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

[mm34505]

1 minute ago, enrique11 said:

Maybe a pure crypto will put pressure on banks if smaller banks and FIs don't beat them to it. I think the big banks will be forced to adapt or perish in that market..the question is how soon, IMO.

still think your someone on the XLM team

 

just my opinion

[enrique11]

41 minutes ago, mm34505 said:

still think your someone on the XLM team

 

just my opinion

I'm changing my profile thumbnail 'cause of you...you gave me an idea.

I scrapped my Stella! from "A streetcar Name Desire."  It's an old movie and nobody would get it. ?

Edited July 4, 2018 by enrique11

[tulo]

I'm still wondering where the 55% number comes from.

It has always been a random number on Ripple's advertisements. No breakdown, no explanation, no real case study.

Edited July 4, 2018 by tulo

[Guest]

28 minutes ago, tulo said:

I'm still wondering where the 55% number come from.

It has always been a random number on Ripple's advertisements. No breakdown, no explanation, no real case study.

yep we need way more clarity on these figures otherwise it's a bit like their vague xrp messages... oh it's being used? by whom? where? how much volume? etc

[2ndtimearound]

10 hours 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. 

"How many times will I have to repeat myself, Blockbuster will never voluntarily pass savings to their costumers if they streamed videos online."

Oh wait, Blockbuster no longer exist.

My point: it's not just about savings.  It's about survival.  Banks that do NOT adopt blockchain fintech will go out of business.  You must be joking if ACME bank prefers to do it "the old way" with 3 day delays on a cross-border payment when all the other banks are offering 2 minute transaction times.  They will have precisely zero customers.  ACME bank would go out of business, or at least their cross-border service would become dead in the water. 

Banks are evolving.  Fifteen years ago, most people didn't bank online.  Now almost everybody does.  That's a MASSIVE transformation in a very short amount of time. Banks evolve not because they want to (it's painful after all), but because they need to - just to survive. This idea that a bank can say "meh, blockchain schmockchain....we'll pass on that" is hilarious.  If a bank is stupid enough to not see what's ahead of them, they will follow Blockbuster into the dustbin.

 

Edited July 4, 2018 by 2ndtimearound

[2ndtimearound]

9 hours 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.

It's not about it being attractive or not to banks.  It's what is attractive to the bank's customers.  Customers (i.e. businesses) who can settle cross-border payments in 2 minutes to their suppliers (and receive from their customers) with zero fail rate will choose that over waiting 3 to 5 days with a chance of payment failing.  In any case, 150+ banks/FIs (and counting) disagree with you with it not being an attractive proposition.

[emsemporium]

33 minutes ago, 2ndtimearound said:

It's not about it being attractive or not to banks.  It's what is attractive to the bank's customers.  Customers (i.e. businesses) who can settle cross-border payments in 2 minutes to their suppliers (and receive from their customers) with zero fail rate will choose that over waiting 3 to 5 days with a chance of payment failing.  In any case, 150+ banks/FIs (and counting) disagree with you with it not being an attractive proposition.

I agree with you wholeheartedly, Take 2.  Rightly or wrongly, it is not what customers want these days so much as what they have come to expect, namely convenience. 

And convenience - allied with speed, low cost, ease of use - is hard to resist.  It always has been (from lawn mowers to Skype calls to drive-through fast-food outlets).  

A convenience store is not called a convenience store for nothing.  It simply reflects the day and age in which we live. 

"Adapt or die" is surely a maxim whose time has - finally - come for banks, large and small alike.

 

[2ndtimearound]

20 minutes ago, emsemporium said:

I agree with you wholeheartedly, Take 2.  Rightly or wrongly, it is not what customers want these days so much as what they have come to expect, namely convenience. 

And convenience - allied with speed, low cost, ease of use - is hard to resist.  It always has been (from lawn mowers to Skype calls to drive-through fast-food outlets).  

A convenience store is not called a convenience store for nothing.  It simply reflects the day and age in which we live. 

"Adapt or die" is surely a maxim whose time has - finally - come for banks, large and small alike.

 

Governments will demand it anyway.  They can see the economic benefit of money flowing much faster between businesses and individuals.  It might even stave off the big crash which is due...especially if banks can ALSO free up all that nostro/vostro money.

[Bubbles]

I didnt think that article was very exciting. Based on pilots from the US to Mexico and then it says 600 Billion in cross border payments (that is the whole pie) total cross border payments globally there would be a savings of 12-21 billion.

The real money is in banks. Hope Brad is right and there is a great announcement in 5 months.

 

 

 

 

[2ndtimearound]

3 hours ago, emsemporium said:

I agree with you wholeheartedly, Take 2.  Rightly or wrongly, it is not what customers want these days so much as what they have come to expect, namely convenience. 

And convenience - allied with speed, low cost, ease of use - is hard to resist.  It always has been (from lawn mowers to Skype calls to drive-through fast-food outlets).  

A convenience store is not called a convenience store for nothing.  It simply reflects the day and age in which we live. 

"Adapt or die" is surely a maxim whose time has - finally - come for banks, large and small alike.

The idea of money flowing as easily as information has so many benefits to the economy.  Governments will do anything to enable this reality.  It will boost economies and yes, make taxation automatic for governments too.  The 1.7 billion unbanked will be enfranchised into this new system.  Micropayments will create whole new job categories.  Nostro/vostro money freed up.   It WILL happen.