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Ripple Is Destined to Overtake Swift Banking Network, CEO Says

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20 hours ago, RikkiTikki said:

In listening to this Brad makes a point to say "SWIFT is owned by Banks and we are here to help Banks!!" There is going to be some sort of SWIFT/RIPPLE integration I am convinced with this interview.  I think due to NDA's and keeping the speculation hype to a minimum so that the price of XRP is more affected by actual utilization as opposed to premature speculation is why rumors are being shut down but not discounted as valid or invalid just a lot of word play out of both.  I think we are getting close though.  I liken Brads statement to a fight with a Big brother or Little brother "Look we agree to disagree but in the end we have a common goal for the family!"  I'm sure Ripple does not want XRP to inflate like BTC with more than 90% of the value being speculation I am sure they would want more of a controlled burn here instead of a wildfire with potential to eat itself!!

 

https://www.bloomberg.com/news/videos/2018-11-13/ripple-labs-ceo-discusses-cryptocurrency-xrp-need-of-global-framework-video

Noobs and the experienced have to watch out for premature speculation. It can be a real problem for investors, and can get one into a sticky situation. 

Edited by Mars

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8 hours ago, jabit said:

Swift GPI has already been adopted by 49 banks out of TOP 50 banks in the world.
 

 

Ripple is adopted only a few banks out of the top 50 banks in the world.

 

 

 

Your choice of statistic wording made me belly laugh.

Not really knowing the dealings, Swift being established, it would be easier for them to slide in their "update" to their current companies. Hence the "49" adoptions, right?

With Ripple pressing, they will be friendly by asking them to politely move out of the way.

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10 hours ago, Trickery said:
11 hours ago, madToo said:

You could also argue most if not all of the swift member banks profited greatly by charging high fees for an archaic service. A service smaller banks had no choice and had to use.

You could argue that the profit was derived from the customers of the banks not the banks themselves, the banks have profited by the efficiency of the Swift service and it is this profit that Ripple are targeting.

"the banks have profited by the inefficiency of the Swift service" (there I fixed it) ;)

Also, Ripple has been very smart and strategic by targeting the most inefficient corridors first, where they could happily co-exist with SWIFT for quite some time. As the network grows, so will interest and adoption of RippleNet IMO... 

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6 minutes ago, GiddyUp said:

"the banks have profited by the inefficiency of the Swift service" (there I fixed it) ;)

Not when compared to what they had before Swift, once Swift came in to being they were able to make profits very efficiently.

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2 minutes ago, Trickery said:

Not when compared to what they had before Swift, once Swift came in to being they were able to make profits very efficiently.

Hi @Trickery I was speaking about "the float", banks holding customer money for a period of days is inefficient for the customer, but profitable for the banks.

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10 minutes ago, GiddyUp said:

Hi @Trickery I was speaking about "the float", banks holding customer money for a period of days is inefficient for the customer, but profitable for the banks.

And that pretty much sums up the point I was making. By making cross border payments almost instantaneous Ripple are creating competition between the banks and thereby reducing the bank's profits while increasing their own.

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2 hours ago, GiddyUp said:

"the banks have profited by the inefficiency of the Swift service" (there I fixed it) ;)

Also, Ripple has been very smart and strategic by targeting the most inefficient corridors first, where they could happily co-exist with SWIFT for quite some time. As the network grows, so will interest and adoption of RippleNet IMO... 

Thanks :)

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On 11/13/2018 at 8:57 PM, jabit said:

Japanese Bankers Association (JBA) is doing Real-Time Gross Settlement in Japan

Does that include real time cross border payments? The key words 'cross border'.

On 11/14/2018 at 4:02 AM, jabit said:

Swift GPI has already been adopted by 49 banks out of TOP 50 banks in the world.

Not surprising. Isn't the Swift SR2018 on Nov 18. Swift GPI, I don't think it handles settlement.

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52 minutes ago, jabit said:

Swift gpi crosses 50% threshold

https://www.finextra.com/pressarticle/76779/swift-gpi-crosses-50-threshold

We have a union of R3. But we need to hurry.

“universal gpi adoption by the end of 2020. By then, all 10,000 banks on the SWIFT network will be able to offer same day end-to-end delivery with full tracking and transparency throughout the payment chain.”

So by 2020 businesses and consumers can choose between banking apps offering same day delivery using the expensive pefunding correspondent banking system, and apps that offer same second delivery using digital assets at virtually zero fee.

Apps and machines connected to the Internet of Value will use (open source) (open standards) (globally accepted) (zero counter party risk) (100% uptime) (ultra low fees) (cryptographically verifiable) digital assets exclusively, which means businesses and consumers need a banking app of the second category anyway, to interact with those.

Not to mention the 1.7 billion adults that are now unbanked but all carry a mobile...

Edited by lucky

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31 minutes ago, lucky said:

“universal gpi adoption by the end of 2020. By then, all 10,000 banks on the SWIFT network will be able to offer same day end-to-end delivery with full tracking and transparency throughout the payment chain.”

So by 2020 businesses and consumers can choose between banking apps offering same day delivery using the expensive pefunding correspondent banking system, and apps that offer same second delivery using digital assets at virtually zero fee.

Apps and machines connected to the Internet of Value will use (open source) (open standards) (globally accepted) (zero counter party risk) (100% uptime) (ultra low fees) (cryptographically verifiable) digital assets exclusively, which means businesses and consumers need a banking app of the second category anyway, to interact with those.

Not to mention the 1.7 billion adults that are now unbanked but all carry a mobile...

But if we do not have a large share of international remittances, we will not be sure whether we can grow bigger in other fields.

We wouldn't be supposed to be careless.

 

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4 hours ago, jabit said:

But if we do not have a large share of international remittances, we will not be sure whether we can grow bigger in other fields.

We wouldn't be supposed to be careless.

 

From what I can tell Swift GPI rollout may make the Ripple Xcurrent sales proposition more challenging for those already on GPI.  Xcurrent is still superior to GPI but it’s not 10x better.  However, this challenge does little to nothing to deter banks, payment providers and corporates from settling in XRP either as an Xrapid partner or not using Multi-hop.  GPI does nothing to expedite settlement or eliminate the need for wasteful nostro/vostro accounts where cash is just parked idle.  If I were a Ripple private stock holder I’d be slightly annoyed by the global roll out of GPI but as an XRP holder I see nothing to be concerned about.  In fact, once regulation is clarified in the US allowing for custody, usage and adoption of digital assets I feel holding XRP may offer more upside and less risk than being a Ripple private stock holder.  The fact that R3 is championing XRP, Coil is on a tear, Xpring is launching different businesses, these all lower our risk and improve diversification while still holding just a single digital asset.  

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