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Visa buys earthport

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I thought Earthport was creating its own payments platform which amounted to a move away from Ripple?

From another thread by @panmores

Got a clarification from Tim Masih, head of PR at Earthport:

"I can confirm that our ACH is our own offering and not in collaboration with Ripple. We operate our own global banking network. This video is the easiest way to understand it: https://vimeo.com/144494561"

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7 minutes ago, Alluvial said:

I thought Earthport was creating its own payments platform which amounted to a move away from Ripple?

From another thread by @panmores

Got a clarification from Tim Masih, head of PR at Earthport:

"I can confirm that our ACH is our own offering and not in collaboration with Ripple. We operate our own global banking network. This video is the easiest way to understand it: https://vimeo.com/144494561"

Yeah, but see my second link:

Daniel Marovitz, President of Earthport, agreed with Ripple CEO Chris Larsen’s interview with Forbes magazine on the future use of distributed ledger technology in payments.

6BAECCEC-6422-45F9-86E5-2435892BD436.jpeg

Edited by xippix

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6 minutes ago, xippix said:

Yeah, but see my second link:

Dated 12 January 2016. 

https://www.finextra.com/news/fullstory.aspx?newsitemid=28309

 The 'Distributed Ledger Hub' is a service accessed through Earthport’s Distributed Ledger Gateway, announced in August of 2015, that will provide full connectivity into Ripple, including private Ripple instances and market makers. In time, the service will be extended to cover other distributed ledgers, says the vendor.

 

Edited by Guest

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5 minutes ago, xippix said:

Yeah, but see my second link:

Daniel Marovitz, President of Earthport, agreed with Ripple CEO Chris Larsen’s interview with Forbes magazine on the future use of distributed ledger technology in payments.

6BAECCEC-6422-45F9-86E5-2435892BD436.jpeg

That was almost 3 years ago

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12 minutes ago, mandelbaum said:

Ohh.. Red shields and Goldman Sachs involved. This will get the conspiracy mill spinning out of control.

Earthport was started by Goldman Sachs guys.

They are an international connection hub, with access to many county's ACH payment systems.

I'm not sure if they also float capital in each jurisdiction? Or if they offer any type of credit to facilitate their payment flows?

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Guest

Some questions I have are:

What will Visa do with the Earthport’s solutions? Use them or shelf them. 

What will become of the existing partnership with Ripple? Continue or expire. 

Is this a move to leapfrog others also implementing RippleNet? Good way to skip the R&D phase. 

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1 hour ago, KarmaCoverage said:

Is this the beginning of the phase of the Crypto markets maturation where some of the big boys decide it's best to buy an exchange (rather than build one like ICE & Fidelity) just to get into the market?

Fidelity isn't an exchange. It's a broker as defined by the SEC. They allow the consumer to buy the commodity or security through their platform. The broker is to act on the consumer's behalf as a fiduciary (it's debatable with firms like Charles Schwab and Edward Jones).

Edited by TheXRPer

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2 hours ago, xippix said:

 

The purchase of Earthport gives Visa a Ripple contract that predates any exclusivity deals Ripple may have signed subsequently.   It also allows them to be instantly implemented lowering costs.  They can, in essence, flip the switch.  

Visa have been experimenting for some time with blockchain technology, but I suspect their global failure this summer was the end of the experiment.  In June, their system crashed and they termed it a 'hardware issue that effected the software'.  

The cost of purchasing Earthport is paid for by the savings available on implementation costs almost alone. 

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