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The Race for Clients is On : Transfer Connex


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I have just had a cold call from a company called Transfer Connex asking me if my business would like to use their "Fintech" 24 hour online international money transfer services and skip using the banks for my overseas payments.  Looking at their website they have arrangements with Barclays facilities but the company does not have an "about" button.   I presume Transfer Connex is a new business using Ripple ILP technology to try to muscle in the lucrative money being made by big banks.

The pressure is on the big banks to use XCurrent if a tiny company like mine in West Wales is being canvassed by Fintech start ups.  I wonder how many of these calls the bigger companies will be getting?

https://www.transferconnex.com/online-platform/

 

Edited by Julian_Williams
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I think you are right.  The race does seem to be on.  And SWIFT is not going anywhere. It is an economic tool of the West if not a slow cumbersome one, and the banks won't give it up instantly.  I think governments won't support that either.

Yet I have heard smaller stories like this from friends of mine here in the States as well.  And they are not blockchain/fintech savvy really.  Someday here we're going to hear about some new money transfer company, and I bet that will be the spark which lights the real fire for the incumbent banks. They really don't appreciate how younger people have utterly no interest in their brand, branches, or business model,but just prefer a different modality to increase speed and ease of payment in a secure environment. 

It seems like Asia is really where adoption is occurring at the fastest rate.  Europe a second.  Still befuddled by the malaise which American banks and companies are steeped in.  Odd considering Ripple and XRP are American born. I suppose regulatory framework here is a big part of it, but I can't help but think there is just inertia as well.  Asia is leaps and bounds ahead of us in the payments space.  If anyone doesn't think all of this is still "early" in the global evolution of the sector then I'm not sure what is.  Maybe that's something with which to contextualize the current price of XRP. The whole concept of all this really has yet to take hold where some pretty big money resides.

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45 minutes ago, OzAlphaWolf said:

Quick look on their website and I saw this: "All payments are sent via the SWIFT network and will credit your beneficiary’s account within a couple of hours."

Thanks for pointing that out, I missed that!   I still think this is a good indicator that international payments are becoming a Fintech battle ground.

Edited by Julian_Williams
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5 minutes ago, whiteout said:

If swift can settle payments in hours now that’s a big problem for XRP

swift can't settle in hours, but they can credit the funds in hours

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56 minutes ago, whiteout said:

If swift can settle payments in hours now that’s a big problem for XRP

Kind of the difference between dial up, higher speed dial up, and then T1 connection.  Eventually, even though improvements made along the way, all systems eventually want to migrate to the higher efficiency (by and large).  There are some parts of the world without big tube internet connectivity still.  Customers tend not to prefer slower speeds as higher ones are offered over time.

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3 hours ago, fiik said:

not a problem...

still slow and costly comparably 

Hit the nail on the head; If Fintech companies are setting up online payment facilites and then cold calling businesses they are really ramping up competition.  Winning in competitive marketplaces is all about having the edge.   Fintech companies will dump SWIFT and all adopt XRapid which is the fastest cheapest service provider to businesses like theirs.  There will be no place for an online service that is slower, more expensive and less secure.

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Long story short: swift does not have a cryptographically secured digital asset that is universal and jurisdiction independent. The longer they keep telling themselves that's not needed, the better for the investors in the fastest digital asset on this planet.

Digital assets are not only very well suited to solve the current cross border payments problem. They will also facilitate the soon to become massive digital marketplace. a.k.a.: "the Internet of Value", in which value can travel as easily as information, and on which all kinds of new economic activities will flourish that we've never imagined.

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