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Japanese Bankers Association adopt SWIFT GPI

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4 minutes ago, Tribble said:

I want to read the rest, but it is behind a paywall.

If you have access, could you please copy/paste the entire article?

海外送金、完了確認を容易に 全銀協、新システム採用

https://www.nikkei.com/article/DGXMZO35275180S8A910C1EE9000/

全国銀行協会は11月、国内外の銀行による国際的な円決済を仲介する「外国為替円決済制度」を強化する。国際送金のインフラを担う国際銀行間通信協会(スイフト)が導入した、送金の処理をクラウドで追跡できる新システムに対応。メガ銀行を経由して海外送金する地方銀行もメリットを受けられるようになる。

 スイフトが17年に導入した「gpi(グローバルペイメントイニシアチブ)」は、海外のどの銀行で依頼が処理されているかや着金の完了をクラウドで把握できる。各行の中継手数料も明示されるため、送金銀行は最も効率的なルートを選べる。参加行には依頼の即時処理も求めており、9割超が1日以内に完了する。

 外国為替円決済制度は全銀協が運営、日銀に事務を委託している。gpiに対応すれば、海外とのやりとりをメガ銀に依頼する地方銀行や信用金庫も処理の追跡などができるようになる。gpiは三井住友が2月、三菱UFJが8月に導入。みずほも11月の導入を予定する。

Edited by jabit

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English:

 

In November, the National Bankers Association will strengthen the "foreign exchange yen settlement system" that mediates international yen settlement by domestic and foreign banks. Corresponds to a new system that can be tracked by the cloud, remittance process introduced by the International Banking Communication Association (Swift) which is responsible for the international remittance infrastructure.

Regional banks to remit overseas via mega banks will also be able to benefit. In 'gpi' (Global Payment Initiative) introduced by SWIFT in 17 years, which bank overseas is processing requests, you can grasp completion of clothing completion of landing.

Transfer banks can choose the most efficient route because the relay fee of each line is also specified. Participating rows are also requesting immediate processing of requests, and more than 90% is completed within one day. Foreign exchange yen yen settlement system is operated by the Bank of Japan Cooperatives, and the office is entrusted to the Bank of Japan.

If it corresponds to gpi, local banks and shinkin banks that request mega-silver to communicate with foreign countries will also be able to track the process. gpi was introduced by Mitsui Sumitomo in February and Mitsubishi UFJ in August. We plan to introduce Mizuho in November.

--

Isn't Ripple already working with these banks?

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2 minutes ago, Hohenheim said:

English:

 

In November, the National Bankers Association will strengthen the "foreign exchange yen settlement system" that mediates international yen settlement by domestic and foreign banks. Corresponds to a new system that can be tracked by the cloud, remittance process introduced by the International Banking Communication Association (Swift) which is responsible for the international remittance infrastructure.

Regional banks to remit overseas via mega banks will also be able to benefit. In 'gpi' (Global Payment Initiative) introduced by SWIFT in 17 years, which bank overseas is processing requests, you can grasp completion of clothing completion of landing.

Transfer banks can choose the most efficient route because the relay fee of each line is also specified. Participating rows are also requesting immediate processing of requests, and more than 90% is completed within one day. Foreign exchange yen yen settlement system is operated by the Bank of Japan Cooperatives, and the office is entrusted to the Bank of Japan.

If it corresponds to gpi, local banks and shinkin banks that request mega-silver to communicate with foreign countries will also be able to track the process. gpi was introduced by Mitsui Sumitomo in February and Mitsubishi UFJ in August. We plan to introduce Mizuho in November.

--

Isn't Ripple already working with these banks?

Mitsui Sumitomo and Mitsubishi UFJ, Mizuho (Japan's 3 Mega Bank)is consortium member of SBI.

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My understanding of Ripple's products suite and XRP's usage regards banks (including SBI) is that one does not preclude the other.  Banks may want various options in transferring money, and the integration of both a SWIFT product (existing) and Ripple Product is wholly preferable.  One works with the existing system, and one is dialed in for the future/in areas where SWIFT does not compete well. I don't think it's ever been either/or.

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I do not think that's a big problem. The banking world does not just work in black and white. If 61 Japanese banks in a consortium use xRapid, there are other banks that continue to use SWIFT. Money is also transferred to these other banks. So why not upgrade the old technology? Even though xRapid goes live, Brad once mentioned that in 4-5 years, they want to have about 50% of all banks as partners. Changes do not happen overnight...

Quality will win in the end

Edited by DreXRP

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If the rumours that Swift's network is integrated into ILP is true, then the two networks (RippleNET and Swift) can definitely co-exist in these banks. They could use Swift GPI for corridors that there is big liquidity and RippleNet for low liquidity corridors. When XRP reach the required liquidity in the next year(s), they can ditch Swift GPI altogether.

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Tough to grasp through translation, but it is worth remembering that November is the scheduled SWIFT update and they are boasting that 90% of settlements can happen in one day.  I don't read anything positive in it, but it doesn't seem threatening, either.  It looks to be saying SWIFT is becoming more efficient.  Even with xRapid adoption, I can't imagine a bank not using SWIFT as well.  It would cut off 90%+ of the banks you could otherwise deal with right now.

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5 minutes ago, WrathofKahneman said:

Tough to grasp through translation, but it is worth remembering that November is the scheduled SWIFT update and they are boasting that 90% of settlements can happen in one day.  I don't read anything positive in it, but it doesn't seem threatening, either.  It looks to be saying SWIFT is becoming more efficient.  Even with xRapid adoption, I can't imagine a bank not using SWIFT as well.  It would cut off 90%+ of the banks you could otherwise deal with right now.

SWIFT gpi reduces cross-border payment times to minutes, even seconds

https://www.swift.com/news-events/press-releases/swift-gpi-reduces-cross-border-payment-times-to-minutes_even-seconds 

SWIFT gpi is recently trying to speed up

And they are planning to use hyperledger.

Edited by jabit

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