Ripple (XRP) Eyes SWIFT Gpi With Support From 60 World’s Largest Bank And 160+ Financial Institution

[lawalkhalid]

https://todaysgazette.com/ripple-xrp-eyes-swift-gpi-with-support-from-60-worlds-largest-bank-and-160-financial-institution/

[Scout]

From what I've read, Swift GPI can settle a payment using R3 without the need for X-rapid. This tech uses Corda Settler. Similar to XCurrent in that it settles using fiat to fiat transfers. In order for XRapid to be used, both sending and receiving parties must agree and support XRP before the transaction can take place.

Edited February 12, 2019 by Scout

[JoelMcD]

17 hours ago, Scout said:

From what I've read, Swift GPI can settle a payment using R3 without the need for X-rapid. This tech uses Corda Settler. Similar to XCurrent in that it settles using fiat to fiat transfers. In order for XRapid to be used, both sending and receiving parties must agree and support XRP before the transaction can take place.

As I understand it, Corda settler is R3s equivalent to xrapid... and can use XRP directly (no xrapid required) as the bridging asset for cross-currency settlement.

[Guest]

13 minutes ago, JoelMcD said:

As I understand it, Corda settler is R3s equivalent to xrapid... and can use XRP directly (no xrapid required) as the bridging asset for cross-currency settlement.

Nah it’s not the same at all.  Corda can just use xrp like it can use USD.  Xrapid is software that automates the whole payment flow.  Completely different.  Corda just allows parties to agree on settling in xrp.

Corda will be a big part of xrp payments I believe, but at least at this stage, it’s a much more primitive use of xrp than XRapid.

Thats my understanding anyway...  I could be wrong.

[Scout]

The deployment of the Corda Settler uses XRP as the first settlement mechanism, an important step showing how two of the world’s most influential crypto and blockchain communities can work together. While Corda Settler will be open to all forms of crypto and traditional assets, 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.

When a payment obligation arises on Corda during the course of business, one party has the option to request settlement using XRP.  The other party can be notified that settlement in XRP has been requested and that they must instruct a payment to the required address before the specified deadline. Once an oracle service validates the payment then both parties can treat the obligation as settled.

Edited February 13, 2019 by Scout