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PNC Bank is Going Live with XCurrent


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9 hours ago, Valhalla_Guy said:

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)

No, this is only true for the highly liquid corridors as USD, GBP, Euro and Yen.

What about Mexico, South America, Philippines, whole East & SE Asia, India, Middle East, Eastern Europe, Africa? Practically the whole world except the corridors above can potentially be managed with an XRP corridor. Of course, exotic corridors will suffer the lack of liquidity, so yes a million dollar payment to Somalia might be a problem.

Finally banks do NOT hold XRP, only two exchanges per currency pair (instead of hundreds of correspondent bank accounts) and/or Market Makers hold XRP. I don't know why you mention this point which is explained many times over here (indeed I don't write a lot here but I do read).

So the NS/VS account issue IS solved wherever an XRP corridor is available. Do you think MoneyGram will keep their correspondent accounts in Mexico and Philippines? They would be crazy! So banks WILL close the accounts if and once they entirely switch to the "XRP settlement mode" for a specific corridor. Of course, this change will be gradually, but I can assure you each account is a lot of costs less (see my other answer on correspondent bank accounts).

Please try to depict a more balanced view on the XRP use case, otherwise you might give the impression you're having another agenda.

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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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20 hours ago, peanut56 said:

Xcurrent has xrp capabilities.

PNC Bank is one of the largest in the U.S.

XRP is more than 1% savings. This number came from where? image.png.30997d0fcef92df8112c4a7f859bb2d8.png

Xcurrent is a two way messaging system

Xrapid is an internaitonal liquidity tool that allows nations and businesses to circumvent of Nations

This graphic really should end the thread for anyone asking the question 'why would banks bother to use XRP'. 

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19 hours ago, Frisia said:

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).

This isn’t as big of an issue as Ripple makes it out to be though. There wasn’t even an outcry about this or a sought after solution until Ripple pushed the narrative because they found a use case.  If this was as big of a concern as Ripple is making it out to be, much more would have been done sooner and faster action would be take.  As is, I’m hopeful for XRP success, I just don’t think it’ll be adapted easily, as banks will be content with xCurrent for faster correspondence.  

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1 minute ago, KaaKaRmA said:

This isn’t as big of an issue as Ripple makes it out to be though. There wasn’t even an outcry about this or a sought after solution until Ripple pushed the narrative because they found a use case.  If this was as big of a concern as Ripple is making it out to be, much more would have been done sooner and faster action would be take.  As is, I’m hopeful for XRP success, I just don’t think it’ll be adapted easily, as banks will be content with xCurrent for faster correspondence.  

Ok, let's give you the KaKa test.  Tell me if you think this is or is not a fair re-write of what you wrote, above:

"Sure. this is a big deal, I mean, a veritable ****-ton of money we're talking about, BUT nobody was even thinking about or actively looking for a solution that'd unlock all that value until Ripple told them that they could do it.  Newton should have just kept quiet about gravity, too, but the big stinker wrote about the experience and even sent letters - which really ticks me off, being the non-jealous type that I am.  I mean, don't get me wrong, I hope XRP's price rises because I maybe own some, but I don't think it'll be easy.  Also, either I don't understand - at all - the benefits of a settlement asset - even though I keep talking like I do - or I bought the FUD lie that there is zero reason to use xRapid, over xCurrent - and I'm mad that people accuse me of spreading FUD, whenever I delve into topics and talk like I know what I'm talking about regarding msging v settlement.  Also, even if I grant you all of the above, well, it won't happen fast enough to satisfy me - it'll probably be gradual and force me to wait hours or something before I get RICH!"

That's a quick take of what I heard you saying... Maybe you'll find the KaKa test, itself, partially curative... ;)

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32 minutes ago, zerpdigger said:

marketing/hype 

CrossRiver is a little bank in NJ that built up a specialty practice in handling the backend of certain types of consumer lending.  They were one of two or three banks that came out of the last 10-15 years of "fintech" (before it was widely known as "fintech") and they are very open to partnering with tech companies and trying new stuff - though they are (were?) quite small and quite quiet...  I believe that it was probably a bad fit, for that reason - I suspected that, at the time.  If you're going to call every attempt that doesn't work out, for whatever reason, some kind of a "lie", then I'd venture to say you should probably stay away from running any type of venture.  You can't sit around and wait for your ship to come in if you don't first send out some ships.

ETA:  For all I know, Ripple and CrossRiver still have a deal.  Beats me.  But my read, way back when, was that it was sort of a "foot in the door"... and, for that, CrossRiver has - much to my chagrin, since they're private and I own like 1/1billionths of one of their public competitors - always been open to new / innovative stuff, and they've done pretty well off of it over the years.  Too well, for my tastes, since I was never able to invest in a tiny piece of their biz. :)

ETA 2:  Interesting...  I hadn't looked at them in a while, they've had a flurry of investment since last year - the usual suspects - and just bought up "Seed".

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54 minutes ago, NightJanitor said:

If you're going to call every attempt that doesn't work out, for whatever reason, some kind of a "lie"

not what i said 

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