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TAS and Ripple Software Integration Confirmed! (video)

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6 hours ago, panmores said:

Sorry to be a party pooper, but looks like there's no TAS - Ripple collaboration at all in the real world. Seems like they were enthusiastic a few years ago about Ripple in the early stages and then, for some reason, missed the train.

From a TAS email:

"Ripple is integrated into our Network Gateway suite where we have developed the network adaptor for this protocol. We have performed benchmarking and pilot testing, although there are no live deployments at present."

The upgrades are this weekend .... and on monday Ripplenet will have the first serious adoption cycle...  do the research and you'll reach the same conclusion.

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2 hours ago, cryptoxrp said:

The upgrades are this weekend .... and on monday Ripplenet will have the first serious adoption cycle...  do the research and you'll reach the same conclusion.

I can’t find the source of the scheduled weekend upgrade.  Can you post the source? 

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2 hours ago, cryptoxrp said:

The upgrades are this weekend .... and on monday Ripplenet will have the first serious adoption cycle...  do the research and you'll reach the same conclusion.

What exactly do you mean by "first serious adoption cycle"?

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3 hours ago, panmores said:

Ooooookay!

Some earlier posted background information. There are more sources but kind of buzzy at the moment. I'll try to find the other info as soon as possible. The easy analysis.... to start on monday the 20 th of november you'll have to upgrade the systems the weekend before....

 

Edited by cryptoxrp

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1 hour ago, Paradox said:

What exactly do you mean by "first serious adoption cycle"?

What I mean is that on monday the SWIFT European Single Market Infrastructure Gateway (ESMIG) is connected and upgraded.

So if TAS now states: "Ripple is integrated into our Network Gateway suite where we have developed the network adaptor for this protocol. We have performed benchmarking and pilot testing, although there are no live deployments at present." then they are in fact telling the truth.

But after this weekend, with the ESMIG connected and upgraded, 11000 SWIFT banks can connect directly with Ripplenet.

And that includes usage of the ISO 20022 message standard.

I read that all large payment gateways will be upgraded in november (also ACI payment gateway). I can't find the source....pfff

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16 minutes ago, cryptoxrp said:

What I mean is that on monday the SWIFT European Single Market Infrastructure Gateway (ESMIG) is connected and upgraded.

So if TAS now states: "Ripple is integrated into our Network Gateway suite where we have developed the network adaptor for this protocol. We have performed benchmarking and pilot testing, although there are no live deployments at present." then they are in fact telling the truth.

But after this weekend, with the ESMIG connected and upgraded, 11000 SWIFT banks can connect directly with Ripplenet.

And that includes usage of the ISO 20022 message standard.

I read that all large payment gateways will be upgraded in november (also ACI payment gateway). I can't find the source....pfff

Cheeky.

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1 minute ago, panmores said:

Cheeky.

Could have been in one of the youtube channel video's the last few days. Been researching 'round the clock'. Also added significantly to my XRP position. I always put my money where my mouth is.

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1 hour ago, cryptoxrp said:

What I mean is that on monday the SWIFT European Single Market Infrastructure Gateway (ESMIG) is connected and upgraded.

So if TAS now states: "Ripple is integrated into our Network Gateway suite where we have developed the network adaptor for this protocol. We have performed benchmarking and pilot testing, although there are no live deployments at present." then they are in fact telling the truth.

But after this weekend, with the ESMIG connected and upgraded, 11000 SWIFT banks can connect directly with Ripplenet.

And that includes usage of the ISO 20022 message standard.

I read that all large payment gateways will be upgraded in november (also ACI payment gateway). I can't find the source....pfff

I'm sorry,  I don't quite follow.   My understanding of ESMIG is that it simply provides checks on inbound TIPS messages then routes them to the correct TIPS application.  In fact, the ECB explicitly states ESMIG does not provide technical connectivity nor network services to what they define as "Market Infrastructure Service Actors":

image.png.fa62baad35ad4fe111c2b967b0b77607.png

 

How can ESMIG "connect" 11,000 SWIFT participants if it does not play any kind of connectivity role?   People keep talking about SWIFT and ISO 20022 and TAS etc, but so far no one has been able to coherently and technically explain to me how it will work.   Instead, people automatically jump to conclusions just because a particular software provider seemingly has the possibility of connecting to RippleNet.

I'm all ears if someone wants to provide a detailed technical analysis of how the "November Upgrade" will lead to a "serious adoption cycle".   But based on the technical evidence I have seen, this claim is all smoke and no fire.

 

 

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39 minutes ago, Paradox said:

I'm sorry,  I don't quite follow.   My understanding of ESMIG is that it simply provides checks on inbound TIPS messages then routes them to the correct TIPS application.  In fact, the ECB explicitly states ESMIG does not provide technical connectivity nor network services to what they define as "Market Infrastructure Service Actors":

image.png.fa62baad35ad4fe111c2b967b0b77607.png

 

How can ESMIG "connect" 11,000 SWIFT participants if it does not play any kind of connectivity role?   People keep talking about SWIFT and ISO 20022 and TAS etc, but so far no one has been able to coherently and technically explain to me how it will work.   Instead, people automatically jump to conclusions just because a particular software provider seemingly has the possibility of connecting to RippleNet.

I'm all ears if someone wants to provide a detailed technical analysis of how the "November Upgrade" will lead to a "serious adoption cycle".   But based on the technical evidence I have seen, this claim is all smoke and no fire.

 

 

Swift themselves have stated that the ESMIG is ISO20022 compliant so I don't see the problem. Also Swift themselves have as I wil kindly state again (read below):

Quote

The solution that we are now rolling out in Europe for TIPS and RT1 is the first stage for our participants to be connected to the new unified market infrastructure, and we are putting forward three examples of its added value:

1. It is the initial step towards ESMIG. [The SWIFT gateway (by TAS Group) is the connecting node]

2. It re-uses the SWIFT infrastructure that participants have already in place in terms of procedures, connectivity to the operating centres and support facilities as well as the security features that are used to sign the messages.

3. Our SWIFTNet Instant solution is what we call “multi-CSM” (clearing AND SETTLEMENT) – a single interface that market participants can use to connect to EBA Clearing’s solution [with Ripplenet] or the Eurosystem platform or indeed any other future payment solutions that will offer such connectivity. ["such connectivity".... that is imho the instant clearing and settlement via Ripplenet.... smells like XRapid]

This means that customers will not have to install a new payment gateway every time they want to connect to a new instant payment system, saving them time, resources and money. This is vital to a rapid deployment of faster payment systems. - [The last sentence is referring to strategic infrastructure decisions dating from 2016]

By Carlo Palmers, head of payment market infrastructures, SWIFT........{thank you Carlo].

Unquote

I do agree that all of the above is connecting the dots. So we still have to wait and see what will really happen!

Edited by cryptoxrp

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19 minutes ago, cryptoxrp said:

Swift themselves have stated that the ESMIG is ISO20022 compliant so I don't see the problem. Also Swift themselves have as I wil kindly state again (read below):

Quote

The solution that we are now rolling out in Europe for TIPS and RT1 is the first stage for our participants to be connected to the new unified market infrastructure, and we are putting forward three examples of its added value:

1. It is the initial step towards ESMIG. [The SWIFT gateway (by TAS Group) is the connecting node]

2. It re-uses the SWIFT infrastructure that participants have already in place in terms of procedures, connectivity to the operating centres and support facilities as well as the security features that are used to sign the messages.

3. Our SWIFTNet Instant solution is what we call “multi-CSM” (clearing and settlement mechanism) – a single interface that market participants can use to connect to EBA Clearing’s solution [with Ripplenet] or the Eurosystem platform or indeed any other future payment solutions that will offer such connectivity. ["such connectivity".... that is imho the instant clearing and settlement via Ripplenet.... smells like XRapid]

This means that customers will not have to install a new payment gateway every time they want to connect to a new instant payment system, saving them time, resources and money. This is vital to a rapid deployment of faster payment systems. - [The last sentence is referring to strategic infrastructure decisions dating from 2016]

By Carlo Palmers, head of payment market infrastructures, SWIFT........{thank you Carlo].

Unquote

ESMIG being ISO20022 compliant has nothing to do with my question.  That is literally just a messaging standard.    You have not provided a technical explanation, but rather just a quote that speaks about two different mechanisms (ESMIG vs. SWIFTNet).   Furthermore, TIPS is for a SINGLE CURRENCY area (i.e. no bridging of currencies is taking place), and ESMIG is in no way playing a connective or networking role.  It literally just checks and routes messages.

Your third point may "look and smell" like xRapid, but unless something changes on Monday, there is NOWHERE NEAR enough liquidity for XRP to start handling large institutional payments (>10 million USD).  I want XRP to do well just as much as anyone else does, but IMO all this misinformation/hype/"dot connecting" is not good for the space.

 

Edited by Paradox
I don't mean to sound harsh, just want to temper expectations.

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3 hours ago, Paradox said:

ESMIG being ISO20022 compliant has nothing to do with my question.  That is literally just a messaging standard.    You have not provided a technical explanation, but rather just a quote that speaks about two different mechanisms (ESMIG vs. SWIFTNet).   Furthermore, TIPS is for a SINGLE CURRENCY area (i.e. no bridging of currencies is taking place), and ESMIG is in no way playing a connective or networking role.  It literally just checks and routes messages.

Your third point may "look and smell" like xRapid, but unless something changes on Monday, there is NOWHERE NEAR enough liquidity for XRP to start handling large institutional payments (>10 million USD).  I want XRP to do well just as much as anyone else does, but IMO all this misinformation/hype/"dot connecting" is not good for the space.

 

ESMIG (hybrid) role is:

"The objective here is that the payments and securities markets participants will use ESMIG as a single gateway to connect to a consolidated market infrastructure."

"The solution that we are now rolling out in Europe for TIPS and RT1 is the first stage for our participants to be connected to the new unified market infrastructure

"This means that customers will not have to install a new payment gateway every time they want to connect to a new instant payment system, saving them time, resources and money. This is vital to a rapid deployment of faster payment systems."

It's all about connectivity imho.

And if the TAS Gateway is used... (TAS is preferred supplier) "Since the beginning, TAS Group has been at the heart of the pan-European central infrastructures thanks to business domain expertise and innovative technological platforms. Now entering this very busy and exciting period, we continue our dedication to servicing the Eurosystem, major European Central Banks and commercial banks." source: https://www.tasgroup.eu/tas-media-room/tips

From Reddit,

SR2018 will be MANDATORY on the 18th (november). It may have been available for a while, but without everyone upgraded the API can't be used. Once mandatory every SWIFT transaction will have a UETR or not get processed. This enables any of the 11,000 banks in the SWIFT network to be recipients of transactions via the API which SWIFT built to enable Ripplenet (and a few others) to integrate with SWIFTnet. The 4,000 banks that will suddenly be able to use Ripplenet will be able to do so because their back end software provider is a company called Temenos. They've come out and said in several releases they have integrated with Ripple. SAP has done the same, and they represent 40k corporate customers. Then there's TASS group and the payment hubs. . .

@Paradox your last comment "there is NOWHERE NEAR enough liquidity for XRP to start handling large institutional payments (>10 million USD)" is spot on. Many of us beleive that this problem can be solved by an orchestrated increase of the XRP price. See the following Q and A document for how this can be done. https://drive.google.com/file/d/1lqNRyD_0p78p1byoLmd2O7C3WAuZNJVS/view

 

Edited by cryptoxrp

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This could be related as it is from Chase Bank. It is not well published. Perhaps it is not available to all accounts at Chase. But when I go to Global Transfer on my phone, I can send to almost anyone in any country converted into their currency. Every time I step through the process the wire fee says... No Fee. It may be that they are not charging as an initial promotion, but they do make the point that for any transfer over $5,000 there will be no wire fee in the future. My understanding is that the wire will happen way faster than it used to. 

Chase.png

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