LetHerRip Posted September 23, 2019 Share Posted September 23, 2019 Largest Number of Banks to Join Live Application of Blockchain Technology https://www.businesswire.com/news/home/20190919005223/en/J.P.-Morgan-Interbank-Information-Network®-Grows-300 J.P. Morgan’s Interbank Information Network (IIN®) has expanded dramatically over the last 12 months, as more than 330 banks have signed up to be part of IIN. Having launched as a pilot in 2017, J.P. Morgan’s Interbank Information Network (IIN ®) is the firm’s first scalable, peer-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps, IIN serves to address the longstanding challenges of interbank information–sharing. Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved. With an extensive network of banks 344, IIN continues to grow and evolve into a robust ecosystem. SWIFT Launches Global Instant Payments Service Using GPI https://www.financemagnates.com/fintech/payments/swift-launches-global-instant-payments-service-using-gpi/ SWIFT has announced the launch of a new service in which it will deliver global instant payments this Monday. The payments giant has achieved this by integrating its cross-border payments service, gpi (Global Payment Initiative), into domestic instant payment systems. Before today’s launch, the payments giant conducted a number of trials. As part of this, the New Payments Platform (NPP) in Australia delivered payments between Australia and China in 18 seconds. In Singapore, a separate trial with Fast And Secure Transfers (FAST) was conducted. For this trial, 17 banks across seven countries participated. During the test, the fastest payment was processed in just 13 seconds and payments between all continents settled within 25 seconds. Commenting on the launch, Harry Newman, Head of Banking, at SWIFT said: “At SWIFT, we are creating a future in which cross-border payments will be as convenient as domestic ones. It is time for the whole community to come together to seize this opportunity and establish a global real-time payments service. SWIFT’s gpi was created to improve the customer-bank experience in the international payments space. It was launched back in 2016, and there are more than 200 financial institutions involved in the SWIFT gpi. DavyJones, Dario_o, aavkk and 3 others 4 2 Link to comment Share on other sites More sharing options...
mike91 Posted September 23, 2019 Share Posted September 23, 2019 (edited) Seems that the JP Morgan's IIN customers also includes customers of Ripple (Santander, Axis, MUFG, Itau Unibanco, Westpac for example) There probably will be multiple networks pretty much as expected. They will be interconnected at some point I guess but some banks probably already want access to all Theoretical future scenario by Everis / NTT data (source1, source2, source3) still possible Edited September 24, 2019 by mike91 Link to comment Share on other sites More sharing options...
Xrated Posted September 23, 2019 Share Posted September 23, 2019 This genuinely is eye brow raising. If you think about it, a customer doesn't care about how the results are done, but just the end result. It could be that with minimal effort these new "upgrades" to an already existing infrastructure may be preferred rather than a whole new implementation all together. I know what ripple has going for them is transaction vs settlement, but is the settlement part really an issue? I feel what ripple had going for them was the speed vs settlement and that speed part is being matched today. a new era, companies, practices? I can see ripple being the leeway for new companies with minimum capital to become of competition to the much bigger companies that can afford to fund their way to be a dominant payments company. This is a possibility for the new age to be born, but that's decades away imo to have a global impact. Either way a move up is the right direction no matter the time frame. Either way I hope for the adoption or integration of ripple services over swift. Exciting times. Link to comment Share on other sites More sharing options...
Guest Posted September 23, 2019 Share Posted September 23, 2019 33 minutes ago, LetHerRip said: ...of the Ethereum blockchain 😂 Link to comment Share on other sites More sharing options...
peanut56 Posted September 24, 2019 Share Posted September 24, 2019 I wouldn't say it is a checkmate. Maybe a check. It does raise questions about the extent of competition that ripple will be experiencing with its cross border payments. Yes J.P. Morgan can basically match payments with time of accomplishment. What it doesn't accomplish is settlement which is a big issue and raises an issue currency volatility. Yes XRP is volatile as well. So that is untested in terms of full commercial usage with xrp. I would assume that J.P Morgan along with SWIFT will still dormant accounts and they will also need trust between banks. The money is still tied up and dormant and/or consistently being moved around where needed. Anyway I think this is on the same level as LIBRA is an XRP killer and stable coins are an XRP killer. They could be, but there are still a lot of unanswered questions and a lot of real world testing that would have to be done. aavkk and LetHerRip 2 Link to comment Share on other sites More sharing options...
Drew Posted September 24, 2019 Share Posted September 24, 2019 Information network :-/. We already have a bunch of those :-) cryptoxrp, Undershoes and 2ndtimearound 3 Link to comment Share on other sites More sharing options...
aavkk Posted September 24, 2019 Share Posted September 24, 2019 (edited) 1 hour ago, peanut56 said: I wouldn't say it is a checkmate. Maybe a check. It does raise questions about the extent of competition that ripple will be experiencing with its cross border payments. Yes J.P. Morgan can basically match payments with time of accomplishment. What it doesn't accomplish is settlement which is a big issue and raises an issue currency volatility. Yes XRP is volatile as well. So that is untested in terms of full commercial usage with xrp. I would assume that J.P Morgan along with SWIFT will still dormant accounts and they will also need trust between banks. The money is still tied up and dormant and/or consistently being moved around where needed. Anyway I think this is on the same level as LIBRA is an XRP killer and stable coins are an XRP killer. They could be, but there are still a lot of unanswered questions and a lot of real world testing that would have to be done. Mostly agree with your thinking here. This was in many ways exactly what I expected the largest correspondent banks with the most to lose to come up. From what I can tell JPM's IIN is nothing more than a messaging service. On demand liquidity is a game changer and neither of these developments show real cause for concern. Last I checked there was something like 11,500 banks. They are trying to narrow the gap but they don't have the bridge (asset). See what I did there.... Edited September 24, 2019 by aavkk spelling 2ndtimearound, DannyRipple, dr_ed and 4 others 5 2 Link to comment Share on other sites More sharing options...
Popular Post 2ndtimearound Posted September 24, 2019 Popular Post Share Posted September 24, 2019 The article is very low on actual information, so I went here :- https://www.jpmorgan.com/country/TH/en/detail/1320570135560 It's a messaging system, as I thought it had to be. In other words, it competes with SWIFT and xCurrent. In more other words, NOSTRO/VOSTRO accounts are still needed to settle. You might as well say "Checkmate Ripple: SWIFT have 11,000 banks using their system". Using the blockchain to guarantee the validity of information is a low barrier to entry service. We can see this in how quick SWIFT launched GPI, and how quick JPM came up with their own blockchain solution for messaging. The vastly more difficult service to replicate is near-instant cross-currency settlement, which is what xRapid and xVia can do. Can someone point to a service competing with xRapid please? It just puts more pressure on Ripple to differentiate themselves with both xRapid and xVia. xRapid could become a plugin to the IIN in the future, as well as a plugin for SWIFT. cryptoxrp, Sharkey, djdhrubs and 15 others 13 5 Link to comment Share on other sites More sharing options...
2ndtimearound Posted September 24, 2019 Share Posted September 24, 2019 36 minutes ago, aavkk said: Mostly agree with your thinking here. This was in many ways exactly what I expected the largest correspondent banks with the most to lose to come up. From what I can tell JPM's IIN is nothing more than a messaging service. On demand liquidity is a game changer and neither of these developments show real cause for concern. Last I checked there was something like 11,500 banks. They are trying to narrow the gap but they don't have the bridge (asset). See what I did there.... LOL - I've made the exact same point....(didn't see your post) Yes, on-demand liquidity is the REAL problem and it's hard to address - it takes time to build up liquidity in particular corridors. Messaging-on-the-blockchain is the vastly easier service to provide. To me this is great news - it puts more pressure on Ripple to focus on xRapid. LetHerRip, DannyRipple, Sharkey and 2 others 5 Link to comment Share on other sites More sharing options...
L2Design Posted September 24, 2019 Share Posted September 24, 2019 BRAVO XRP!!! Link to comment Share on other sites More sharing options...
Popular Post Montoya Posted September 24, 2019 Popular Post Share Posted September 24, 2019 (edited) How does it alleviate the problem of counterparty risk without an asset? One of these blockchain messaging applications may win out, but they are categorically different than Ripple. It is the token that makes ripple's system special and makes it work. The messaging is all well and good, but at the end of the day, no value can actually move. You need an asset that can be sold on an open market, across borders, and external of the operators of the system. Ripple crowdsources liquidy like Uber crowdsources labor. The forex traders, and us, are independent contractors giving liquidity to the market so banks don't need to have dead cash. It is a better system. Whether it will ever be adopted is anyone's guess though. Edited September 24, 2019 by Montoya GrayFox, wien0004, DannyRipple and 19 others 22 Link to comment Share on other sites More sharing options...
Guest Posted September 24, 2019 Share Posted September 24, 2019 (edited) 6 hours ago, LetHerRip said: Largest Number of Banks to Join Live Application of Blockchain Technology https://www.businesswire.com/news/home/20190919005223/en/J.P.-Morgan-Interbank-Information-Network®-Grows-300 J.P. Morgan’s Interbank Information Network (IIN®) has expanded dramatically over the last 12 months, as more than 330 banks have signed up to be part of IIN. Having launched as a pilot in 2017, J.P. Morgan’s Interbank Information Network (IIN ®) is the firm’s first scalable, peer-to-peer network powered by blockchain technology. From minimizing friction in the cross-border payments process to enabling payments to reach beneficiaries faster and with fewer steps, IIN serves to address the longstanding challenges of interbank information–sharing. Powered by Quorum®, a permissioned-variant of the Ethereum blockchain, developed by J.P. Morgan, IIN allows member banks to exchange information in real-time as a way to verify that a payment has been approved. With an extensive network of banks 344, IIN continues to grow and evolve into a robust ecosystem. SWIFT Launches Global Instant Payments Service Using GPI https://www.financemagnates.com/fintech/payments/swift-launches-global-instant-payments-service-using-gpi/ SWIFT has announced the launch of a new service in which it will deliver global instant payments this Monday. The payments giant has achieved this by integrating its cross-border payments service, gpi (Global Payment Initiative), into domestic instant payment systems. Before today’s launch, the payments giant conducted a number of trials. As part of this, the New Payments Platform (NPP) in Australia delivered payments between Australia and China in 18 seconds. In Singapore, a separate trial with Fast And Secure Transfers (FAST) was conducted. For this trial, 17 banks across seven countries participated. During the test, the fastest payment was processed in just 13 seconds and payments between all continents settled within 25 seconds. Commenting on the launch, Harry Newman, Head of Banking, at SWIFT said: “At SWIFT, we are creating a future in which cross-border payments will be as convenient as domestic ones. It is time for the whole community to come together to seize this opportunity and establish a global real-time payments service. SWIFT’s gpi was created to improve the customer-bank experience in the international payments space. It was launched back in 2016, and there are more than 200 financial institutions involved in the SWIFT gpi. Don't forget VISA B2B Connect. https://www.bloomberg.com/press-releases/2019-06-11/visa-b2b-connect-launches-globally SAN FRANCISCO -- June 11, 2019 Visa Inc. (NYSE:V) today announced the commercial launch of the Visa B2B Connect network, giving financial institutions an ability to quickly and securely process high-value corporate cross-border payments globally.^1 The Visa B2B Connect launch will cover more than 30 global trade corridors, with an aim to expand to as many as 90 markets by end of 2019. Edited September 24, 2019 by Guest Ripple REKT ? Link to comment Share on other sites More sharing options...
Archbob Posted September 24, 2019 Share Posted September 24, 2019 2 hours ago, Montoya said: How does it alleviate the problem of counterparty risk without an asset? One of these blockchain messaging applications may win out, but they are categorically different than Ripple. It is the token that makes ripple's system special and makes it work. The messaging is all well and good, but at the end of the day, no value can actually move. You need an asset that can be sold on an open market, across borders, and external of the operators of the system. Ripple crowdsources liquidy like Uber crowdsources labor. The forex traders, and us, are independent contractors giving liquidity to the market so banks don't need to have dead cash. It is a better system. Whether it will ever be adopted is anyone's guess though. If the corridors is liquid enough, why don't you just use the Market Makers to directly trade one currency for the other without a bridge? Link to comment Share on other sites More sharing options...
kanaas Posted September 24, 2019 Share Posted September 24, 2019 If the corridors is liquid enough, why don't you just use the Market Makers to directly trade one currency for the other without a bridge?Besides trading one still needs a value asset that 1) moves physical Xborder AND that2) has unversal trust on value and ownership dik 1 Link to comment Share on other sites More sharing options...
Archbob Posted September 24, 2019 Share Posted September 24, 2019 (edited) 1) You don't need anything physical to move money these days. All cash is digital credits and debits. Just because you use XRP doesn't mean you are physically moving anything across borders, its all numbers in the computer. Less than 10% of all our money is actually represented by anything physical so they can't even do that most of the time. 2) The market maker is the trusted party. Edited September 24, 2019 by Archbob ZzZerper and tulo 1 1 Link to comment Share on other sites More sharing options...
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