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Ripple xRapid Pilots Show Payments Powered by XRP Could Save $12-$21 Billion a Year


enrique11
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5 minutes ago, Capone said:

How many times will I have to repeat myself, Banks and any Financial institutions will never voluntarily pass transactions saving to the costumers. 

They will eventually, as competition for business will result in a race to the bottom for lower fees. Unless collusion. Even then, new entrants will make it happen. Freeing nostro/vostro money would make it viable anyway.

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1 minute ago, n2it said:

They will eventually, as competition for business will result in a race to the bottom for lower fees. Unless collusion. Even then, new entrants will make it happen. Freeing nostro/vostro money would make it viable anyway.

You’re right, competition is the only thing that will bring fees down, they will not do it out of goodwill.

This is free market capitalism at its purest.

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But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology.

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23 minutes ago, Capone said:

But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology.

They wont have any choice.  If they do not, then 3rd party entities like Flash FX and such will continue to spring up and take money away from banks, by offering a service that the corporate world will want, at a far cheaper rate than the banks.

 

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24 minutes ago, Capone said:

But then if banks and financial institutions have to pass most of their savings from Xrapid to the customers because of competition they may not be as enthusiastic as you and me to adopt the new technology.

Exactly, that has been my sentiment for a long time, that's why I have believed that this is a tech to allow little to medium-sized banks to upstage the larger well-established banks who don't participate.

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6 minutes ago, Capone said:

This is not an attractive proposition for banks . That’s why I think the real destiny of XRP is in P2P transactions.

Won't work long term IMO....XRP is very deflationary compared to all other cryptos I know of.  It's like getting people to transact using collectible coins, or BTC to a leser extent.  These are things you will accept and put in a savings account, that's the extent I see P2P from one savings account to another, not go out and spend...and most people have bills to pay or daily expenditures like food, bills, etc. 

Yeah, ok..remittances...to be put in savings account P2P...

Edited by enrique11
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If XRP becomes stable and widely available on many exchanges...why can't individuals just do P2P cross-border payments without intermediaries like moneygram, bank intermediaries, etc. in payment destination countries that have such exchanges?  Granted, it might be too complex for some people to do that on the receiving end of the payment, but wouldn't this be a motivation for banks, and other cross-border payment providers to lower the costs of such transactions substantially?

Now, if XRP is deemed a security...then it could screw up P2P without intermediary because you would need registered exchange to handle it IMO...I wonder if banks and other cross-border payment providers want the SEC to declare certain cryptos securities to keep people from saving money with cross-border payments, and in other ways that couldn't be done if deemed a security...but then people could alway use non-security like BTC or ETH for those payments.

 

 

Edited by enrique11
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