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Is this legit: Swift has been testing XRP ?

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Posted (edited)

I couldn't resist contacting the author, Tariq Alrifai, Chief Executive Quorum Centre for Strategic Studies, and got a reply within 5 minutes.

He confirmed he wrote the article and sent me a link to an older one on ft.com from 2018, https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11 (you can bypass the paywall with this Firefox add-on: https://github.com/iamadamdev/bypass-paywalls-firefox/releases/download/v1.5.9/bypass_paywalls-1.5.9-an+fx.xpi), that says the following:

While Swift said the test “went extremely well” it concluded that “further progress is needed” on the blockchain — or distributed ledger technology (DLT) — “before it will be ready to support production-grade applications in large-scale, mission-critical global infrastructures”. The Brussels-based messaging system, which is owned by about 11,000 banks, also said that many lenders would have to significantly overhaul their operations and systems before they could switch to a blockchain-based system to handle their cross-border payments. Swift said it had tested a “private confidential ledger” to record transactions related to the so-called Nostro accounts that banks use to fund their cross-border payments. It said the 28 banks that carried out live tests on the system found it could make the costly and slow process of reconciling their accounts more efficient and reduce the amount of money they needed to hold in various Nostro accounts around the world.

I think in his article on http://www.arabtimesonline.com/wp-content/uploads/pdf/2019/oct/02/20.pdf Tariq Alrifai is basically referring to the article on https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11.

Edit Oct 4th: although the conclusion I drew is my own (that's why I said 'I think'), Tariq Alrifai personally did confirm the following:
Upon review of the article, I noticed that we made an error and said that Swift was testing Ripple, when in fact, the article discusses Swift testing blockchain and not Ripple specifically. We have notified the newspaper of this error. 

Edited by Danny

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17 minutes ago, Danny said:

Tariq Alrifai is basically referring to the article on https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11.

So in conclusion there is no evidence that SWIFT has been testing with any kind Ripple technology.

The march 2018 test was done using Hyperledger Fabric. Fabric has huge problems connecting together multiple parties.

https://www.swift.com/news-events/press-releases/swift-completes-landmark-dlt-poc

I really do not think people should blindly accept anything put out by Crypto Eri on Youtube.

 

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Posted (edited)
2 hours ago, Danny said:

I couldn't resist contacting the author, Tariq Alrifai, Chief Executive Quorum Centre for Strategic Studies, and got a reply within 5 minutes.

He confirmed he wrote the article and sent me a link to an older one on ft.com from 2018, https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11 (you can bypass the paywall with this Firefox add-on: https://github.com/iamadamdev/bypass-paywalls-firefox/releases/download/v1.5.9/bypass_paywalls-1.5.9-an+fx.xpi), that says the following:

While Swift said the test “went extremely well” it concluded that “further progress is needed” on the blockchain — or distributed ledger technology (DLT) — “before it will be ready to support production-grade applications in large-scale, mission-critical global infrastructures”. The Brussels-based messaging system, which is owned by about 11,000 banks, also said that many lenders would have to significantly overhaul their operations and systems before they could switch to a blockchain-based system to handle their cross-border payments. Swift said it had tested a “private confidential ledger” to record transactions related to the so-called Nostro accounts that banks use to fund their cross-border payments. It said the 28 banks that carried out live tests on the system found it could make the costly and slow process of reconciling their accounts more efficient and reduce the amount of money they needed to hold in various Nostro accounts around the world.

I think in his article on http://www.arabtimesonline.com/wp-content/uploads/pdf/2019/oct/02/20.pdf Tariq Alrifai is basically referring to the article on https://www.ft.com/content/966f5694-22c6-11e8-ae48-60d3531b7d11.
 

Danny, that ft.com article (from March 2018) is about SWIFT's own blockchain experiment! I remember this news when it came out.  Nowhere do they mention Ripple whatsoever, and they say it's their own blockchain effort!

More info here : http://businesscryptonews.com/swift-says-blockchain-not-ready-for-mainstream-use/

It was their own Proof of Concept blockchain, not anything associated with Ripple whatsoever. 

The 2nd October 2019 article says:-

Quote

Swift, the bank-owned messaging system used for the settlement of inter-national payments, has been testing Rip-ple to settle payments and has so far been pleased with its speed and lower cost.

This looks like a new development...but you say the author is stating he quoted an article from March 2018 (19 months ago now) that never mentions Ripple and indeed, actually states explicitly SWIFT have been making their own blockchain (read: NOT using Ripple) :-

Quote

With several start-ups, such as Ripple, seeking to use blockchain technology to speed up and cut the cost of cross-border payments between banks, Swift has also been investing heavily to improve its own efficiency.

 

Edited by 2ndtimearound

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Posted (edited)

Whether or not this is true, it doesn’t matter. It is inevitable to accept interledger for any existing corridors. 

interledger has already became part of the new global financial INFRASTRUCTURE. 

The game is already over,  i’m just waiting for the rest of the world to catch up.

 

Edited by quan

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Posted (edited)
11 hours ago, ZzZerper said:

So in conclusion there is no evidence that SWIFT has been testing with any kind Ripple technology.

Swift had tested Ripple in their labs a few yrs back but nothing (public) eventuated from it. 

https://amp.ibtimes.co.uk/seven-banks-kick-off-ripples-blockchain-network-including-santander-ubs-unicredit-90-more-1566894?__twitter_impression=true

 

 

Edited by fiik

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Hi guys. I'm going to try to contact that author in the Arab Times, who was also an adviser to a Ripple partner Bank in the Middle East as well as leading a think tank. He was also the director of a project in Dubai to implement a high profile stock exchange project. I will see if I can get to the bottom of his statement.  Do you know if anyone else had actually contacted him? Thanks to you all. eri

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Posted (edited)
6 hours ago, CryptoEri said:

Hi guys. I'm going to try to contact that author in the Arab Times, who was also an adviser to a Ripple partner Bank in the Middle East as well as leading a think tank. He was also the director of a project in Dubai to implement a high profile stock exchange project. I will see if I can get to the bottom of his statement.  Do you know if anyone else had actually contacted him? Thanks to you all. eri

Hi Eri, I did contact him, Tariq Alrifai, a 2nd time yesterday and this is what he replied:
Upon review of the article, I noticed that we made an error and said that Swift was testing Ripple, when in fact, the article discusses Swift testing blockchain and not Ripple specifically. We have notified the newspaper of this error. 

Edited by Danny

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29 minutes ago, Danny said:

Hi Eri, I did contact him, Tariq Alrifai, a 2nd time yesterday and this is what he replied:
Upon review of the article, I noticed that we made an error and said that Swift was testing Ripple, when in fact, the article discusses Swift testing blockchain and not Ripple specifically. We have notified the newspaper of this error. 

Was just about to post this "update," thanks @Danny.

While Tariq copy-pasted an old article, it's not all bad. Daily Fintech actually confirms the Swift Corda Settler trials:

https://coil.com/p/cryptoking/XRP-Brief-10-4-19-Confusion-about-Swift-testing-Ripple-and-XRP-waiting-in-accumulation-zone-/ARhzhbSYK

Screen Shot 2019-10-04 at 15.50.08.png

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Posted (edited)
32 minutes ago, panmores said:

Was just about to post this "update," thanks @Danny.

While Tariq copy-pasted an old article, it's not all bad. Daily Fintech actually confirms the Swift Corda Settler trials:

https://coil.com/p/cryptoking/XRP-Brief-10-4-19-Confusion-about-Swift-testing-Ripple-and-XRP-waiting-in-accumulation-zone-/ARhzhbSYK

Screen Shot 2019-10-04 at 15.50.08.png

I'm almost sure that the daily fintech article is mistaken. Yes, Corda Settler does have both Swift GPI and XRP, but the two don't work together. Both SWIFT and R3 have confirmed this for this PoC project and SWIFT has said it doesn't use cryptocurrencies. The settlers can use Swift GPI or XRP to settle. If they choose Swift GPI, they settle via Swift's correspondent bank system. If they choose XRP, then they settle via XRP.

Edited by Archbob

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2 minutes ago, Archbob said:

I'm almost sure that the daily fintech article is mistaken. Yes, Corda Settler does have both Swift GPI and XRP, but the two don't work together. Both SWIFT and R3 have confirmed this for this PoC project and SWIFT has said it doesn't use cryptocurrencies. The settlers can use Swift GPI or XRP to settle. If they choose Swift GPI, they settle via Swift's correspondent bank system. If they choose XRP, then they settle via XRP.

Thanks for the input, let me find that out.

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Posted (edited)
40 minutes ago, panmores said:

Thanks for the input, let me find that out.

Remember, Corda doesn't use X-rapid or Ripplenet, it settles in pure XRP, its does not convert back out into fiat. They actually did a Webinar demo of this thing back in March. Pretty sure you can find it on twitter still somewhere.

Actually, here's the documentation segment from SWIFT(not the first two nonsense pics, but the 3rd one):

 

Edited by Archbob

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