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Bettergoham

Accenture, Spoke & Hub, Global Takeover

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7 minutes ago, Bettergoham said:

I was going down the rabbit hole again and stumbled across this link at Accenture:

https://www.accenture.com/t20181030T101039Z__w__/us-en/_acnmedia/PDF-23/Accenture-Banking-Real-time-Cross-Border-Payments.pdf#zoom=50

On page 6 they discuss a software provider called D&H which "provide standard Ripple integration to their payment engines platform", this is a new one we haven't heard of I believe.  You also can't find anything on their website about Ripple, NDA?

Page 7 is a ******* bamboozle of exciting **** that only partners could really have confidence saying:

"Ripple has proven technology. It is already in operation with banks like Santander and Fidor and is being implemented by others. Governments and central banks are interested and supportive of the technology, and among commercial banks there is a strong desire and appetite to road test the technology with real live transactions. Numerous banks have run internal proof of concepts including the real transfer of money. Thirty have completed pilots and are actively progressing plans to extend into live operation, including a group of several banks who are forming an alliance to build a cross-border payments network together. These banks are drawn from the top 50 banks globally, broadly configured to enable wide geographic reach, with one bank per geography, each with access to local domestic clearing systems.

"The Ripple enterprise solution is mature enough to launch and scale a cross-border payments network, and a consortium of banks is forming to use this Ripple technology to keep ahead of the competition." <- In my opinion this consortium are the 12 that met on the eve of Swell to discuss governance.

This is happening now, Ripple has partnered with hubs all over the world and the spokes will be dragged along due to the beauty of network effects.  PSP/Banking Software providers have been partnered with Ripple for years and are fully integrated into the network.  When the network has enough "value" a simple choice will be made by send payments via correspondent banking or send them via Ripplenet.

These plans have been in place for 5 years, testing is over I believe we are right around the corner from a massive "switch" being flipped.  If Ripple has captured the hub in 40 countries as they state they have access to the majority of all banks in each country and those banks have the option to tap ripplenet.

 

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2 minutes ago, hallwaymonitor said:

That document is dated back in 2016 when Accenture had just figured out that xCurrent will be the SWIFT killer. Now in the late 2018 it is old news. I wish I would see similar eager new document about xRapid or Corda Settler adoption. THAT would be a mighty one.

I completely agree, my biased mind says if this was to their knowledge in 2016 imagine what that means nearly 3 years later. Alas, it could be that their is less positivity but who really knows.

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28 minutes ago, Bettergoham said:

I completely agree, my biased mind says if this was to their knowledge in 2016 imagine what that means nearly 3 years later. Alas, it could be that their is less positivity but who really knows.

Nobody knows for sure.

With xCurrent you can basically send a bi-directional payment message from any country to any country instantly and always successfully. With SWIFT you send the payment and hope it gets there eventually. I've been pondering that xCurrent alone was and still is and WILL BE so revolutionary fintech innovation that many, many people are simply awed about it. This takes long time. Who to blame?

It is those goddamn old people! They used to work with SWIFT system about 40 years before xCurrent showed up. This basically means that those old (banking) people are so used to the idea that every single cross-border absolutely must take days and of course when banks are closed the dough shall not move. This is the current mindset and it will still continue pestering years and years until it will fade away little by little.

Getting rid of nostro accounts in 2019? Yeah, right. That is like time travel for the old people in banking. They cannot even comprehend the idea. It just don't compute. If you don't believe me, then I suggest you to observe how the ordinary old people pay their groseries and bills. Why not pay the small groceries with a credit/debit card by utilizing NFC technology? You don't even need to recall the pin code anymore when you pay with NFC small groceries. Why not pay your bills via Internet. NO. The answer is NO! In reality the majority of the old people still pay with cash and use those payment machines from early 90s to pay their paper bills. THIS IS THE FUNDAMENTAL REASON why it will take so long to get rid of nostro accounts and then embrace the settlement with XRP and then praise the Moon.

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2 hours ago, hallwaymonitor said:

It is those goddamn old people! They used to work with SWIFT system about 40 years before xCurrent showed up. This basically means that those old (banking) people are so used to the idea that every single cross-border absolutely must take days and of course when banks are closed the dough shall not move. This is the current mindset and it will still continue pestering years and years until it will fade away little by little.

Peter Thiel made this point in a speech once. The Babyboomer-generation did not let generation-X into the board rooms in the late 90s and early 00s so they could cause the impact needed.

Himself, Reid Hofman and Elon Musk felt that they were being treated like children and had to really fight to get Paypal running, they actually had the blueprint for crypto ready but never proposed it. Marc Andreesen had the same thing to say about the browser conflicts.

Edited by mandelbaum

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11 minutes ago, hallwaymonitor said:

Getting rid of nostro accounts in 2019? Yeah, right. That is like time travel for the old people in banking. They cannot even comprehend the idea. It just don't compute

Too true , they don't like change ,if it ain't broke why fix it mentality ,example,  My farther looked after my grandparents til they passed, upon arrival he brought a microwave into the house , nana goes what's that, dad showed her how to heat a cup of cold water , her reply get that darn contraption out of this house it ain't natural,  in the garage under a blanket it went , three years it took to make a return,  until she put a apple pie with tin foil base in :D. Change took time.

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I think there is a nest of established connections underneath the surface of what's in the public domain.

Regarding the Boomer's capacity for disrespect (especially the ones who have floated to the top of organizations), in my experience their capacity it is strong, and reenforced with reserves.

Where this behavior gets decoupled from reality is when they fail to realize how fast their "experience" from the past is depreciating. This is an uncomfortable and undesirable realization to confront.

Fact is, we have new fundamentals which apply to the networked world. Fortunately not many generations 'check out' in a different paradigm than they were born into. The Boomer's card got pulled here. 

I've met several Boomer aged folks who are absolute Gems in a sea of otherwise aged and exaggerated egos. These rare thoughtful aged folks are incredibly valuable, and I've met a few through this forum.

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1 minute ago, Julian_Williams said:

The big push will start in the margins; Mexico, the Philippines, the Middle East, Africa all have young populations taking this tech to the people.

I think you underestimate Europe, which is much more actually than the euro zone...words of an oldie but goldie like you!;)

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8 minutes ago, Yodaxrp said:

I think you underestimate Europe, which is much more actually than the euro zone...words of an oldie but goldie like you!;)

especially London, Malta, Lithania, Estonia (probably Paris and the EU?)

India and Japan both seem to have got ambitious plans.
 

Edited by Julian_Williams

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25 minutes ago, KarmaCoverage said:

Where this behavior gets decoupled from reality is when they fail to realize how fast their "experience" from the past is depreciating. This is an uncomfortable and undesirable realization to confront.

To be honest this fast depreciating experience from the past concerns us all. At least what comes to IT and how fast it keeps changing until AI will make us obsolete almost completely.

Yes. It is basically that (Oh siht!) realization you mentioned that will slow down the pace of Ripple's vision several years. The exactly the same phenomenon happened with Amazon versus paperbook stores back in 90s and 00s. History repeats.

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2 minutes ago, hallwaymonitor said:

To be honest this fast depreciating experience from the past concerns us all. At least what comes to IT and how fast it keeps changing until AI will make us obsolete almost completely.

Yes. It is basically that (Oh siht!) realization you mentioned that will slow down the pace of Ripple's vision several years. The exactly the same phenomenon happened with Amazon versus paperbook stores back in 90s and 00s. History repeats.

Would it have been better if Amazon to taken over the bookshops completely within a decade?  Bookshops are responding by changing into cafes with book clubs etc

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26 minutes ago, Julian_Williams said:

As someone who is 65 I have to say I do not think age is an issue.  You have people in bricks and mortar businesses being pulled in both directions, which is why banks like HSBC are setting up new companies beside their B & M businesses.

I dont think it is age, rather the result of attitude over time. I live in retirement-ville FL, and listen to folks pretty well.

My unfortunate experience has swung from "older people are awesome", regarding the WW2 generation; towards "I need to highly discount most of what I hear" with the Boomers.

This happened when I hit the workforce, and I mostly perceive this as a defensive mechanism, protecting their ego, fending off challenging concepts.

Honestly, regarding the "leaderships" I've encountered, I view them somewhat as teenagers, who need guidance, yet think they are in charge.. and they are in charge, so the cost of their strategic mistakes are paid by more than themselves. 

That said, I do appreciate the predicament they are in, needing to steer their boat in 2 directions at the same time. Even when they do "get it", their legacy systems are an anchor. Hence... start ups and "new companies". 

Internal venture capital is notoriously difficult, mostly because "corporate" is accustom to asserting their "strategic goals" which often miss the point, hence a paradigm shift.

Edited by KarmaCoverage

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