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SWIFT again


Drew
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After the proof of concept with the R3 trade platform, SWIFT plans to enable gpi payments on blockchain-based trade platforms and within trade workflows, automatically passing them on to the banking system. SWIFT has also been linking together gpi with domestic schemes to see what could be achieved end-to-end. Using these two systems in partnership, Newman claims international payments can hit clients in tens of seconds.

https://eng.ambcrypto.com/swifts-banking-head-invites-all-real-time-payment-systems-to-build-partnership/

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With competitors like Ripple, IBM, and possibly even Facebook, it looks like SWIFT wants to bridge the gap between legacy payment systems and blockchain technology.

Seems like a promising admission by SWIFT. May the best ledger and asset win.

Edited by Drew
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From the article:

We’re inviting all real-time payment systems to come and join us and actually build that partnership. Now is the time to do it, because we can. Let’s make the world real-time and deliver instant payments globally.”

@JoelKatz This seems to be an open invitation... hopefully you guys are onto it, if not then get moving... :smoke:

What I do like about 'the open invitation' is that Ripple does not really need SWIFT but SWIFT does need Ripple....and they know it.

"To speed things up it would be wise to work together (on the rights terms) with SWIFT. It will benefit all of mankind."

Edited by cryptoxrp
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8 hours ago, cryptoxrp said:

From the article:

We’re inviting all real-time payment systems to come and join us and actually build that partnership. Now is the time to do it, because we can. Let’s make the world real-time and deliver instant payments globally.”

@JoelKatz This seems to be an open invitation... hopefully you guys are onto it, if not then get moving... :smoke:

What I do like about 'the open invitation' is that Ripple does not really need SWIFT but SWIFT does need Ripple....and they know it.

"To speed things up it would be wise to work together (on the rights terms) with SWIFT. It will benefit all of mankind."

SWIFT is most likely talking about Domestic RTGS systems which they are integrating to provide cross-border settlements within minutes if not seconds. Here a report of a pilot they did in June:

https://www.swift.com/news-events/news/swift-enables-payments-to-be-executed-in-seconds

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17 hours ago, Archbob said:

SWIFT is most likely talking about Domestic RTGS systems which they are integrating to provide cross-border settlements within minutes if not seconds. Here a report of a pilot they did in June:

https://www.swift.com/news-events/news/swift-enables-payments-to-be-executed-in-seconds

Looks like a very limited and ‘domestic’ payment (not settlement) solution to me. Ripple passed this point 2 years ago. But difficult to say from the article.

important is that SWIFT did a succesful trial with R3 (with Corda (XRP) settler). Working together is allways the best solution.

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Ripple didn't do a trial with Corda XRP settler, that story was confirmed to be fake. And the link I posted is a cross border settlement system. It specifically says payments from 7 countries into Singapore were settled in 25 seconds.

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A trial with Singapore’s Fast And Secure Transfers (FAST), involving 17 banks across seven countries, which saw the fastest payment in just 13 seconds and payments between all continents settled within 25 seconds.

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A speed of 41 seconds has already been achieved in a payment sent from Singapore, cleared via Germany, and credited to the end beneficiary account, with further progress expected as the global instant service is rolled out.

Cleared and settled in both examples.

Edited by Archbob
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2 hours ago, Archbob said:

 

Ripple didn't do a trial with Corda XRP settler, that story was confirmed to be fake. And the link I posted is a cross border settlement system. It specifically says payments from 7 countries into Singapore were settled in 25 seconds.

Cleared and settled in both examples.

Do you think anything points to using the XRPL ledger for this settlement process? Doesn't necessarily need to go through Ripple as other companies can leverage XRP independently.

Edited by Scout
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1 hour ago, Scout said:

Do you think anything points to using the XRPL ledger for this settlement process? Doesn't necessarily need to go through Ripple as other companies can leverage XRP independently.

No, no mention of Ripple, XRP, or XRPL. Its SWIFT GPI integration with various country's RTGS.

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