Jump to content
Sign in to follow this  
BruceWhale

Swift explore blockchain technology

Recommended Posts

SWIFT's actually been using IBM blockchain for a while now.

 

Note: This does not mean Stellar Worldwire.

 

I think it will take SWIFT another year or two to really get on the blockchain for payments thing though.

Edited by Archbob

Share this post


Link to post
Share on other sites

The digitization of money is the endpoint of this entire process. Unless SWIFT is launching its own cryptocurrency, any system they design and implement will be obsolete in a handful of years (if not sooner).

Transferring value instantly worldwide is the inetivable future state of money.

Share this post


Link to post
Share on other sites

swift get a lot of sh*t from crypto people who, frankly, have no clue what theyre talking about but because they own a crypto coin like to take pot shots at swift - but, in their defence, there was no tech they could have really used before bitcoin/blockchain, so what else were they supposed to do?! try coordinating thousands of banks on old software that's too risky to try to upgrade (for GOOD reason)! good luck... actually the fact they can move funds in 1-3 days is a sort of miracle of workarounds and hackery

and they can't just immediately pounce on a new technology, they have to be cautious and careful because they're dealing with the most sensitive industry in the world -- people's money, which you can't f*ck around with willy nilly because blockchain is cool (and massively overhyped 99% of the time!)

so to be honest it's a good thing theyre going this way and will make things better for everyone -- i think we need to get off our false high horses and let them do their thing

and if ripple fail and swift improve, it's still a win, it's still progress -- and if not, thank god we have ripple (and xrp) too... but i doubt swift are going anywhere any time soon!

Share this post


Link to post
Share on other sites
8 minutes ago, BruceWhale said:
Swift GPI would have been created without the Ripple threat ? I don't think so

I don't think so either.  I also believe that the folks at SWIFT are extremely smart and will not just lay down and die.  They will do everything they can to save  SWIFT and all of their JOBS.....PERIOD.

Share this post


Link to post
Share on other sites
20 minutes ago, BruceWhale said:

Swift GPI would have been created without the Ripple threat ? I don't think so

point is you dont know, no one does, but it's convenient to thing they would not have due to your pro-ripple/xrp bias (and mine)

but we don't know -- but presumably if ripple never existed theyd eventually have looked into blockchain at some point, because it's inevitable

it is NOT a simple issue -- it's like when you hear anarchists talking about replacing fiat and governments and bla bla bla -- it's just fantasy land, the real world is complex and there are vested interests and negotiations and complexities and global logistical issues that would boggle the mind

Share this post


Link to post
Share on other sites

If Swift starts to utilize Crypto I don't think they will waste their time creating their own but leverage what's out with that said It does not guarantee it will be XRP we have a good shot but Ripples greatest enemy here is time not SWIFT, because time does prove one thing a better solution will either be developed by someone else or maybe even Ripple itself but who knows, just the process of evolution in the space alone could change things for the bad or good.  The one thing that is constant is that Ripple and SWIFT both know time waits on not a single person or entity.

Share this post


Link to post
Share on other sites

The BRICS countries have already given the finger to SWIFT.  Follow the news...  They are losing badly already. 

SWIFT may maintain some sort of perverse stranglehold on cross-border payments in a few countries, but not the new global economic leaders, and in their SWIFT eyes be somewhat dominant, but the rest of the world wants to hop off the dollar, period.

Not saying I like that, or don't, but the messages from foreign central banks and governments is clear.  SWIFT is not no answer for THEM. It's a backwater provincial 1970's solution for 2020 problems.  SWIFT will never admit this, but read the news.  Brazil, Russia, India, China, et al don't LIKE SWIFT.  Now even ENGLAND, GERMANY, FRANCE say NO to "swift" because they want to interact with Iran, and do business with them.  They don't like this swifty swift, and are getting around it in real time....

SWIFT is not the SWIFT that it was in 1980.  Or even in 2001.  No question.  Whether Ripple takes over is a question.  No one should pretend that SWIFT is going to compete moving forward, if not for the impoverished tech, for the fact that so many other global economies despise it, Europeans included...

 

 

Edited by xrphilosophy
sp.

Share this post


Link to post
Share on other sites
Quote

https://www.gtreview.com/news/fintech/ripple-and-euro-exim-to-trial-new-blockchain-based-trade-finance-capability-for-xcurrent/#.XE2iz-2f35A.twitter

While Ripple has so far focused its xCurrent product on payments messaging only, Bright says the two parties are now preparing to pilot a capability that embeds trade finance instructions into an xCurrent message.

This is similar to what Swift offers today, but on a blockchain-based network that allows for real-time exchange without a middleman.

“The idea is, apart from just the payment instruction, what if we use the message to transmit a trade finance instruction directly to a counterparty? It could be a letter of credit or a performance bond. Technically you are able to transmit the whole of that message via xCurrent,” says Bright.

Euro Exim and Ripple are now working to define the message structure and content before trialling the new capability in the second quarter of the year. The pilot will also involve other parties on the Ripple network.

“We will be working with a counterparty to see how they can accept and look at the instruction in their message,” he says. “If that type of instruction is accepted, then you get the benefits of it being treated in real time.”

Euro Exim is also the first bank to officially announce it will be adopting xRapid, Ripple’s cryptocurrency-driven solution for cross-border payments, by the end of Q1.

 

Everything is moving so fast!

For instance at present we have to manually match our payments on our bank account to payees and invoices outstanding on our sales ledger.  The payment information on the bank account is really limited.  Suppose you could bring your bank account up on screen and drill down to find out who sent it, maybe copies of the invoices that were being paid.  That sort of information would be transformative for my business.

Of course it goes even further - such as making documented smart contractual payments.

Edited by Julian_Williams

Share this post


Link to post
Share on other sites

Ripple will likely take a percentage of Swift's market,and so will Stellar and others, but it's unlikely Swift will die.   They won't let themselves die after being around so long.  You can see Swift responded to the threat this tech presents by upgrading their system, so instead of their system being 30 years behind, they're currently only 10 years behind - they've advance a few decades in a matter of a few years, and in a few more years they will finally be caught up to offer a competitive fully developed blockchain-tech product to their customers.  Ripple is targeting a niche market, inefficient corridors, and can get there before Swift does, but I'm guessing that the Swift gpi + the efficient corridors it already dominates will remain there for quite some time because of the amount of money flowing through them (Xrapid has to start out small) and  those particular corridors payment mechanisms will be updated periodically as Swift offers new product(s) that are more competitive with existing blockchain solutions.

This is not a worst case scenario nor best, it's just my opinion of what is likely to occur because it's obvious Swift is catching up and they don't need that many years to offer a competitive blockchain product to their customers. Swift is not laying down and choosing to die, as nice as that would be for Ripple and us investors, and so it will able to retain a significant portion of its market share in the coming years if it continues at this pace, IMO, and the SEC continues to be a thorn in the side of retail cryptos.

I'm hoping blockchain based solutions take as big a market share from Swift as possible over the coming years.   Swift has dropped the ball - it's time for something new.

Share this post


Link to post
Share on other sites
52 minutes ago, enrique11 said:

Ripple is targeting a niche market, inefficient corridors, and can get there before Swift does, but I'm guessing that the Swift gpi + the efficient corridors it already dominates will remain there for quite some time because of the amount of money flowing through them (Xrapid has to start out small) and  those particular corridors payment mechanisms will be updated periodically as Swift offers new product(s) that are more competitive with existing blockchain solutions.

Sober thinking in my mind, and I agree with the overall sentiment of what you say above.  The one thing which can be included is that not all countries that SWIFT+GPI is targeting will want to continue to dance with them moving forward.  So they can update, but if the takers are fewer this opens up more oppoptunities for other players to take a share. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

×
×
  • Create New...