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Ripple Has Signed Up A Bank To Use XRP For Payments. So What?

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1 hour ago, GiddyUp said:

Thanks @automatic your analysis is completely on point - the larger banks ignore these potential customers at their peril... half the world is about to get a LOT better service IMO.

 

Things will not change for the consumer, regardless of what tech banks use for money transfers. Banks are there to make money.

Banks lowering their costs for international transfers will only hurt the smaller players and remittance providers who do nothing but money transfers. They will see a decline in profits and go out of business.

 

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58 minutes ago, Freaky said:
2 hours ago, GiddyUp said:

Thanks @automatic your analysis is completely on point - the larger banks ignore these potential customers at their peril... half the world is about to get a LOT better service IMO.

 

Things will not change for the consumer, regardless of what tech banks use for money transfers. Banks are there to make money.

Banks lowering their costs for international transfers will only hurt the smaller players and remittance providers who do nothing but money transfers. They will see a decline in profits and go out of business.

I'm not so sure - the smaller remittance providers are managing to compete now, seems like the whole landscape will become more competitive as the playing field becomes more level. JMO

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"The real game changer would be a major clearing bank such as Citigroup opting to use xRapid.  That would send shock waves across the financial world."
 
B)

Waiting 4 regulation

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1 minute ago, GiddyUp said:

I'm not so sure - the smaller remittance providers are managing to compete now, seems like the whole landscape will become more competitive as the playing field becomes more level. JMO

They are managing to compete now as they still charge consumers hefty amounts.

As this is squeezed via competition they will realise eroding profit margins.

Big banks dont care, they have a myriad of other services making money. The smaller players will suffer. 

 

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1 minute ago, Ripple-Stiltskin said:

I know a few big, really big, banks and I can assure you, they do care a lot. 

Seems to me that the big bank you’re working for is a sitting duck. 

A sitting duck for what ? Cross border payments is an insignificant number, compared to other areas of the business that are far more lucrative

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13 minutes ago, Ripple-Stiltskin said:

I know a few big, really big, banks and I can assure you, they do care a lot. 

Seems to me that the big bank you’re working for is a sitting duck. 

We first POC'd in 2015, as we saw this was a potential disruptor. 

A business case could not be made to move forward as savings were negligible.

Brad since realised how difficult it would be to penetrate the big banks. That's why the Marathon comment came about, and the diversion to other use cases such as micropayments, and targeting smaller players.

 

Edited by Freaky

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25 minutes ago, Freaky said:

A sitting duck for what ? Cross border payments is an insignificant number, compared to other areas of the business that are far more lucrative

There you are. For some banks it’s a substantial part of their profits, for others it’s marginal. But the “ general banks” ( servicing all customer segments with the whole product package) and the banking landscape as we know it is changing rapidly as we speak. 

So I assume your bank will leave xBorder payments soon to a third party liaison, like many other services. If not they will be a sitting duck.

To throw some hyped words in: ever heard of “ Open Banking”, “API banking” , BaaS ( banking as a service) , “ FinTech transformation”, “ First principle design”, “ Distributed banking”, “ disintermediate banking” , “ relegated banking”,  “ Digital Challenger Banks”.  And so on. 

Do attend a ( international) conference now and then......( Money 2020).

Edited by Ripple-Stiltskin

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7 minutes ago, Ripple-Stiltskin said:

There you are. For some banks it’s a substantial part of their profits, for others it’s marginal. But the “ general banks” ( servicing all customer segments with the whole product package) and the banking landscape as we know it is changing rapidly as we speak. 

So I assume your bank will leave xBorder payments soon to a third party liaison, like many other services. If not they will be a sitting duck.

To throw some hyped words in: ever heard of “ Open Banking”, “API banking” , BaaS ( banking as a service) , “ FinTech transformation”, “ First principle design”, “ Ditributed banking”, “ disintermediate banking” , “ Digital Challenger Banks”.  And so on. 

Do attend a ( international) conference now and then......( Money 2020).

Yeah, I'm aware of fancy buzzwords made up by academics that come and go.

How is your banks implementation of xRapid coming along ? Game changing tech yeah ? 

The backend tech may be changing, the customer will continue to pay through the nose.

Edited by Freaky

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6 minutes ago, Freaky said:

Yeah, I'm aware of fancy buzzwords made up by academics that come and go.

How is your banks implementation of xRapid coming along ? Game changing tech yeah ? 

If you think these are only buzzwords then you’re living under a rock. ( academics??? Wtf??)

So it’s people like you that make big banks a sitting duck, lol.

Try to expand your horizon a little bit: talk with consultants of the big 4, follow new banking and fintech groups on Linked In, attend conferences, just look around you to see what’s happening.

You’re already left behind.

Like I said: my bank will surprise you with xRapid soon.  But even if not:  that doesn’t mean other banks won’t. 

Among banks there will be winners and losers.  Guess what bank you’re working for...

 

Edited by Ripple-Stiltskin

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7 minutes ago, Ripple-Stiltskin said:

Like I said: my bank will surprise you with xRapid soon.  But even if not:  that doesn’t mean other banks won’t. 

If your bank has run a POC, the numbers will be there. How much money is being saved using Ripples software over GPI ?

 

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