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Brad Garlinghouse: FIs are already using XRP in their payment flows

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Saturday november 17 i made a banktransfer from Thailand to Holland.

THB/EURO

western union had the exchange rate of almost 41 and transaktion fees/commision for 2250 THB.

SCB had the exchange rate of almost 38 and teansactionfee/commision of 550 THB.

At SCB they Said transfer could take 3-5 bankdays. We where There on saturday, on monday the money was on the Holland account. If bankdays not involve saturday and sunday it means the transfer was made the same day :)

Sounds at least interesting since the fee and the time was really low and fast. The amount to send was 48000 THB or about 1300 Euro.

 

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On 11/13/2018 at 1:08 PM, aye-epp said:

I feel that Brad is an intelligent man.  He's also held a handful of upper management positions.

He purposely said, and meant, "Financial institutions like banks" for a reason rather than simply "Banks"

Yes but I think he also purposely said "Financial institutions like banks" rather than simply "Financial institutions"

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21 minutes ago, Naweed said:

Bank of America has an exclusive agreement with Ripple and can veto other major banks joining or use specific tools developed by Ripple. I can't remember the exact sentence used in our internal doc, but it was something along those lines. 

Say whaaaat?!?     Are you saying that you are an insider in Bank of America,  and that your bank can exclude other banks joining Ripplenet and can dictate what Ripple products they are allowed to use?

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BTW, I work in the investment banking side of Bank of America. And they're really strict when it comes to regulation due to their size in the financial markets. They're seen as industry leaders.  (Quote from Naweed October 2)

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1 hour ago, Naweed said:

Bank of America has an exclusive agreement with Ripple and can veto other major banks joining or use specific tools developed by Ripple. I can't remember the exact sentence used in our internal doc, but it was something along those lines. 

This seems to me to be too strong statement to be stated just in a way "... it was something along those lines". Can you really prove this?

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1 hour ago, Naweed said:

Bank of America has an exclusive agreement with Ripple and can veto other major banks joining or use specific tools developed by Ripple. I can't remember the exact sentence used in our internal doc, but it was something along those lines. 

When does that expire?

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1 hour ago, Luinorn said:

This seems to me to be too strong statement to be stated just in a way "... it was something along those lines". Can you really prove this?

I'm not sure you understand how competitive Investment Banking and post trade services are. Its an extremely lucrative business. 

1 hour ago, cmbartley said:

When does that expire?

Well Ripple aren't allowed to provide implementation incentives to JP Morgan or Citi or their use of Xcurrent subject to BOA consent. This lasts 24 months from contract signing. I don't have details of the official contract signing date. 

BOA have a right to upgrade their terms if other Ripplenet members are given more favourable terms. 

Ripple also provide light introductions to third parties for Bank of Americas clearing and FX relationships. 

Bank of America can pull out at anytime of they determine exposure to an unacceptable amount of reputational risk. 

Edited by Naweed

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2 hours ago, Tinyaccount said:

Say whaaaat?!?     Are you saying that you are an insider in Bank of America,  and that your bank can exclude other banks joining Ripplenet and can dictate what Ripple products they are allowed to use?

Thank you for the reply to the above question but can I just ask you to clarify a bit?

Are you an insider in Bank of America?

Have you seen a Bank of America document or agreement that shows Bank of America can exclude other banks from joining Ripplenet?

Can Bank of America exclude other banks in Ripplenet from using certain Ripple products?

Also can I follow up and ask...    How long has that been the case and when does it end if ever?

Edit: tagging @Naweed 

Edited by Tinyaccount
Forgot to tag Nawed

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