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SWIFT's Battle For International Payments


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26 minutes ago, peanut56 said:

I was thinking the writer really seems to hate ripple and xrp. The whole GPI has 160 banks and Ripple is trying to stay alive, but at that time it had 200 banks it was working with. Then at the bottom of the page I saw the name of the Author, Frances Coppola. Oh, the memory of a twitter war.

If she had an unbiased brain, she would be dangerous. 

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Swift GPI 13 seconds to transfer money cross border

 

I don't mean to be pessimistic but the writing is on the wall. =( I'm sure Ripple has a fantastic software solution but I don't get the impression any banks will make use of a cryptocurrency to handle transactions. Why would they use a service that would make everyone else rich at their expense? Ripple just couldn't close a deal with any of the leading banks and they had to buy their way into the Remittance service by paying Money Gram to use XRP. This just feels like they are trying to force their way into a market and the market is not moving in their favor.  This is so disappointing.

Edited by Scout
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1 hour ago, Scout said:

Swift GPI 13 seconds to transfer money cross border

 

I don't mean to be pessimistic but the writing is on the wall. =( I'm sure Ripple has a fantastic software solution but I don't get the impression any banks will make use of a cryptocurrency to handle transactions. Why would they use a service that would make everyone else rich at their expense? Ripple just couldn't close a deal with any of the leading banks and they had to buy their way into the Remittance service by paying Money Gram to use XRP. This just feels like they are trying to force their way into a market and the market is not moving in their favor.  This is so disappointing.

Sigh, your fears are unwarranted because Swift/GPI are a messaging platform they dont settle.

because that’s all Swift is , a messaging platform for banks to communicate and settle via the nostro/vostro system with partner banks around the world.

the real cost comes from settlement , having to “multi hop” from bank to bank, region to region . Errors occur, requires oversight and people on the payroll throughout the system across all banks. 

Also requires large reserves of native currencies and constantly keeping track of balances and flows for settlement, as well as having to keep track of inflation. This system locks out some of the more exotic or super inflationary currencies. 

Ripple buying moneygram wasn't them forcing themselves into the market, thats a way for banks and other more regulated institutions to multi-hop and utilize xrp without having to jump through so many regulatory hurdles. It is also the first time a digital asset company bought a real world company that is a household name. What companies has btc/eth bought? What company is using btc/eth to move money around the world in seconds?

You simply don't have all the information and shouldn't be making claims like above with such a naive understanding of the grand scheme of things.

Edited by Finesse
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32 minutes ago, Finesse said:

Sigh, your fears are unwarranted because Swift/GPI are a messaging platform they dont settle.

because that’s all Swift is , a messaging platform for banks to communicate and settle via the nostro/vostro system with partner banks around the world.

the real cost comes from settlement , having to “multi hop” from bank to bank, region to region . Errors occur, requires oversight and people on the payroll throughout the system across all banks. 

Also requires large reserves of native currencies and constantly keeping track of balances and flows for inflation. Requires keeping track of inflation. And locks out some of the more exotic or super inflationary currencies. As such locks out commerce.

Ripple buying moneygram wasn't them forcing themselves into the market, thats a way for banks and other more regulated institutions to multi-hop and utilize xrp without having to jump through so many regulatory hurdles. It is also the first time a digital asset company bought a real world company that is a household name. What companies has btc/eth bought? What company is using btc/eth to move money around the world in seconds?

You simply don't have all the information and shouldn't be making claims like above with such a naive understanding of the grand scheme of things.

Thank you! For some reason I keep forgetting that GPI is still only a messaging platform and not a settlement tool. I appreciate your patience with me as it seems I tend to keep making the same mistakes. I'll just sit tight and shut up! =)

Edited by Scout
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On 7/23/2019 at 8:00 AM, Scout said:

Thank you! For some reason I keep forgetting that GPI is still only a messaging platform and not a settlement tool. I appreciate your patience with me as it seems I tend to keep making the same mistakes. I'll just sit tight and shut up! =)

But SWIFT isn't just a messaging platform, they are also evolving to instant settlements via TIPS in Europe and utilising domestic RTGS such as FAST in Singapore.

It's the last straw of hope all the hopiums have by saying SWIFT cannot settle. Well, times a changing.

https://www.swift.com/news-events/press-releases/swift-trials-instant-cross-border-gpi-payments-through-tips

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