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Shazam5890

Met a SWIFT employee today

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15 minutes ago, Shazam5890 said:

Hi all,

I am a long time lurker that owns a significant amount of XRP. I am currently traveling through the Greek islands and met someone on a sailing trip this afternoon that works for SWIFT.

He told me he works in cross border payments, and I responded asking what he knew about Ripple. He said, “they’re trying to take my job!” I then correctly guessed that he worked for SWIFT.

He told me SWIFT is developing their own block chain solutions and they currently have a product that moves funds in 4 seconds. He said he frequently talks to banks and companies about this product and many don’t see the need to change their infrastructure and take the risk on a new system and he doesn’t see SWIFT going anywhere. He says they’re willing to innovate and are innovating, and that if they can offer similar products with comparable benefits to Ripple’s products he doesn’t see why banks would risk changing their infrastructure.

given that a consortium of banks own SWIFT, and its in the interest of these banks to keep it alive, I do think he has a point. There are a lot of intelligent people on here who know more than me, so I am curious to hear other’s thoughts on this and how these systemic factors will effect price long term.

Finally, I am not trying to spread FUD. The hive mind here tends to attack anyone who is not 100% positive about XRP. I believe in XRP and am not going to sell based on what some random guy told me, just want to hear some intelligent thoughts. I rarely hear others on here discuss SWIFT’s solutions that can compete with XRP and how they will impact price.

Don't feel bad about posting like this.  SWIFT is the natural competitor in this market.  If they weren't doing something to stay competitive that would be news.  I haven't seen anything announced by SWIFT yet that looks as good as Ripple's solutions, but SWIFT's advantage is their current market share.  SWIFT won't go away over night, and if they're fast enough they'll be around a long time.  However, they are looking at Ripple being a market share stealing train right now and they need to be working hard to not get passed by.  Keep a close eye on the competition, always.

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16 hours ago, Shazam5890 said:

that moves funds in 4 seconds

They might move IOU's but they don't have a counterparty risk free asset like xrp, for which Ripple has been trying to build liquidity for and in which it succeeded to a certain extent.

Quote

if they can offer similar products with comparable benefits to Ripple’s products he doesn’t see why banks would risk changing their infrastructure.

That's a big if.

Edited by zerpian

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10 minutes ago, Shazam5890 said:

Hi all,

I am a long time lurker that owns a significant amount of XRP. I am currently traveling through the Greek islands and met someone on a sailing trip this afternoon that works for SWIFT.

He told me he works in cross border payments, and I responded asking what he knew about Ripple. He said, “they’re trying to take my job!” I then correctly guessed that he worked for SWIFT.

He told me SWIFT is developing their own block chain solutions and they currently have a product that moves funds in 4 seconds. He said he frequently talks to banks and companies about this product and many don’t see the need to change their infrastructure and take the risk on a new system and he doesn’t see SWIFT going anywhere. He says they’re willing to innovate and are innovating, and that if they can offer similar products with comparable benefits to Ripple’s products he doesn’t see why banks would risk changing their infrastructure.

given that a consortium of banks own SWIFT, and its in the interest of these banks to keep it alive, I do think he has a point. There are a lot of intelligent people on here who know more than me, so I am curious to hear other’s thoughts on this and how these systemic factors will effect price long term.

Finally, I am not trying to spread FUD. The hive mind here tends to attack anyone who is not 100% positive about XRP. I believe in XRP and am not going to sell based on what some random guy told me, just want to hear some intelligent thoughts. I rarely hear others on here discuss SWIFT’s solutions that can compete with XRP and how they will impact price.

Its called swift gpi( search for it)  and we already discussed it. I personally doubt your story. Really sorry for that but

a) swift officily told that they dont work on a blockchain product anymore 

b) they cant deliver a product in an forseeable future ( they testet on a Sandbox with an unknown blockchain)

c) they could easily implement ripplenet on swift gpi 

 

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13 minutes ago, Shazam5890 said:

Isn’t the fact that you can move money in a matter of seconds the factor that eliminates the need for nos/vos accounts or is there another reason to have them?

I think it’s a mix up of payments vs settlements. If SWIFT was to have a similar solution we would have known by now, cause they would definitely need our $ for liquidity IMO. 

Edited by SanHolo

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13 minutes ago, zerpian said:

They might move IOU's but they don't have a counterparty risk free asset like xrp, for which Ripple has been trying to build liquidity for and in which it succeeded to a certain extent.

That's a big if.

That’s not my quote ?

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9 minutes ago, Shazam5890 said:

Isn’t the fact that you can move money in a matter of seconds the factor that eliminates the need for nos/vos accounts or is there another reason to have them?

Not really.

I will try to metapher it really simple and not to complex ( and a bit wrong but you will get the idea ) 

Imagine visting friends and putting 5 beer in the fridge /cooler. The fridge is the nostro account. Now you tell your wife/husband/divers to get you a beer.

Your Significant Other  now moves really really really slow and needs up to 5 days to get you the beer .

Now you change your wife/husband/divers to a new one . This one is really fast! it gets you the beer in 4 s. Wow cool you would say..and yes it is better.

But let me tell you this i have a  wife/husband/divers called XRPetta which is freaking fast ... 

She brings me the beer in 3 s still wow -- but she dont get me the beer from the fridge ... instead she gets it from the local supermarket. You will never have the need to bring your beer... because she is just that good! Oh my I know which one  I would like to get because in this example your friends are kind of weird and strange... they dont let you lent beer . If you dont bring your own... you stay thirsty! ( in my culture this is called a **** move)

 

:) 

 

 

 

 

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I would expect banks to be wary of changing their infrastructure. Change like that won't happen overnight, but if just one bank does change and offers a far superior service, that bank will attract so much business that the rest will have to catch up. That's how market economies work. 

We don't see many horse carriages anymore, except for fun. And Swift isn't even fun. 

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3 minutes ago, Benchmark said:

I would expect banks to be wary of changing their infrastructure. Change like that won't happen overnight, but if just one bank does change and offers a far superior service, that bank will attract so much business that the rest will have to catch up. That's how market economies work. 

We don't see many horse carriages anymore, except for fun. And Swift isn't even fun. 

Exactly. We just have to wait and see how things pan out. If one bank goes live with xRapid and sees signifcant savings compared to other banks, other banks will follow like cockroaches to not lose their customers.

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SWIFT has been used as a weapon against Countries to enforce sanctions most notably Russia.  I'm loath to link to CNBC (cause they are fools) but here is an article https://www.cnbc.com/2018/05/23/russias-central-bank-governor-touts-moscow-alternative-to-swift-transfer-system-as-protection-from-us-sanctions.html

SWIFT isn't the only game in town  - The world is Big.  

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