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2ndtimearound

Multi-hop means SWIFT GPI is already obsolete

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It'll be really interesting to see how fast the U.S. big banks switch over. They're the ones who have been making off like bandits all of these years. Now the smaller FIs actually have a choice. Some of these big banks are really resistant to change. I wonder if they'll stay the course for a while in the hopes that Ripple flops, lobby for super-restrictive legislation of crypto, give up and join...?

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7 minutes ago, Deeznutz said:

It'll be really interesting to see how fast the U.S. big banks switch over. They're the ones who have been making off like bandits all of these years. Now the smaller FIs actually have a choice. Some of these big banks are really resistant to change. I wonder if they'll stay the course for a while in the hopes that Ripple flops, lobby for super-restrictive legislation of crypto, give up and join...?

Big banks are also making money servicing the small banks without Nostro Vostro accounts and have an interest in keeping the old system alive for a little longer.   Multihop helps break the monopoly they are trying to keep on life support.

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Some comments are really funny. If you ever speak to anyone in in the banking business you will easily realize what a dinosaur and a pain in the @#! SWIFT is for business. If a bank still uses SWIFT (or SWIFT GPI which does not seem to address most of the major issues SWIFT has) 3-5 years from now it would be like you still insist to use a 56k PSTN modem to connect to the internet. Well would you? That would be a total joke. Of course this does not guarantee that Ripple will end SWIFT's reign and that another/better solution could not emerge. Although seems like Ripple has the best chances at the moment.

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6 hours ago, Yodaxrp said:

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.

Exactly @Yodaxrp The ole' Little Big Horn approach. Let's gooooooo!

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6 hours ago, Zerptime said:

You know it's not as simple as that, just saying swift is far from dead

In the longer run, SWIFT will have to either create a similar mechanism as xRapid, or use xRapid.  GPI is not enough.  xCurrent is not enough (for Ripple).  Faster messaging is just solving a part of the problem.  I'm not saying "SWIFT are dead" in 2018....but inevitably bridge currencies will be used to solve the cross-border time and cost problems that exist today.  When banks see their competitors saving time and money while freeing up their nostro money...it's bound to have an effect.

Edited by 2ndtimearound

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8 hours 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

well they may have 11,000 banks but you also have to account for the fact that most of these banks are tiny in comparison. Ripple has been signing some of the biggest banks in the world. Just think of what Birla said about India, you only have to sign I think three banks to get the majority of the market. Ripple even signed SAMA or the Central Bank of Saudi Arabia, when you sign Central Banks you definitely are on your way. 

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7 hours ago, mandelbaum said:

image.png.ebc6c6c184c450f4316ec343f9c3b30d.png

Looks like they just got the message..

Is that the new SWIFT cellphone?

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