Ripple & R3 Listed in Executive order REPORT from Steve Mnuchin of the US Treasury to the President

[RippleRicky]

Executive Order 13772- Check this out!---Executive order REPORT from Steve Mnuchin of the US Treasury to the President - (Mods, please move if necessary , thank you)

 

Then while you're reading this press Ctrl-F and type in Ripple and you will see Ripple and R3 as two of the many firms listed as "Participants in the Executive Order Engagement Process"

https://home.treasury.gov/sites/default/files/2018-07/A-Financial-System-that-Creates-Economic-Opportunities---Nonbank-Financi....pdf

 

The report title is- "A Financial System That Creates Economic Opportunities Nonbank Financials, Fintech, and Innovation

 

Here is the actual Executive Order 13772 Link but the reports and its contents are what we care about. The order is just a confirmation of telling us that Change is upon us. 

https://www.whitehouse.gov/presidential-actions/presidential-executive-order-core-principles-regulating-united-states-financial-system/

 

@Hodor Check this out-What do you think of this? 

[RippleRicky]

Then I read this in the report which coincides with Bank Of England Proof Of Concept with Ripple.

 

Here is the Proof Of Concept link and it's feedback

 https://www.bankofengland.co.uk/research/fintech/-/media/boe/files/fintech/ripple.pdf?la=en&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7&hash=75E5F445230B8A2B794C208D29619A3E33F1FFE7

 

"The United Kingdom’s Transition to Faster Payments One such system, the U.K. Faster Payments Scheme, is worth looking at in more detail as its transition could provide an interesting comparison to the current U.S. payments system. The U.K. Faster Payments Service (FPS) was created as an entirely new infrastructure on a directive from the government, and went live in 2008.466 Prior to the implementation of FPS, the U.K. had a payment rail network that was very similar to the current U.S. system. The U.K. large value Real-Time Gross Settlement system, CHAPS, is very similar to Fedwire and CHIPS. The U.K. batched electronic payment transfer network, Bacs, is very similar to the U.S. ACH networks.467 The process to build and implement FPS took about three years, from directive to an operational system.468 The United Kingdom first considered options to speed up account to account payments through systems that were already operational. While they considered speeding up Bacs to same-day service, or promoting more usage of CHAPS for lower value payments, problems of ultimate speed and cost to the consumer, respectively, pushed them to choose the path of creating a brand new infrastructure.469 The FPS system authorizes and clears transactions in real time, but settlement is still deferred and done through the Bank of England’s three daily settlement cycles, as was done prior to FPS. The most recent annual data from FPS shows that the service is growing the fastest of any form of electronic payment in the United Kingdom, having logged 16% growth between 2016 and 2017."

"One notable difference between the U.K. FPS and a potential U.S. faster payments system is the ability for widespread adoption. Since the U.K. banking system is more concentrated than the U.S. banking system, a U.S. system would need to be reachable by a larger number of banking institutions to benefit all consumers, and the cost to operate the system would have to be borne by a greater number of institutions which could lead to higher costs of implementation and maintenance. While the United Kingdom provides an example for implementation of a faster payments network, many of these issues may have different outcomes in a U.S. system."

[RippleRicky]

I realize this is from 2017 but I don't remember ever seeing this ??? Correct me if I am wrong.

[Finesse]

[Finesse]

1 minute ago, RippleRicky said:

I realize this is from 2017 but I don't remember ever seeing this ??? Correct me if I am wrong.

says july 2018

[RippleRicky]

@Finesse My bad, I should have clarified. The actual executive order 13772 that the President signed was February 2017 but yes you're correct, the report came later.

 

[Hodor]

1 hour ago, RippleRicky said:

@Hodor Check this out-What do you think of this? 

Well, I confess I hadn't seen those references, but I vaguely remember that when this administration took office, they sent a few of these communications out like most administrations.  

They're designed to be political documents as much as they are policy documents, unfortunately, so they are very inclusive of many companies and organizations.  It's one technique of marshaling support for policies, and it makes sense. 

It's a legit & fascinating find, @RippleRicky - thanks for sharing & tagging me!    🙏

[RippleRicky]

@Hodor absolutely man, I know you’ve done a lot of digging and knew you could make legitimate sense of it. Either way I see it all as a very positive outlook. 🙌🏼