SWIFT announces it’s going all-in on blockchain and open finance

[Erik156]

Might be interesting for Ripple....

"Spare a thought for remittance companies, Ripple, Paypal and other payment companies. Simply moving money by itself was never going to be a sustainable product. As SWIFT said, it's do or die."

https://www.finder.com.au/swift-announces-its-going-all-in-on-blockchain-and-open-finance

Edited June 22, 2019 by Erik156

[Padster]

This is the BIG one, are Ripple at the table ? Swift and R3 seem to want to sideline XRP or is this all just smoke and mirrors ? 

Edited June 22, 2019 by Padster

[Archbob]

They didn't really say what they were using, it almost sounded like they were developing their own mainnet protocol. Will be interesting to see what it is. If I had to guess one of the current protocols for this new SWIFT protocol, my guess is it'd be some version of Ethereum.

Edited June 22, 2019 by Archbob

[XRPforLong]

What’s the scoop with R3? Is there nothing going on with Ripple and R3? I’ve not kept up. 

[Dario_o]

2 minutes ago, XRPforLong said:

What’s the scoop with R3? Is there nothing going on with Ripple and R3? I’ve not kept up. 

 

[panmores]

Don't think it's anything new. It's dpi-centered, no mention of blockchain. 

[eXtRaPolate]

2 minutes ago, panmores said:

Don't think it's anything new. It's dpi-centered, no mention of blockchain. 

"explicitly said that they're going to be using blockchain to do it"

"it's confirmed that blockchain (distributed ledger technology – DLT) is going to be at its core"

Edited June 22, 2019 by eXtRaPolate

[panmores]

12 minutes ago, eXtRaPolate said:

"explicitly said that they're going to be using blockchain to do it"

"it's confirmed that blockchain (distributed ledger technology – DLT) is going to be at its core"

I stand corrected:

Quote

Pending the success of a proof of concept with the R3 trade platform, we’ll also soon be enabling gpi payments on DLT-based trade platforms. Resolving the payment challenges DLT platforms face, we will enable gpi payments to be initiated within trade workflows, automatically passing them on to the banking system.

So... something like xCurrent, maybe.

Anyway, I think Ripple gave up some time ago on replacing SWIFT. There are other big fish to fry. If they join, even better. If not, then International remittances and alternative methods of cross-border money transfers still are an enormous market.

Edited June 22, 2019 by panmores

[Benchmark]

6 minutes ago, panmores said:

No mention of this on the SWIFT link provided.

DLT is mentioned as such by Swift:

https://www.swift.com/future-of-payments

[Julian_Williams]

Isn't this and upgrade of GPI to compete better against Xcurrent than XRapid?  I would guess it is unlikely to be as good as XCurrent which has been tested and upgraded several times and it now well established as secure, fast and accurate. 

"We will enable gpi payments to be initiated within trade workflows, automatically passing them on to the banking system"

passing them on to the banking system -  which is on the R3 platform which includes XRapid settlement service

Surely this is SWIFT following Ripple innovation and integrating with Ripple/XRP?

[SilverSailor]

I recall reading that to implement Swift itself like TOOK 5 years from announcing to actual usage as a "much needed" system. If they don't use XRP, we better be sweating and looking out for Swift's new blockchain tech...in 2024! LOL

Edited June 22, 2019 by SilverSailor

[Raiden]

If you cant fight them, work with them! 

[Trentsteel]

31 minutes ago, SilverSailor said:

I recall reading that to implement Swift itself like TOOK 5 years from announcing to actual usage as a "much needed" system. If they don't use XRP, we better be sweating and looking out for Swift's new blockchain tech...in 2024! LOL

I did read that Ripple had now got it down to around 6 weeks to integrate ripplenet to a new customer 

sorry don’t have a link but pretty sure it was in that time scale 

[VanGogh]

36 minutes ago, Trentsteel said:

I did read that Ripple had now got it down to around 6 weeks to integrate ripplenet to a new customer 

sorry don’t have a link but pretty sure it was in that time scale 

I read that it is down to a few days now. I'm pretty sure it has to do with XCurrent 4.0. I can't remember exactly where I read that but I think it was Garlinghouse who said it. Could be wrong. If I can find it I'll paste it. 

[Benchmark]

1 hour ago, Julian_Williams said:

Surely this is SWIFT following Ripple innovation and integrating with Ripple/XRP?

Integrating is probably the wrong word, but yes the banks using swift will get more options on how to settle payments. Among which XRP.