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MistaPrime

My bank called Simplii has no idea about XRP

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I got an email from my bank saying: "Sending money abroad just got a whole lot easier."

Here is the screenshot:
ZoW82B.thumb.png.4c8907d9b505bbee8f6bd6c8041ab55b.png

My first thought was "waw they are finally on Ripplenet" !

So I emailed them at GMT@simplii.com and here is the conversation:

How does it work when you send money abroad?
Does that someone have to have a Simplii account abroad?

I would be interested to use the service only if you are using blockchain technologies such as the one made by Ripple (XRP).

Thanks,

They replied:
 

We support all banks all over the world irrespective of what bank the recipient hold. The service is actually faster than a conventional wire and we do not use blockchain technologies like XRP.  We have built a proprietary network that allows for transfer of funds within hours .

Please let us know if you have any questions.

Regards

GMT Specialist

I replied saying:
 

Hi,
What is this proprietary network? Is it using SWIFT ?
Thanks,

They replied:
 

Hi,

It is not using swift, but we have built local connections to each of the banks in the 75+ supported countries. It is faster than swift and more reliable and faster than blockchain system as well

I replied:

Hello,

The system built using Ripplenet (XRP) takes about 3 seconds. It actually takes care of settlement, I doubt your system is better than blockchain because it still takes hours.
You are probably still using the outdated nostro-vostro accounts to exchange funds. There is a better way, it is called Ripplenet.

Any chance that Simplii will be part of Ripplenet?

Thanks,

They replied:

For now Simplii will not be using Ripplenet but should that be an option in the future we will definitely consider it.

Let me know if there are any questions in specific you would like me to answer


That's it for the conversation right now.  
Anyone else surprised by the fact that they are building a system and they think it is more reliable and faster than blockchain?

What should I reply to them?

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It does feel good to feel that one is contributing, but as we are not able to know what is happening behind the scenes, therefore  I would suggest that you flag this up to Ripple so they can respond.  They are in the best position to follow this up and can be more effective than we can ever be. I'm sure that they will appreciate your pointing them in a particular direction and they may even give you a response

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Interesting! Not sure who you were in contact with there, but their knowledge about how things run on the back end could be somewhat limited.

Simplii is brand of CIBC (their "Direct Banking Brand"), whom has been testing X-Rapid since 2016. Very curious how this "Proprietary network" actually works.....

CIBC has the same program as well https://www.cibc.com/en/personal-banking/ways-to-bank/how-to/global-money-transfer.html

Perhaps there is some sort of NDA, or they are using X-Current (which the new 4.0 can use XRP, but perhaps that hasnt been implemented yet).

Regardless....Global Money Transfer still takes 1-3 business days wheras $XRP settles in 3-4 seconds. RBC has publicly stated that Ripple tech (X current) could

save them 46% in costs, so I think its just a matter of time before the banks HAVE TO join Ripple-Net in order to stay competitive.  

 

I believe we are pretty damn early to this party lol, and great things are likely to unfold. Happy Holding!

 

CIBC_XRAPID Test 2016.JPG

Capture.JPG

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Posted (edited)

The bank is called ‘Simplii’ so you don’t have to be surprised that they’re a bit... simple :).

Edited by tvde

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49 minutes ago, Skylerbigs said:

Simplii is brand of CIBC (their "Direct Banking Brand"), whom has been testing X-Rapid since 2016.

I've become a little suspicious of this Ripple "testing" phase! How long do they expect to "test" for?

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I find it interesting that a customer service rep would even be able to respond to a series of question like this. Let alone have hard answers.

Often times, Corporations can and do subscribe to a solutions and will "White-label" it with their own brand with NDA's and permission from the true provider.  It is very possible that companies/banks can be an xRapid shop but brand it as "Simplii-Fast" and truthfully - clients won't care. and employees are told that this is our platform called "Simplii-Fast".  hehehe

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28 minutes ago, elias said:

I've become a little suspicious of this Ripple "testing" phase! How long do they expect to "test" for?

From what I am observing....This whole crypto movement is a global effort, so maybe after the G20 (Which Canada is apart of) all of the countries might get the go ahead?  Considering Swift was created in the 1970s, I think 3 years to ensure a new tech is viable and secure is really nothing lol. There's a video of Chris Larson explaining how this all works to the Canadian Senate in 2015....So perhaps 2015 they see its legit.....2015-2016+ test.....2017 global recognition after the run......2018-2020+ onboard customers...2021 become SWIFT 2.0 ? Might take longer could be 2025, but

100% speculation, I don't know ***** aside from the news and what is publicly shared in pdfs. But my gut is telling me $XRP is on the path to become the future of payments/settlements on a global scale.

 

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37 minutes ago, iLeeT said:

xRapid wasn't even created in 2016 lol

Although XRapid was not live in 2016, it did exist. They started with a pilot that included 12 banks......

 

“In 2016, we piloted 12 banks. These 12 banks are located all over the world and there is no pre-financing relationship between them. What we do is to give these banks some XRP and let them solve the problem by themselves. The result is very good.” -Sagar Sarbhai (Ripple's Head of Government and Regulatory Affairs)

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23 minutes ago, Skylerbigs said:

Although XRapid was not live in 2016, it did exist. They started with a pilot that included 12 banks......

 

“In 2016, we piloted 12 banks. These 12 banks are located all over the world and there is no pre-financing relationship between them. What we do is to give these banks some XRP and let them solve the problem by themselves. The result is very good.” -Sagar Sarbhai (Ripple's Head of Government and Regulatory Affairs)

This is not xRapid. xRapid is a software product and the development started in 2017.

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My own bank, BMO Harris, was part of the R3 testing process too in 2015/2016. When I go to transfer money today with them, they still use SWIFT. For some reason, they opted not to use Ripple, at least for most transfers.

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Posted (edited)
5 hours ago, MistaPrime said:

I got an email from my bank saying: "Sending money abroad just got a whole lot easier."

Here is the screenshot:
ZoW82B.thumb.png.4c8907d9b505bbee8f6bd6c8041ab55b.png

My first thought was "waw they are finally on Ripplenet" !

So I emailed them at GMT@simplii.com and here is the conversation:


How does it work when you send money abroad?
Does that someone have to have a Simplii account abroad?

I would be interested to use the service only if you are using blockchain technologies such as the one made by Ripple (XRP).

Thanks,

They replied:
 


We support all banks all over the world irrespective of what bank the recipient hold. The service is actually faster than a conventional wire and we do not use blockchain technologies like XRP.  We have built a proprietary network that allows for transfer of funds within hours .

Please let us know if you have any questions.

Regards

GMT Specialist

I replied saying:
 


Hi,
What is this proprietary network? Is it using SWIFT ?
Thanks,

They replied:
 


Hi,

It is not using swift, but we have built local connections to each of the banks in the 75+ supported countries. It is faster than swift and more reliable and faster than blockchain system as well

I replied:


Hello,

The system built using Ripplenet (XRP) takes about 3 seconds. It actually takes care of settlement, I doubt your system is better than blockchain because it still takes hours.
You are probably still using the outdated nostro-vostro accounts to exchange funds. There is a better way, it is called Ripplenet.

Any chance that Simplii will be part of Ripplenet?

Thanks,

They replied:


For now Simplii will not be using Ripplenet but should that be an option in the future we will definitely consider it.

Let me know if there are any questions in specific you would like me to answer


That's it for the conversation right now.  
Anyone else surprised by the fact that they are building a system and they think it is more reliable and faster than blockchain?

What should I reply to them?

Simplii is underwritten by CIBC, who is (and has been for a while) a RL partner-

Edit: NM, I didn't bother reading through post - I see this has been pointed out.

Edited by PhiGuy

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4 hours ago, itcdominic said:

I find it interesting that a customer service rep would even be able to respond to a series of question like this. Let alone have hard answers.

 

feel the same - this is an uncommon conversation to have with a CS rep.  this makes me question the validity

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