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

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58 minutes ago, JohnnyRippleSeed said:

I wonder if sufficient motivation helps speed the process of implementing?  In other words, would an FI be more motivated when there is straight-forward 30-80% savings staring them in the face if they implement vs. other projects (like a cloud migration project) where the payoff is less immediate and less clear?  A "must-have" vs a "nice-to-have"?

They should be more motivated by the cost savings for sure. From my experience cost savings are the top priority, at least in the bank I work for, and by a long shot. However, if there's a regulation uncertainty/risk involved they'll hold off before doing something as the fines are pretty big and also can damage your reputation.

For example, most of our team was completely side-tracked/focused on the MiFID II regulation framework that went live in January.. I had to work at some point during Christmas just because people/managers at the bank are too scared from regulations and fines. We pretty much abandoned any new features development for this.

Our project has some budget for cloud migration etc. as this again will save significant costs and also we are considered the 'golden source' for different types of data that all downstream applications in the bank are relying on so that's why they are investing in this - otherwise, no chance. Some of the data is used by traders on a daily basis so we are talking about millions of dollars at stake. 

There were like 600 (!) internal applications within the bank (you can imagine the absolute mess we are talking here), almost every app is being decommissioned which saves a massive amount of money. So, why I'm saying this - well, first you can imagine that bank systems and software are an absolute legacy mess - implementing/integrating a new technology to this mess takes a lot of time/refactoring etc. Second, it shows that cost savings are a crucial part for big banks. If they can save money and there's regulation certainty - they will. It can take some time, but they will. 

Unfortunately, I'm not part of the blockchain/innovation teams and I actually don't know which team is dealing with Ripple's software integration, but I know that this is being implemented/explored since early 2015. I've also seen some internal documents which obviously I can't disclose as I don't want to get my аss sued for no reason. I have a feeling these innovation projects are pretty close to the chest so there aren't a lot of people that know any details.

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17 minutes ago, iLeeT said:

I know that this is being implemented/explored since early 2015. I've also seen some internal documents which obviously I can't disclose as I don't want to get my аss sued for no reason. I have a feeling these innovation projects are pretty close to the chest so there aren't a lot of people that know any details.

As Hank-Moody-to-be was saying 20 years ago, “I want to believe”..

“Explored” and “implemented” are different things though. My team explored a dozen of message buses but only one was implemented.

Edited by Lamberth

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Great video. Good find again @xrpmommy 
Many will probably disagree with me, and that's okay, but I'm happy that Brad says (and he has said it before) he doesn't think about it as one versus the other. I hope people will now stop comparing XRP with BTC and/or BCH. There are gonna be many winners (and losers), but let's stop comparing apples with oranges.

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7 minutes ago, iLeeT said:

They should be more motivated by the cost savings for sure. From my experience cost savings are the top priority, at least in the bank I work for, and by a long shot. However, if there's a regulation uncertainty/risk involved they'll hold off before doing something as the fines are pretty big and also can damage your reputation.

For example, most of our team was completely side-tracked/focused on the MiFID II regulation framework that went live in January.. I had to work at some point during Christmas just because people/managers at the bank are too scared from regulations and fines. We pretty much abandoned any new features development for this.

Our project has some budget for cloud migration etc. as this again will save significant costs and also we are considered the 'golden source' for different types of data that all downstream applications in the bank are relying on so that's why they are investing in this - otherwise, no chance. Some of the data is used by traders on a daily basis so we are talking about millions of dollars at stake. 

There were like 600 (!) internal applications within the bank (you can imagine the absolute mess we are talking here), almost every app is being decommissioned which saves a massive amount of money. So, why I'm saying this - well, first you can imagine that bank systems and software are an absolute legacy mess - implementing/integrating a new technology to this mess takes a lot of time/refactoring etc. Second, it shows that cost savings are a crucial part for big banks. If they can save money and there's regulation certainty - they will. It can take some time, but they will. 

Unfortunately, I'm not part of the blockchain/innovation teams and I actually don't know which team is dealing with Ripple's software integration, but I know that this is being implemented/explored since early 2015. I've also seen some internal documents which obviously I can't disclose as I don't want to get my аss sued for no reason. I have a feeling these innovation projects are pretty close to the chest so there aren't a lot of people that know any details.

Wow, thanks Lee, great response!  Really cool perspective from someone working daily in the belly of the beast.  Even though I already tagged you with the little trophy thingy, I wanted to thank you more directly as well.

Man, I'm gonna have to keep asking clueless questions if it can coax cool "bank insider" info like this outta you... ?

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15 minutes ago, Lamberth said:

As Hank-Moody-to-be was saying 20 years ago, “I want to believe”..

Ha!  See what you did there...

Hank Moody < David Duchovny > Fox Mulder ----------> iLeeT used to have a Duchovny avatar (course I figured Lee pretty much looks like that anyway), amirite?

Six Degrees of iLeeT?

@Lamberth... you scoundrel you... ?

Edited by JohnnyRippleSeed

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9 hours ago, Julian_Williams said:

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?

 

The higher the price climbs the less units they will need. So hopefully when more units are needed than exist, the price will somehow find a way to spike to make up for it.

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4 hours ago, woodaldo said:

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.

Its been said before that during every xCurrent transaction there is a value displayed showing how much money would be saved if the transaction utilized XRP. Dangling like a carrot... So I would imagine there is literally an xRapid button..

 

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15 hours ago, iLeeT said:

As a developer it's very hard to see how any bank will be able to go into production using xRapid this year. Heck, Cuallix are not yet live and they are a small FI that did a pilot 7-8 months ago.. But it's nice if they can get even one bank to at least go into production with xRapid, of course with smaller volumes. Besides, after the cat out of the bag fiasco I don't really take BG's word that seriously. Same goes to Asheesh. Probably David and Nik are the two guys that I can trust as they've proven to be perfectly honest.

Dude, we are talking about Brad Garlinghouse, not BearGuy - and unless you're a developer for Ripple, then you're opinion as a developer isn't really relevant here.

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5 minutes ago, slinuxuzer said:

Dude, we are talking about Brad Garlinghouse, not BearGuy - and unless you're a developer for Ripple, then you're opinion as a developer isn't really relevant here.

I second this in a much nicer way.

You still don't know the requirements, work stoppages and fixes, qa standings, or what ever minor details needed for a production implementation. I would assume they have all the best practices down for the simplest implementation today with a POC to knock the ball so far out of the park. 

 

I think we will see a go live for a lot of these customers who started early in the year as 12 months is WAY too long imo to get something moving, even the big stuff. 

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1 hour ago, slinuxuzer said:

Dude, we are talking about Brad Garlinghouse, not BearGuy - and unless you're a developer for Ripple, then you're opinion as a developer isn't really relevant here.

You've literally joined 2 months ago so I'd imagine you've missed some of BG quotes/opinions before so that's fine.

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4 minutes ago, iLeeT said:

You've literally joined 2 months ago so I'd imagine you've missed some of BG quotes/opinions before so that's fine.

Didn't start following Ripple two months ago though, but there you go with the assumptions again. Ass|U|Me

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13 hours ago, Graine said:

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. 

It’s obvious that you do not have any sort of communication or PR background in a corporate environment. I do. And this is exactly how I would phrase it because unless the banks actually are live with the product as we speak, no corporate communications department will OK him saying “ They WILL go live”, even if the signed contracts are sitting on his table.

The USDMXN Corridor is a high traffic, low efficiency one and two minutes of googling would tell you what you need to know.

http://money.cnn.com/2018/01/02/news/economy/mexico-remittances/index.html

 

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10 hours ago, Elysium2030 said:

Really big news, but please everybody calm down.
Implementing software in a global enterprise takes several months to years.
Take Santander, for example. Santander has over 180,000 (!!!) employees worldwide. It takes an extremely long time for everyone to have xRapid on their PCs, have been trained and really all transfers and payment flows run via XRP.
i was involved in a software rollout for a medium-sized company with around 7000 employees. The complete implementation took 3 years.

Therefore, it is more important that Ripple Labs grows, that Ripple can attract employees and that the xRapid rollout works smoothly for every customer. 

Demand for XRP will increase when xRapid is used commercially, but please do not expect the trading volume to explode overnight. 

Sorry but this statement is completely wrong. It doesn't matter about number of employees - this is not an ERP system that will be used by  most employees, it will be used only by the payment teams and possibly treasury teams, often these are based just in head office for each country. Payment teams are normally small in number (a handful of people). The legacy ERP system will feed into this payment system with a batch file.  This is based on my experience rolling out IT systems in FI's. Like I said before the rollout of this software should be relatively straight forward if you already have xCurrent installed, legacy systems and internal regulations are the slower things here. 

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1 hour ago, woodaldo said:

Sorry but this statement is completely wrong. It doesn't matter about number of employees - this is not an ERP system that will be used by  most employees, it will be used only by the payment teams and possibly treasury teams, often these are based just in head office for each country. Payment teams are normally small in number (a handful of people). The legacy ERP system will feed into this payment system with a batch file.  This is based on my experience rolling out IT systems in FI's. Like I said before the rollout of this software should be relatively straight forward if you already have xCurrent installed, legacy systems and internal regulations are the slower things here. 

Is a bank officer having to verify the transaction with xCurrent/xRapid the same way they do for SWIFT based transactions? I wonder how much of it would be automated. What does your experience and knowledge of the industry tell you? I won't hold you to the answer as gospel as I know facts are sparse, but I'm just wondering what your guess is. 

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