hearing what we want to hear, because we are all of course invested in XRP. However, the boldness/ confidence of the statements in unequivocal.

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12 minutes ago, 7Days_Late said:

Is there any legal consequences for BG for making such forward-looking and bullish statements? or is it because XRP is not classified as a security, and Ripple is not issuing public stock that the reins are off?

For the CEO of a company, these seem like bold statements.

I'm not a lawyer, but I don't see anything wrong with these statements. Brad has always made it clear that XRP is separate from Ripple the company, and if Ripple were to go bankrupt, it would continue to exist.

In my mind, this is akin to Monsanto extolling soy, or corn.

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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.

 

Edited by woodaldo

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