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The First Bank Using Ripple’s XRP-Based xRapid Reveals Imminent Launch

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21 minutes ago, jargoman said:

This seems like a huge deal. 80 countries is a lot. 

let me put my tinfoin hat on. 

lets say you test run a bank half the tx's you run through xrapid, half use existing system. To prove there is a 60%+ savings

back then the price was 0.25 cents

turn on xrapid

price increases rapidly to 3.95 cents

price increase is 3.95 cents - 0.25 = $3.7 increase.

full production of one bank would increase the price by double or 3.7 * 2 = $7.40

If one bank would bring the price to $7.40 cents then what would 80 banks do. 

7.40 * 80 = $592

If you wanted to be within 1% rounding down to the safe side you would subtract 0.5%

this should make your skin crawl

592*0.995 = 589.04

rounding down to the nearest dollar

$589
 

Ha! Clever—love it!

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1 hour ago, BibleChronologyXRP said:

It's an online " one man work " website bank :big_boss:

It's probably not the largest bank by any stretch, but it seems like a good fit for a trailblazer running xrapid: 

"Euro Exim Bank expends considerable effort to check for compliance with all relevant rules and regulations. A third of the bank’s staff is engaged in ensuring the bank meets and exceeds all demands made upon it as a financial services provider. This also assures customers that Euro Exim Bank is at all times able to quickly respond to their own requirements since the bank continuously updates its knowledge of compliance-related issues in multiple jurisdictions."

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I've read they're trying to do banking without all the back office overhead. Much of what I can find about them is related to using AI and FinTech rather than humans. 

Will they be successful? That remains to be seen. However, they do have an advantage if the financial industry is really going high-tech. They don't have to deal with phasing out legacy technology and infrastructure most existing banks have to deal with in their back offices. 

I would consider them early adopters in the next generation of banking. Very cool. 

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1 hour ago, LordVetinari said:

I've read they're trying to do banking without all the back office overhead. Much of what I can find about them is related to using AI and FinTech rather than humans. 

Will they be successful? That remains to be seen. However, they do have an advantage if the financial industry is really going high-tech. They don't have to deal with phasing out legacy technology and infrastructure most existing banks have to deal with in their back offices. 

I would consider them early adopters in the next generation of banking. Very cool. 

Yes this is an obvious way to start disrupting an industry; Low overheads, fully compliant, high on skills in a new technology.

They set up the  processing, other banks can process their transactions through them much more cheaply than using correspondence banks.

By being first I can see this bank capturing a good share of the market

Edited by Julian_Williams

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6 hours ago, XRPanding said:

The First Bank Using Ripple’s XRP-Based xRapid Reveals Imminent Launch, Plans to Power Payments Across 80 Countries

 

https://dailyhodl.com/2019/01/12/the-first-bank-using-ripples-xrp-based-xrapid-reveals-imminent-launch-plans-to-power-payments-across-80-countries/

 

Interesting they only started trialing in October last year and will be fully integrated in a couple of weeks. 

Navin Gupta: Managing Director of South Asia and MENA @ Ripple confirmed that on-boarding time for a new partner to their ability to connect to another Ripplenet member bank was about 2-weeks from start to finish at a blockchain conference in Bahrain:  2:24:35 - 2:25:54

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35 minutes ago, Archbob said:

I doubt it will be significant, think of this as a small trial run for larger banks.

I suppose it depends on how you look at it. Are you a book half started or book half finished person? I've no way of knowing what it will amount to. Was Amazon a small trial run for larger bookstores?

Edited by LordVetinari

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