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Met a SWIFT employee today


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On 8/22/2018 at 9:23 AM, lucky said:

RippleNet is not an improvement of SWIFT, but a fundamental new approach to enable the Internet of Value, where each application that runs on the Internet has a “bank account”, to which we can route payments, in whatever currency we happen to own. I cannot possibly see the closed old SWIFT network facilitate that, it misses one critical component: a cryptographically secured counterparty free digital asset.

Can SWIFT be improved to better serve currend demand for global payments? Sure, and it’s about time.

Can it serve the future digital economy? Highly unlikely.

Spot on

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I met a SWIFT employee on a flight recently and he had a suitcase but wouldn't tell me what was in it.

This entire post is made up, kudos to you for strong story telling skills though. 

This is true. I know his mom well. 

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I am a little late here (travelling), but JustinS is correct. There are two parts of a financial transaction. Payment (record of transaction being made) and Settlement (actual money moving from one account to the other.

Ripple's model is basically (as I understand it) that Ripplenet offers almost instantaneous payment, and using XRP as a bridge currency allows for almost instant settlement.

From what I can tell SWIFT GPI will take 4 seconds to record payment, but the actual settlement (money changing hands) will not necessarily become any faster, so even if payment is recorded immediately, you're still moving money between banks via the traditional (not fast) systems.

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The future is digital assets not moving messages faster than before that's not moving true value whether it's swift or xcurrent. Xcurrent is a steping stone to XRP that's it. It's realy not that hard to understand if you really understand what that means you will see swift is no threat or visa because they don't use a digital asset to move value.

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I think to make this thread simpler avoid the “I met a SWIFT employee whilst holidaying in the Greek islands” and change to “Is SWIFT developing its own blockchain? And if so could it be competition to Ripple or prevent Ripple’s progress?”

I think it’s been well answered but my 2 zerps worth is that the only information I have seen about SWIFT and blockchain was a reference to them trying to develop it or trailing it and they couldn’t get it to work. If they are developing their own and not partnering with Ripple they will be years behind. Ripple has that advantage. SWIFT has the advantage of having long relationships with banks. 

I feel that once xRapid is out of beta and banks start using it other banks will jump on board. 

I don’t expect SWIFT to meekly go out of business, they will fight back. Will they, can they change and move with the times or will they be the next Kodak?

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@Shazam5890, CLS is more of a competitor to Ripple than SWIFT.  CLS is owned by the largest banks in the world who are also members of SWIFT.

https://www.cls-group.com/about-us/shareholders/

CLS has their own DLT solution called CLSNet which allows their customers to use both SWIFT non-SWIFT channels for more than 125 currencies.  Currently, CLS has approximately 50% of the FX market.  I have not been following the progress of their product for several months, but it should be in production by now.

https://www.cls-group.com/products/processing/clsnet/

 

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6 hours ago, Sebastian said:

@Shazam5890, CLS is more of a competitor to Ripple than SWIFT.  CLS is owned by the largest banks in the world who are also members of SWIFT.

https://www.cls-group.com/about-us/shareholders/

CLS has their own DLT solution called CLSNet which allows their customers to use both SWIFT non-SWIFT channels for more than 125 currencies.  Currently, CLS has approximately 50% of the FX market.  I have not been following the progress of their product for several months, but it should be in production by now.

https://www.cls-group.com/products/processing/clsnet/

 

On the second website it says that CLSNet provides enhancement in liquidity. How is that even possible without a digital asset?

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9 hours ago, Sebastian said:

@Shazam5890, CLS is more of a competitor to Ripple than SWIFT.  CLS is owned by the largest banks in the world who are also members of SWIFT.

https://www.cls-group.com/about-us/shareholders/

CLS has their own DLT solution called CLSNet which allows their customers to use both SWIFT non-SWIFT channels for more than 125 currencies.  Currently, CLS has approximately 50% of the FX market.  I have not been following the progress of their product for several months, but it should be in production by now.

https://www.cls-group.com/products/processing/clsnet/

 

You know the pricing model of CLS, right? Still cheaper than SWIFT but come on, paying X USD per trade is still ridiculous. 

More importantly, you need to be a member and the funds have to be moved to settle trades. 

Edited by Lamberth
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