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Japanese Bankers Association adopt SWIFT GPI

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2 hours ago, xrphilosophy said:

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.

I think youre right. This was the impression I got from the Marjan Delatinne interview on German TV. She basically said you could use SWIFT gpi when it made sense and Ripplenet when it made sense and that it didn't was either or.. If someone should know it would be her.. 

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Stop this paranoia

This is right:

21 minutes ago, MrBavaria said:

Just one word: Nokia :D They were a giant too, so what? Just because SWIFT is a giant doesn't mean they can't lose market share. They definitely will lose market share, the question is how much will they lose. 

As Ripple have repeated told you SWIFT are tinkering with an old system.  Making it work better, I think one exec remarked you cannot modify a candle to be a light bulb. They have built a better candle and maybe it looks as bright as a light bulb but it is not going to be the future tech that will be adopted by the industry. 

Ripple built their system from the ground up.  It is a much better designed system using digital assets when they are useful.  Text rich payments with Codius smart contract facilites and seamlessly working with hundreds of other Fintech products.  SWIFT are 5 years behind this tech.

The daily cross border transactions of SWIFT are 5 trillion (I think)

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.

GPI have the advantage of working with a captive client base before XRapid is in production mode.  It is good news for the banks and of course a lot, maybe the majority, would like to take the easy lazy route of just upgrading to GPI.  A fragment will use XRP/Ripple and they will be using a better system and they will prevail.

This news changes nothing.

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22 minutes ago, mistatee2000 said:

Only in our world of XRP Chat does everything revolve around Ripple and xrp. The reality is that xrp is still in it's early stages and Xrapid is hardly out of the starting blocks. Of course banks will want to use Ripplenet if it gives them an advantage or keeps them current, but in the meantime they are still going to have to use existing corridors and if those corridors such as Swift , show enhancements such as gpii, they are definitely going to use them, but it in no way negates what Ripple is doing and what can be achieved with xrp in the future. It's a bit like car manufacturers still producing petrol and diesel cars, knowing that electric vehicle technology will make them obsolete eventually, but in the meantime if a manufacturer designs a petrol engine with improved performance, they will still manufacture and market it until the electric option is truly viable. The current SWIFT and SWIFT gpii is, in engineering terms obsolescent ie it will fade out just like vehicles using fossil fuels, and the new technologies will replace them.

New technology does not always win. SWIFT is already standard in banks all over the world. How much is the introduction cost to Ripple? And who will bear it? 

For banks that are commission businesses, adopting Ripple is possibility to be means to win the competition.

But For banks remittance fee accounts for a very small share of cash flow. On the other hand, adjustment of the system is incredibly costly and time consuming takes.Even if the bank adopts the Ripple system, they will continue to use SWIFT in parallel.

and if the adoption of Xrapid does not increase, the cost savings of Nostro accounts can not always be achieved surely.

There are many uncertainties.If Xrapid is not used in thousands, I think it may not scale.

I think that cost savings of Nostro accounts can not be achieved if XRP does not spread widely.

 

Edited by jabit

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7 minutes ago, jabit said:

New technology does not always win. SWIFT is already standard in banks all over the world. How much is the introduction cost to Ripple? And who will bear it? 

For banks that are commission businesses, adopting Ripple is possibility to be means to win the competition.

However, if the adoption of Xrapid does not increase, the cost savings of Nostro accounts can not always be achieved surely.

There are many uncertainties.If Xrapid is not used in thousands, I think it may not scale.

I think that cost savings of Nostro accounts can not be achieved if XRP does not spread widely.

 

Xrapid can work on any Scale.  It has always been the plan that Ripple/XRapid sets up corridors one at a time and then link them, the process is most advanced in Asia.  Where XRapid is set up it will have significant cost saving and tech advantages and well managed banks will use its services.

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What GPI is a threat for depends on what it delivers. It is much more likely that banks just keep things with swift if they are offered the same features challengers like ripple can offer.

They are catching up on speed, for many many banks, that is a threat, because speed is one the most desired features currently.

Ripple also offers bilateral messaging for realtime handshaking, what sounds great but IDK if that is enough to make banks spend money on switching to a new system.

I the end, it will take long to displace swift and I believe it will be on customer's demand the the game will be played. Whichever system offers the best experience at more or less the same cost will win. In case of a tie, swift wins.

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19 minutes ago, JA8 said:

Well, someone thinks this news is bullish apparently. XRP is one of the only coins back in the green for the day...

However, the Japan National Bankers Association selected SWIFT GPI. This association will contain most of Japanese banks.

That is,for international remittance in Japan 
SWIFT GPI Is to become standard.


International remittance in Japan will  bypass RippleNet.

Money taps can only use 3 banks at the beginning. And it can not use ATM.

Edited by jabit

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Just now, jabit said:

However, the Japan National Bankers Association selected SWIFT GPI. This association will contain most of Japanese banks.
International remittance in Japan will relatively bypass RippleNet.

Yes... odd... maybe the market hasn't caught on just yet. Or it may just be that the price of XRP is already pretty low.

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Quote

 

 

12 minutes ago, jabit said:

New technology does not always win. 

 

History would say that I should agree with this, HOWEVER, my faith is in Ripple and how they are going about their work with all the people involved, how they are evolving to meet the market needs and obstacles and let's not forget the potential that Coil shows with Codius.

 I would rather back Ripple with my money than SWIFT and their gpii, and I have put my money on that. We can sit on the sidelines and pontificate as to what Ripple should or should not do, but I for one would rather let Ripple get on with the strategy they have of working to a clear long term objective. My confidence is with the Ripple ( and I include Coil) team and not the thoughts of any anonymous contibutor  on any particular forum - no offence to the likes of Hodor whose opinion is held in high regard. 

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I am fairly new to this forum, have never made any post, and new to twitter as well. I am an investor in xrp and I love ripple and the people behind it. That being said, I read on these forums, because typically I see alot of good input, and insight. An example would be Hodors reads, along with others. Maybe people should start with name and credentials on occasion when there striving to make such strong points from such a speculative front. What seperates you from any other person that just likes to talk . Where are the real facts, why am I to be a believer. Unless I hear it out of what I deem a reputable person on this sight, or out of the horses mouth, which on occasion I do see, I consider it FUD and so should every one else that truly believes in xrp. I'm here for the long haul , when it rains it pours, that's why I carry a rain coat. It's up to everyone of us to achieve success so if you just want to state negatives, find something else to invest in. Simple as that!!! Nobody's twisting your arm either you are on board or not!! Alot of good in formation on this sight, so thanks to so many for that, but some people need to do a better job than say I think or give better reason to make a believer out of the masses. Nothing in life is easy, if it was everyone would be doing it!!!!

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10 minutes ago, jabit said:

However, the Japan National Bankers Association selected SWIFT GPI. This association will contain most of Japanese banks.

That is,for international remittance in Japan 
SWIFT GPI Is to become standard.


International remittance in Japan will relatively bypass RippleNet.

Money taps can only use 3 banks at the beginning. And it can not use ATM.

Read the statement carefully - nowhere do they say they have "selected" which implies they have preferentially chosen.  This is a bland statement telling us they will be using the upgraded SWIFT GPI which is a lot better than the old system and are telling us how much better their service will be.  As members of SWIFT they were obliged to do this by November anyway.  Nothing in this press release suggests that they think it is better than Rapidnet XCurrent XRapid or that they will stay using it after the Ripple/XRP becomes available in the corridors they use, and we all know SWIFT is an old system that has been upgraded because it was not fit for purpose.  Too little too late.

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7 minutes ago, Wildwestit28 said:

I am fairly new to this forum, have never made any post, and new to twitter as well. I am an investor in xrp and I love ripple and the people behind it. That being said, I read on these forums, because typically I see alot of good input, and insight. An example would be Hodors reads, along with others. Maybe people should start with name and credentials on occasion when there striving to make such strong points from such a speculative front. What seperates you from any other person that just likes to talk . Where are the real facts, why am I to be a believer. Unless I hear it out of what I deem a reputable person on this sight, or out of the horses mouth, which on occasion I do see, I consider it FUD and so should every one else that truly believes in xrp. I'm here for the long haul , when it rains it pours, that's why I carry a rain coat. It's up to everyone of us to achieve success so if you just want to state negatives, find something else to invest in. Simple as that!!! Nobody's twisting your arm either you are on board or not!! Alot of good in formation on this sight, so thanks to so many for that, but some people need to do a better job than say I think or give better reason to make a believer out of the masses. Nothing in life is easy, if it was everyone would be doing it!!!!

We should be a wise investor. We should examine both good and bad information.
I often study Ripple. And I will also investigate rivals 

And I am seeing the information in balanced fashion.

Edited by jabit

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Just because something is said doesn't make it true , we're at war take everything with a grain of salt. Know which side your on , and as far as I'm concerred all the rest is bull. If yo know your going to win , YOU WILL!!!

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6 minutes ago, Julian_Williams said:

Read the statement carefully - nowhere do they say they have "selected" which implies they have preferentially chosen.  This is a bland statement telling us they will be using the upgraded SWIFT GPI which is a lot better than the old system and are telling us how much better their service will be.  As members of SWIFT they were obliged to do this by November anyway.  Nothing in this press release suggests that they think it is better than Rapidnet XCurrent XRapid or that they will stay using it after the Ripple/XRP becomes available in the corridors they use, and we all know SWIFT is an old system that has been upgraded because it was not fit for purpose.  Too little too late.

Fair point. We should see a lot of banks "selecting" GPI moving forward. It is a mandate and with Xrapid not running yet what are they supposed to do, not be a bank and stop doing transactions? 

Everyone should be very prepared for GPI to keep growing because unlike Ripple, Swift has their customers by the balls. 

Edited by keybordem
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