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Kass

Banks have to use Ripple‘s technology to comply with regulation

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So Ripple-tech results in a bilateral messaging system. Sender and receiver are informed about the current status of the remittance and the sender knows before he sends the money how high the fees are going to be. As far as I know SwiftGpi uses it’s old technology where you have no information about the current status and about the fee. If SwiftGPI is changing that, then banks using SwiftGpi will be able to comply but it also will make me question why Karen Gifford makes this statement.

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3 hours ago, Kass said:

I just asked myself if there is a deadIine when every bank has to comply or how the enforcement if the Dodd-Frank-Act is conducted.

She may not have meant a date, maybe she was referring to the cost of compliance for smaller banks.

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5 hours ago, Kass said:

On Youtube I saw a source where Karen Gifford, Chief Compliance Officer, talked about the Dodd-Frank Act and how it will be tough for the banks to comply with american disclosure regulation if they won’t use Ripple technology. So I digged deeper and the Dodd-Frank-Act is a document somewhat longer than 1000 pages. But I found the interesting part about disclosure regulation I think Karen Gifford is talking about. I just asked myself if there is a deadIine when every bank has to comply or how the enforcement if the Dodd-Frank-Act is conducted. The document is from 2010. I also tweeted the other sources: 

 

 

A982905E-64C6-4ECE-9BAB-91D1255CD325.jpeg

A ii and A iii are generally easy for Ripple tech (and xRapid). 

I haven't seen any documentation yet from SWIFT that says GPI can do this for all scenarios; If I'm mistaken, I invite anybody to link to the source to prove me wrong. 

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1 hour ago, Hodor said:

A ii and A iii are generally easy for Ripple tech (and xRapid). 

I haven't seen any documentation yet from SWIFT that says GPI can do this for all scenarios; If I'm mistaken, I invite anybody to link to the source to prove me wrong. 

That would imply that an act passed in 2010 provided an impossible situation, a the time, for the banking/remittance industry.

I guess I could be reading this completely incorrectly, but this looks like it describes a messaging system.  I don't see why xRapid would need to be involved.

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7 hours ago, Tyrell said:

That would imply that an act passed in 2010 provided an impossible situation, a the time, for the banking/remittance industry.

I guess I could be reading this completely incorrectly, but this looks like it describes a messaging system.  I don't see why xRapid would need to be involved.

There’s no way to know the fees without a system like xrapid or multihop. When you send a swift payment it can go through several of many different banks along the way and they all charge their own amount.

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Thanks for sharing this!
however, I'm not entirely understanding-  does SWIFT not provide the amount in receiving currency, fees, and exchange rate?

They do, but it comes with a (high) cost

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3 hours ago, ImTheRippler said:

There’s no way to know the fees without a system like xrapid or multihop. When you send a swift payment it can go through several of many different banks along the way and they all charge their own amount.

Isn't that one of the reasons why services like Western Union charge so much?

xRapid will do this more efficiently and for far less money, but I don't think remittance providers have been in violation of Dodd-Frank all this time.

I have only sent money using Swift cross border a few times, and the fees seemed to be fixed prior to the transaction.

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2 hours ago, Tyrell said:

Isn't that one of the reasons why services like Western Union charge so much?

xRapid will do this more efficiently and for far less money, but I don't think remittance providers have been in violation of Dodd-Frank all this time.

I have only sent money using Swift cross border a few times, and the fees seemed to be fixed prior to the transaction.

Yes exactly. Just after that statement she says that actually the banks today are raising their fees to have a buffer because with today’s technology the exact fee is not predictable.

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17 hours ago, Tyrell said:

...this looks like it describes a messaging system.  I don't see why xRapid would need to be involved.

I don't see this being limited to only the messaging layer.  Can you point out that part?

xCurrent, xVia, and xRapid do A ii and A iii.  They:

  • provides a disclosure of amount to be received and
  • provides all fees known up front

If you've seen sourced info that says different, please link or quote. 

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4 hours ago, Kass said:

Yes exactly. Just after that statement she says that actually the banks today are raising their fees to have a buffer because with today’s technology the exact fee is not predictable.

People keep talking all of these crazy fees and all I think can is Walmart costs $16 to send $2500 to anwwhere available in 10 minutes.

Seems fast enough and cheap enough to me. 

Western union charges what it charges because there Re so many physical offices where there may not be a way to pick up cash when no bank account is had by the end user.

For me 10 min 2500$ 16 bucks and Walmart customer service Im good.

Edited by pumpndump

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