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SWIFT Chief Announces Integration With R3 At Paris Fintech Forum


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https://www.coindesk.com/swift-chief-announces-integration-with-r3-at-paris-fintech-forum Oh the sweet irony. R3 partner with SWIFT. Even when Ripple lose, XRP holders win here.

I said it last year and I'll say it now - SBI is going to push XRP to the next level of actually being utilized on mass and I still think they are going to be one of the main forces to initiate XRP's

R3 tried to partner with the Utility Settlement Coin project last summer. https://www.coindesk.com/r3-rejected-utility-settlement-coin-blockchain They were not allowed to, SBI steps in with

As it stands, this is the choice that any FI using Corda will have (the image below is from @stuart_xrp on twitter, all credit to them):

image.thumb.png.82ea1f71353e2035ce1164840c401c78.png

The key here is that option 2 (the XRP option) SETTLES in XRP.  It does NOT currently use xRapid.  Because banks would have to hold XRP in order to settle in XRP, they won't be using the XRP-based option until regulatory concerns are alleviated.

Short term, this is introducing competition to xCurrent.  Long term - we still need regulatory clarity.

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40 minutes ago, Valhalla_Guy said:

settling a case and making a payment is the same as losing a judgement. Anyone care to ask why Swift partners with a middle man instead of RL directly? I always do business directly with the provider, middlemen are just an added expense. R3 must have something going on.

Also this “partnership” seems to have nothing to do with settlement, so XRP is of no use to Swift. Maybe they feel R3 has conducted themselves more like professional bankers versus “Joel Katz’s” crew.

I don’t see a lot of R3 execs fighting trolls on twitter.

Well unfortunately I am a little behind with all the developments but as far as I could gather the middleman is R3 through Corda. 

Now I was thinking today that the idea of ripple taking over swift as a direct replacement is incredibly unlikely if not bordering on ridiculous. If blockchain and crypto is going to be useful for cross border settlements how will it evolve? Well it will probably be adaptation of existing systems to make use of something like XRP. It seems to me this news today is a step, however small, in that direction.

Did you watch the live stream from Paris? I found it interesting that the 2 reasons given by the SWIFT CEO as to why banks aren’t keen on fiat to crypto at the moment is due to regulation and volatility, both of which are likely redundant points going forward. So what happens when these points are resolved? Banks continue to reject something that makes it cheaper and easier to transfer money? 

Out of interest you seem to be doubtful about XRP,  are you just here for interest in crypto in general?

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3 minutes ago, LittleLordFauntleroy said:

As it stands, this is the choice that any FI using Corda will have (the image below is from @stuart_xrp on twitter, all credit to them):

image.thumb.png.82ea1f71353e2035ce1164840c401c78.png

The key here is that option 2 (the XRP option) SETTLES in XRP.  It does NOT currently use xRapid.  Because banks would have to hold XRP in order to settle in XRP, they won't be using the XRP-based option until regulatory concerns are alleviated.

Short term, this is introducing competition to xCurrent.  Long term - we still need regulatory clarity.

Hang on, banks have to hold XRP? I thought the whole point is that they don’t have to. They buy and sell XRP via XRapid?

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3 minutes ago, LittleLordFauntleroy said:

I'm not here to rain on the parade.  I just want to temper expectations and show that this announcement is more complex than just "this is huge for the price of XRP!"

Oh no, I understand. It’s very interesting stuff though. All my expectations are so far is that SWIFT is working with a company that is clearly involved with crypto and more specifically XRP. Things are becoming more mainstream however slow it is. It will be interesting to see how things evolve over the next few years and the interplay between the different fintech entities.

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https://ethereumworldnews.com/xrp-centric-sbi-holdings-and-r3-to-partner-in-a-joint-venture/

 

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Richard Gendal Brown, Chief Technology Officer at R3 explained in December of last year, how the digital asset will work on the Corda Settler:

The deployment of the Corda Settler and its support for XRP as the first settlement mechanism is an important step in showing how the powerful ecosystems cultivated by two of the of the world’s most influential crypto and blockchain communities can work together.

While the Settler will be open to all forms of crypto and traditional assets, this demonstration with XRP is the next logical step in showing how widespread acceptance and use of digital assets to transfer value and make payments can be achieved.

Corda Settler is an open source CorDapp that allows payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets.

But it has to be XRP because XRP is technically built for this job.  Cobalt will make XRP even smoother, faster and more scalable.  XRP has teh corridors and market makers and is regulation compliant

Edited by Julian_Williams
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2 hours ago, LittleLordFauntleroy said:

The key here is that option 2 (the XRP option) SETTLES in XRP.  It does NOT currently use xRapid.  Because banks would have to hold XRP in order to settle in XRP, they won't be using the XRP-based option until regulatory concerns are alleviated.

Short term, this is introducing competition to xCurrent.  Long term - we still need regulatory clarity.

You are wrong, Banks, FI, etc. can source XRP from exchanges etc. to settle payments. The Corda Settler can "link to payment obligations arising on the Corda Network to be settled via any parallel rail supporting cryptocurrencies or other crypto assets."

Edited by King34Maine
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