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PNC Bank is Going Live with XCurrent


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I heard it on Youtuber Brad Kimes that PNC Bank, a top ten bank in the U.S., is going live using XCurrent. They first announced their intentions of it last fall. This is of course a big deal, but

PNC owns over 20% of Blackrock.

The biggest thing about this is that yes , progress is still occuring and current price of XRP isn't at all relative to the end game. 

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@Valhalla_Guy Ripple have mentioned mentioned many times through testing there is an additional 30-40% cost savings found through using XRP over XCurrent.  Yes, its my understanding that some of these savings are a result of letting go of legacy processes which can be difficult- Western Union is a great case of them not being ready.  They will be "ready" when their market share is being taken away likely as early as the end of this year or Q1 2020.  Some of the savings will come from greatly reducing nostro/vostro accounts.  Instead of holding ~30 different accounts in different currencies institutions will hold a small and flexible pile of XRP.   Or if they don't want to hold it for any number of reasons they can source in real time from appropriately liquid exchanges.  Please show me where it was debunked and for the love of god I really hope you don't cite Francis Coppola, lol.  ANY Ripplenet clients, particularly multi-national banks using XCurrent will be immensely beneficial for XRP in the long-run as XRP liquidity continues to increase.  Look to Japan, Middle East and South America to kick start the festivities.  

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2 minutes ago, aavkk said:

Please show me where it was debunked and for the love of god I really hope you don't cite Francis Coppola, lol.

When was the last time you heard Mr Garlinghouse or Mr. Schwartz claim that xRapid would end nostro/vostro? 

Yes xRapid works where there is already vast liquidity, but nations that already have fast liquidity do not have an issue settling payments. It is the third world countries that need to ramp up. I personally am still having trouble finding an exchange that trades xrp/pesos. Do you have one?

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Vahalla_Guy it is the consistent false information that is the problem. Sure sometimes I have blinders on and at times want to believe something that is not true, but I am willing to change my mind. Not all things are great considering that as of now xrp's use case is banks, remittance, tip bot, peer to peer transfers, gaming, coil, and others. I do not like that Ripple has 50% of the supply, but it is theirs. The distribution model was decided on and so ok. You just happen to be consistently bashing xrp, Ripple, and forum members.

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1 hour ago, Valhalla_Guy said:

So why post this announcement on XRP Chat? It has nothing to do with XRP. 

By the way the Nostro/Vostro issue is not solved by XRP. This myth has been debunked on this site last year. Mr G. no longer mentions n/v accounts in his statements. Either a bank will have to hold prefunded XRP accounts or find a Market maker that holds prefunded accounts in all countries that do not already have liquid exchanges. (Which is all of the third world- and is a very unlikely path for success for the MM)

Well technically anything running on Ripplenet can use XRP in the future, so it's not as if we're talking about something totally unrelated to XRP.

Like others, I'm not sure about debunking the nostro/vostro myth? And I assume holding XRP or using it via xRapid is much easier/ cheaper than holding a huge bunch of prefunded accounts in various countries.

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57 minutes ago, Valhalla_Guy said:

 

When was the last time you heard Mr Garlinghouse or Mr. Schwartz claim that xRapid would end nostro/vostro? 

Yes xRapid works where there is already vast liquidity, but nations that already have fast liquidity do not have an issue settling payments. It is the third world countries that need to ramp up. I personally am still having trouble finding an exchange that trades xrp/pesos. Do you have one?

Do you have access to bitso?

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Do banks really care about nostro/vostro? Is it really that big of an issue for them?  Who knows?  It seems like Ripple pushed this narrative as it was the largest way to implement a true banking use case for XRP.  Reality seems to dictate that the banks are more concerned about the messaging systems over the nostro/vostro accounts and the savings and opportunity cost that come with them.  xCurrent could end up being the key product that banks like and utilize, with XRP/xRapid being used in other corridors and use cases.  We can't just make assumptions that it automatically goes xCurrent to xRapid implementation.

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14 minutes ago, KaaKaRmA said:

Do banks really care about nostro/vostro? Is it really that big of an issue for them?  Who knows?  It seems like Ripple pushed this narrative as it was the largest way to implement a true banking use case for XRP.  Reality seems to dictate that the banks are more concerned about the messaging systems over the nostro/vostro accounts and the savings and opportunity cost that come with them.  xCurrent could end up being the key product that banks like and utilize, with XRP/xRapid being used in other corridors and use cases.  We can't just make assumptions that it automatically goes xCurrent to xRapid implementation.

Depends who you ask, you could ask Frances Coppola: https://www.forbes.com/sites/francescoppola/2019/02/10/there-is-no-such-thing-as-dormant-funds-in-banking/

 

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11 hours ago, mrhat75 said:

The question is why not xrp.

Aside from the huge win that there is a large U.S. bank active now with XCurrent, there are several other things that could be of significance here:

• XCurrent 4.0 can send XRP, so basically for PNC it's a flip of the switch at this point now that XCurrent officially live for them. Which other banks are going to look at this and consider to themselves that they could be behind at this point? PNC is the 6th or 8th largest bank in the U.S.. When regulation clarity is here this bank will likely take a significant competitive advantage in the international remittance market against some of its larger banking counterparts. This along with MoneyGram has to have some worried.

• From what we can tell PNC owns 22% of BlackRock Investment Group. Speculative, but this could be significant on so many levels, especially with the upcoming launch of BAKKT. A company like BlackRock does not want to be behind in such a disruptive technology and new asset class.

• PNC owns Royal Bank of Canada. I wonder if this has any relation to Cory Johnson's shaking hands with, (I think it was) the head of the Canadian Central Bank?

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3 hours ago, Valhalla_Guy said:

 

When was the last time you heard Mr Garlinghouse or Mr. Schwartz claim that xRapid would end nostro/vostro? 

Yes xRapid works where there is already vast liquidity, but nations that already have fast liquidity do not have an issue settling payments. It is the third world countries that need to ramp up. I personally am still having trouble finding an exchange that trades xrp/pesos. Do you have one?

I don't believe they ever claimed to END them.  They've always highlighted the problems associated with them and have laid out in detail how XRP can drastically reduce them.  Its a paradigm shift in the way things are settled and this takes time.  Just as web monetization, streaming micropayments and other quality uses for XRP are.   One of the benefits of Ripple's warchest is their ability to kick start a small amount of liquidity for XRP in emerging markets.  I'm sure they are incentivizing the appropriate players involved to facilitate the usefulness of XRP as a bridge asset.  The price has slipped lower and lower but that doesn't reflect the necessary infrastructure being built to support global adoption of digital assets, namely XRP for utility.  

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6 hours ago, KaaKaRmA said:

Do banks really care about nostro/vostro? Is it really that big of an issue for them?  Who knows?  It seems like Ripple pushed this narrative as it was the largest way to implement a true banking use case for XRP.  Reality seems to dictate that the banks are more concerned about the messaging systems over the nostro/vostro accounts and the savings and opportunity cost that come with them.  xCurrent could end up being the key product that banks like and utilize, with XRP/xRapid being used in other corridors and use cases.  We can't just make assumptions that it automatically goes xCurrent to xRapid implementation.

Do you have any idea what the business is behind correspondent banking? It's a multi billion industry and guess who is paying for this service? Yessur, customers.

Correspondent Bank accounts inherently mean billions of not utilized funds, forex exchange risk, counterpart risk, country risk, cumbersome operations due to reconciliations and delays, risk management operations, fraud prevention. All banks would like to get rid of correspondent banking except those that receive the revenues of course (e.g. JPM).

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7 hours ago, KaaKaRmA said:

Do banks really care about nostro/vostro? Is it really that big of an issue for them?  Who knows?  It seems like Ripple pushed this narrative as it was the largest way to implement a true banking use case for XRP.  Reality seems to dictate that the banks are more concerned about the messaging systems over the nostro/vostro accounts and the savings and opportunity cost that come with them.  xCurrent could end up being the key product that banks like and utilize, with XRP/xRapid being used in other corridors and use cases.  We can't just make assumptions that it automatically goes xCurrent to xRapid implementation.

Well put it this way. In countless conferences where heads of banking attend and Ripple are going about the nostro vostro problem and freeing up dormant capital, never once have one of them said ‘hang on a minute, this isn’t actually a big deal’. Maybe that’s a positive spin on something but you’d have thought someone other than Frances Coppola would have mentioned it by now.

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