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Japanese Bankers Association adopt SWIFT GPI

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Delay of SWIFT GPI is due to lack of user's entry.

This also happens in Ripple in the same way.

They can make the process faster.

 

Swift plans new vetting system to speed payments

https://www.paymentssource.com/news/swift-plans-new-vetting-system-to-speed-payments

The Society for Worldwide Interbank Financial Telecommunication says a pre-validation system it will launch soon to catch payment message mistakes prior to dispatch should increase the number of payments reaching beneficiaries in less than 30 seconds.

More than 50% of payments through Swift's Global Payments Innovationprogram already are credited to the beneficiary as a faster payment, some arriving in just a few seconds.

But through the use of secure application identifiers, predictive analysis and artificial intelligence tools, the new GPI capability will pre-validate messages by identifying and flagging potential issues ahead of time, Swift stated in a Tuesday press release.

Payment delays often occur when message data has an incorrect beneficiary listed, or a name missing, or it lacks sufficient regulatory data on the cross-border payment.

"Within the fast-growing GPI community, there is a strong demand for further transparency and the ability to address issues before payments are made, so that they are as predictable and efficient as possible," Swift CEO Gottfried Leibbrandt said in the release.

The process allows the payment originator to verify with the beneficiary bank, ahead of time, that the beneficiary account will be able to receive the funds.

"While currency controls and regulatory approval processes will always cause some delays in the payment process, many payment flows can be sped up by ensuring the correct information is provided upfront," Harry Newman, head of banking at Swift, said in the release.

"Invalid beneficiary information is the first cause of returned or rejected payments," Newman added. "Eliminating these detectable and preventable errors and omissions will make international payments much more efficient."

Currently, more than 220 financial institutions around the world are using Swift's GPI process, which debuted more than a year ago to establish common procedures and messaging for all banks, while also adopting new technology to operate alongside legacy systems.

Edited by jabit

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@jabit are you actually an XRP holder? If you are, you clearly invested because you see some value in XRP.  OK, if that's the case, then give us a paragraph on the positives of holding XRP.  I dare you not to use "but" or "however" in the ending part of that paragraph.

If you do NOT hold XRP, then you're and out-and-out troll.  There's nothing wrong with a non-XRP holder having some negative views on XRP, but ALL of your comments are negative about XRP.  Why would someone do that unless it's deliberate FUD?

Edited by 2ndtimearound

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I'm holder from 2015.And I sold a little. But now, HODL.

I am expecting about the ILP web standard.I look forward to the Internet of value.

But many things involve the success of Xcurrent and the success of Xrapid.

I'm anxious about recent rise of SWIFT GPI.
rise of that market share will be a bypass of Ripple.

I'd just like to hear many opinions.

 

 

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8 hours ago, Julian_Williams said:

The daily vol of XRP today is less than .5 billion.  If XRP captures 1 10,000th of SWIFTs business they will double XRP daily vol.  If they capture 10% their daily volume will be 1000 times bigger.   XRP is going to be the digital bridging asset, no doubt about it.

 

1

yup with numbers like these I really wonder what will happen to the price if they would capture a large market share. It could get pretty damn crazy..

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8 hours ago, jabit said:

SWIFT GPI looks the same way as Xcurrent, which connects bank accounts directly.

They will be able to speed up even more.

https://tech.nikkeibp.co.jp/it/atcl/column/14/346926/070400570/?P=2

Mate, just stop. Please.

You are clearly not a Ripple fan because you don't even understand what xCurrent is or why it's light-years ahead of GPI.

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2 hours ago, jabit said:

I'm holder from 2015.And I sold a little. But now, HODL.

I am expecting about the ILP web standard.I look forward to the Internet of value.

But many things involve the success of Xcurrent and the success of Xrapid.

I'm anxious about recent rise of SWIFT GPI.
rise of that market share will be a bypass of Ripple.

I'd just like to hear many opinions.

 

 

I call bull****. I may not know much at all about the tech side of crypto compared to others here but I’m good at reading people. You are trying to spread doubt, pure and simple. I have zero respect for people who actively try to manipulate others for their own purposes and worse, do it while pretending to be a member of the group. You are lying. I won’t spoil it for you but you might be surprised how many queues can be picked up from someone’s writing. So you can stop now. Hit the road.

Edited by Deeznutz

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I enjoy your input & I like hearing about any potential strengths the competition may have too. Yes we're here for our love of XRP but I don't want to be so much of a echo chamber we can't hear about what the competition are doing & how that may affect our preferred assets application.

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8 hours ago, jabit said:

But Swift GPI is new architecture that uses blockchain. I imagine Ripple will be more and more difficult to differentiate by fee and time.

Now you're not just being an embarrassingly transparent shill, but you're also being really silly as well.

Edited by pemo8

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3 hours ago, jabit said:

I have not lied. I am debating based on articles.

What? You’re not debating at all. You’re just spouting statements in a vacuum with no evidence to back them up. “SWIFT GPI is spreading rapidly. SWIFT GPI is better. Thousands of banks will prefer SWIFT GPI.”

You’re trying to pass off your fud as fact. It’s fine to have an opinion, but when you come to an XRP forum and all you’ve done is praise a competitor, you’re going to be called out. 

You sound like my son’s creepy Hatchimal Furby thing that randomly says the same few things over and over. 

 

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I just think the OP is overinvested and concerned with reading positive news about potential competition. They don't seem to understand the Ripple technology or how remittances work. English not being their native language also has some additional effect. I don't believe the person is spreading FUD, but rather looking for reassurance that their money is in the right place - XRP.

This topic does give us some excellent posts from more experienced members of the forums and I do truly appreciate that :) Thanks, @BLPinfinity, @OOL, @Mr_Cambridge, @Julian_Williams, @mrhat75! I think we've been missing these type of delicate and accurate responses lately. It's all FUD-calling and moonshots nowadays...

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Key thing to remeber is: why did Ripple create ILP and xCurrent? Why did they shift their roadmap a couple of years ago, to start builing this software first?

David Schwartz has answered this question many times: to create what is missing, and create a bigger playing field for XRP. "If someone else builds something better, we'll use that".

Now suppose SWIFT gets their act together and creates a messaging system that is just as fast, reliable, flexible and interopeable as ILP (fat chance). Would that be bad news for Ripple? Of course not.

That is, unless you do not see the technical features that digital assets bring to the world, features which cannot be delivered by fiat currencies, by their design, features that will power our global economy, with self enforcing contracts, micropayments, new ways of credit, and a whole new generation of software.

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People are assuming that SWIFT and Ripple aren't already working together. 

We have no idea. Amazing coincidence though that SWIFT GPI's release date of late-Nov just seems to be amazingly in the ballpark of when the switch is being pulled on XRapid. 

SWIFT would have had NO way of knowing this when they started work on GPI. I think we'll find they will complement one another: Ripple would love to leverage off SWIFT's easy access to clients, and SWIFT would love to access Ripple's technological efficiency via the ILP. 

Something big is brewing. 

 

Edited by Ironhalo

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18 minutes ago, Ironhalo said:

People are assuming that SWIFT and Ripple aren't already working together. 

We have no idea. Amazing coincidence though that SWIFT GPI's release date of late-Nov just seems to be amazingly in the ballpark of when the switch is being pulled on XRapid. 

SWIFT would have had NO way of knowing this when they started work on GPI. I think we'll find they will complement one another: Ripple would love to leverage off SWIFT's easy access to clients, and SWIFT would love to access Ripple's technological efficiency via the ILP. 

Something big is brewing. 

I agree with your statement, I think this will shed some light on the whole Swift GPI concerns. Many may not agree with the statements and views but I believe there is heavy substantiation to the points being made. 

 

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