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European Central Bank integrates RippleNet on 22-11-2021


Dutch_ins
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6 minutes ago, LilBender said:

Actually, those are the primary customers of Ripple

If a small community bank only does a handful of transactions, they still need to be a paid up member of SWIFT (With implementationa nd licensing fee) AND pay through the nose to the correspondence banks. However, if they have a local rail to a RippleNet member, they can utilize MultiHop and if their transactions scale up, become a RippleNet member themselves

I foresee a lot of tiny South East Asian banks leveraging exactly this with Siam Commercial Bank in the near future

Yes they still need to pay SWIFT, however this expense for small community banks is likely cheaper than RippleNet integration.    Per SWIFT, annual fees range from only 6,000 EUR to 15,000 EUR, with the remaining costs mostly transactional-based.  Source:

real-value-and-cost-connecting-your-bank

So for a small community bank that makes limited international payments, the transactional costs outside of the annual fee are unlikely to be significant.   

How much is RippleNet integration and licensing?   My understanding is that it  can run into the millions, which would support my previous notion of not making economic sense in certain cases. 

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6 minutes ago, Paradox said:

Yes they still need to pay SWIFT, however this expense for small community banks is likely cheaper than RippleNet integration.    Per SWIFT, annual fees range from only 6,000 EUR to 15,000 EUR, with the remaining costs mostly transactional-based.  Source:

real-value-and-cost-connecting-your-bank

So for a small community bank that makes limited international payments, the transactional costs outside of the annual fee are unlikely to be significant.   

How much is RippleNet integration and licensing?   My understanding is that it  can run into the millions, which would support my previous notion of not making economic sense in certain cases. 

@LilBender I will preface this however by saying SWIFT integration costs can vary widely based on implementation type.   

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22 minutes ago, Paradox said:

Yes they still need to pay SWIFT, however this expense for small community banks is likely cheaper than RippleNet integration.    Per SWIFT, annual fees range from only 6,000 EUR to 15,000 EUR, with the remaining costs mostly transactional-based.  Source:

real-value-and-cost-connecting-your-bank

So for a small community bank that makes limited international payments, the transactional costs outside of the annual fee are unlikely to be significant.   

How much is RippleNet integration and licensing?   My understanding is that it  can run into the millions, which would support my previous notion of not making economic sense in certain cases. 

This is why I said they can leverage on a Multi Hop partner

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2 minutes ago, LilBender said:

This is why I said they can leverage on a Multi Hop partner

Question on Multi-Hop -  Under a multi-hop relationship, what would qualify as a “local rail”?   If it is truly “local” (similar to ACH in the US), would that mean only Thai-based entities could utilize multi-hop through SCB?  Or is there some “regional” rail that banks from other countries would have connections to Thailand’s local rail?

if the former, wouldn’t this mean that entities not on Thailand’s local rails could not utilize multi-hop through SCB?   (They would have to wait until a multi-hop provider became available on their local rails)

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2 minutes ago, Paradox said:

Question on Multi-Hop -  Under a multi-hop relationship, what would qualify as a “local rail”?   If it is truly “local” (similar to ACH in the US), would that mean only Thai-based entities could utilize multi-hop through SCB?  Or is there some “regional” rail that banks from other countries would have connections to Thailand’s local rail?

if the former, wouldn’t this mean that entities not on Thailand’s local rails could not utilize multi-hop through SCB?   (They would have to wait until a multi-hop provider became available on their local rails)

SCB is the first Multi-Hop partner to be announced, there are surely more to come

Even if it's a sub-regional rail, doing an IDRTHB transaction and then using Multi-Hop to do a THBEUR transaction will be cheaper and faster than doing an IDREUR transaction using SWIFT (Which in reality is an IDRSGD regional rail and an SGDEUR SWIFT transaction)

 

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4 minutes ago, LilBender said:

SCB is the first Multi-Hop partner to be announced, there are surely more to come

Even if it's a sub-regional rail, doing an IDRTHB transaction and then using Multi-Hop to do a THBEUR transaction will be cheaper and faster than doing an IDREUR transaction using SWIFT (Which in reality is an IDRSGD regional rail and an SGDEUR SWIFT transaction)

 

Is there data somewhere where going from IDR-THB-EUR would be cheaper and faster?  Seems counterintuitive to pay two spreads.  I also have no idea how fast IDR can be exchanged for THB, so that part may indeed be faster.  

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3 minutes ago, Paradox said:

Is there data somewhere where going from IDR-THB-EUR would be cheaper and faster?  Seems counterintuitive to pay two spreads.  I also have no idea how fast IDR can be exchanged for THB, so that part may indeed be faster.  

From personal experience, transfer within south east asia is not too complicated

The THBEUR part is on RippleNet, we all know how fast and cheap this is


Also from personal experience, SGDEUR on SWIFT is neither fast, nor cheap

Edited by LilBender
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2 hours ago, Benchmark said:

Putting aside the fact that the IoV will change everything, which is too obvious. We can also simply wait before the European countries realize that it's bad policy to have one currency for wildly varying economies. 

Long game etc. :) 

Yes, which broaches the much bigger issue. Demographically, politically, economically, and financially, the EU is a dead man walking. It's not even on a sustainable trajectory. At least the Soviet Union kept a lot of its messes hidden from the West, so the speed of its collapse caught many people by surprise. The EU feels more like watching a train wreck in super-slow motion on a UHD TV. I'd be more worried about the longevity of EUR-EUR corridors than whether or not XRP will play some role there. 

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I’m not sure this news is about xrp per se, but it is clear that target2 opens up the possibility of using crypto assets for banks. We are concentrating on xrp here, but crypto assets can also be CBDCs or crypto (xrp?) backed stable coins, like kava labs’ usdx (or eurx in this case) that would make perfect sense as a value transfer tool providing instant settlement without a central counterpart (ecb) and prefunded accounts in the Euro zone. 

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8 minutes ago, Tako said:

I’m not sure this news is about xrp per se, but it is clear that target2 opens up the possibility of using crypto assets for banks. We are concentrating on xrp here, but crypto assets can also be CBDCs or crypto (xrp?) backed stable coins, like kava labs’ usdx (or eurx in this case) that would make perfect sense as a value transfer tool providing instant settlement without a central counterpart (ecb) and prefunded accounts in the Euro zone. 

Crypto assets are not CBDC's. The BIS's money flower gives some insight.

Money_flower-2.png

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4 hours ago, xSODAx said:

RippleNet with it’s xCurrent (4.0) is one of those NSP’s!

 

PROVE IT

Tas Network Gateway 3.0 has RippleNet integrated and it has been known for a long while now. This Gateway is to be migrated.

If it doesn't bother to read it all, then please try to prove it yourself. You will be amazed what you might find, and it contributes to this subject as well!

Screenshot_20190528-162537_Samsung Internet.jpg

 

I really hate hype. But fud is almost as bad.

Trying to get a clear statement on XRP from the ECB would really help. And it MUST contain the word XRP at least 10 times.

Screenshot_20190528-162833_Samsung Internet.jpg

 

EDIT: Ripple has NOT participated in the tender. 

Edited by Dutch_ins
Ripple is not a NSP
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