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2ndtimearound

Multi-hop means SWIFT GPI is already obsolete

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4 minutes ago, 2ndtimearound said:

Just when SWIFT thought they had just about caught up to xCurrent, what do Ripple do? They basically unbrand xCurrent and announce RippleNet and Multi-hop.   It means that SWIFT GPI is already obsolete.   Blockchain messaging (alone) is not enough, and settling using vostro/nostro is absolutely not enough.  Ripple just pulled the rug from under SWIFT's feet. Multi-hop enables every xCurrent customer to also SETTLE their payments within a few minutes. Game over, SWIFT.  If they want to compete they will need to use a digital asset that's as liquid, valuable, fast and cheap as XRP ...err, that leaves only XRP.   No more shenanigans and bullsh!t from SWIFT - the rubber hits the road this year, and SWIFT don't have a digital asset to help them compete.   They can either join Ripple or admit defeat. 

SWIFT is a many-tentacled octopus that will find a way to stay relevant.

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1 minute ago, retryW said:

Why does reading this post make we want to start cackling maniacally out loud? But in a good way  ;)

I got annoyed when SWIFT - after decades of complacency - suddenly announced GPI as if they could cobble together a bit of code to compete with Ripple's years of development.  It made me think: "SWIFT, it's just not that easy - you don't have a digital asset and if you want one, it will take years to build up liquidity and value, or you can use XRP".  Sure enough, now Ripple call bullsh!t on SWIFT with Multi-hop.  No more coy announcements from SWIFT.  Banks have a very stark choice now: settle payments in around 2 minutes or "within 24 hours 50% of the time" while still tying up tons of money in nostro/vostro.  It's not even a choice when your competitors go with RippleNet - you either go with RippleNet or offer a much slower and more expensive service.

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13 minutes ago, Zerptime said:

It will only be obsolete if banks are actually using full production xcurrent instead of swift...

Ripple to bank: "you want to use RippleNet? You don't touch a digital asset, don't sign up to xRapid, don't have any regulatory issues, but you can still settle cross-border payments in 2 minutes and save an extra 40% on top of xCurrent's savings - that translates up to 80% savings from your current setup"

Bank: "nah, we're good.  This whole making-a-profit thing is way over-rated. We'll slowly wind down our operations and go out of business while our competitors choose your products." 

:crazy:

Edited by 2ndtimearound

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4 minutes ago, 2ndtimearound said:

I have a feeling those numbers are going to change quite radically over the next few years.

Exactly! Swift is a cooperative of big banks with the target to control small banks and extract from their clients horrible fees. Once small banks migrates to Ripplenet, Swift will have to use Ripplenet too or die.

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21 minutes ago, Blubber said:

SWIFT is a many-tentacled octopus that will find a way to stay relevant.

As much as I dislike your general tone of commenting, you are probably right on this one. It's unsafe to assume SWIFT is over and out, there are deep pockets with invested interests behind closed doors. Stay vigilant. Having said that, I'm starting to think Ripple has a copy of Sun Tzu's Art of War.

 

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28 minutes ago, bloopi128 said:

swift has over 11,000 partners, ripple under 200 so at best ripple is 1% / 1.5 % size of Swift, don't bury swift just yet

“There are two kinds of banks. Those who are on Ripplenet, and those who will be shortly”

- Navin Gupta, Managing Director For Ripple approximately April 2018.

“Now we don’t approach banks…they approach us.”

- Navin Gupta, July 2018

SWIFT and their years of screwing small and mid-sized banks is over. 

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