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AMERICAN BANKER: Is this Swift's answer to Ripple?

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Pennsylvania is about to make crypto exempt from the Wire transfer license. How this will affect the banks and conservative remittance companies like Western Union is a bit early to say. But, in a digital economy the ramifications could be massive. Santander could suddenly be a disrupter in the US by having offices in states where crypto is exempt from a license like that.

Imagine what the multi-hop funtion of Ripplenet would do to regulations made for value transferred by the Pony express in 1860s.

Edited by mandelbaum

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1 hour ago, mandelbaum said:

Pennsylvania is about to make crypto exempt from the Wire transfer license. How this will affect the banks and conservative remittance companies like Western Union is a bit early to say. But, in a digital economy the ramifications could be massive. Santander could suddenly be a disrupter in the US by having offices in states where crypto is exempt from a license like that.

Imagine what the multi-hop funtion of Ripplenet would do to regulations made for value transferred by the Pony express in 1860s.

intereresting!

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14 hours ago, Panosmek said:

He is absolutely 100% correct that SWIFT gpi and XRP compete in Corda Settler (i also explain it here https://xrpcommunity.blog/xrp-vs-gpi/ ) but as i explain in the blog, this competition is actually perfect for XRP and eventually will be the winner. I'm only opposed to the fact that he said "this is a win for SWIFT". It's NOT a win it's the beginning of their end.

Not sure if it's a beginning of their end, but there is something to say for it. I even think that it is not Ripple or xCurrent/xRapid to be the biggest threat. The one they should fear most of all is Interledger. Actually SWIFT is no more than a messaging system for payments. Just like there were in the past a multiplicity of messages and communication solutions, non-standards and standardized, for data (ATM, RSxxx, ...) . But at the end, they all have come together into a limited set of internet protocols and standards. I see the same going to happen with legacy financial messaging standards. They will all go the path as those like RS232 and ATM. Ripple has the advantage to have opted for (and even originated it) and to build around a new and modern (internet-style) base layer standard that now is best placed to win the battle: ILP

In the mean time, SBI/R3 made a very interesting move by linking the old legacy SWIFT messaging with the new rails (Corda and Corda Settler) what will make it a LOT more smoother, cheaper and acceptable for banks to go for the transition. And it opens an opportunity for XRP as well.

Edited by kanaas

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On 2/10/2019 at 5:44 AM, vsyc said:

The lack of ledger makes again us believe that Swift is working on something but no actual evidence.

The lack of ledger makes again us believe that Swift is working on something but no actual evidence progress.

There I fixed it :D

https://failblog.cheezburger.com/thereifixedit

https://www.thisoldhouse.com/ideas/there-i-fixed-it

https://www.popularmechanics.com/home/how-to-plans/how-to/g519/10-hilariously-bad-home-diy-projects/

...and I found a new video for "current" cross-border payments lol - it really works!

 

Edited by GiddyUp
bonus link to favorite websites "there I fixed it" in case you're as bored with this market as I am....

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2 hours ago, GiddyUp said:

The lack of ledger makes again us believe that Swift is working on something but no actual evidence progress.

There I fixed it :D

https://failblog.cheezburger.com/thereifixedit

https://www.thisoldhouse.com/ideas/there-i-fixed-it

https://www.popularmechanics.com/home/how-to-plans/how-to/g519/10-hilariously-bad-home-diy-projects/

...and I found a new video for "current" cross-border payments lol - it really works!

 

Is that Brad I see in the cab with a suitcase full of money?

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