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Graham Bright, Euro Exim Bank Limited Head of Compliance and Operations: ‘Our Strategy is to Build the Largest Most Professional Sales Team in Trade of any Institution and be the Pre-Eminent Trade Finance Issuers Universally’


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I admit they're not the largest organisation and "Euro Exim Bank" is maybe over egging it, but that wasn't really the point.

What the article suggests is that they're working with Ripple to bypass the SWIFT network, and embed SWIFT messages (I'm assuming the standard MT103 format) into Ripple standard messages.

If my understanding is correct, why would you then use SWIFT? It's a stepping stone to increasing use of ODL for banks. Use Ripplenet first as an alternative to SWIFT, because it uses the same message format (and makes an easier integration into legacy systems). When your comfortable with Ripplenet, enable ODL as well. SWIFT format messaging and instant settlement.

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9 hours ago, googie said:

Most interesting part of this article - who needs the SWIFT network when you can just use their message format on Ripplenet :)

image.thumb.png.88ec5f31792d86397484b4f55bc950b9.png

https://thesiliconreview.com/magazine/profile/graham-bright-euro-exim-bank-limited-head-of-compliance-and-operations

Here's a YouTube video of him talking about Euro Exim Bank and Ripple partnership:

 

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17 hours ago, CountZerpula said:

Once upon a time, Netflix was stuffing DVDs in mailboxes, and Blockbuster had the Roman Empire of video stores. Gotta start somewhere

There assets are now up to £300,000, nine years after incorporation. Maybe they should start renting out DVDs as a side line?

 

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3 hours ago, ZzZerper said:

https://s3.eu-west-2.amazonaws.com/document-api-images-live.ch.gov.uk/docs/M2iqWgNGrr0DJFvWxvjBujUrsWnhJfu9gM17bfxlsVg/application-pdf?X-Amz-Algorithm=AWS4-HMAC-SHA256&X-Amz-Content-Sha256=UNSIGNED-PAYLOAD&X-Amz-Credential=ASIAWRGBDBV3JPLP2NVT%2F20191221%2Feu-west-2%2Fs3%2Faws4_request&X-Amz-Date=20191221T090941Z&X-Amz-Expires=60&X-Amz-Security-Token=IQoJb3JpZ2luX2VjEIv%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEaCWV1LXdlc3QtMiJIMEYCIQDHaPg1hymh5qQmvKlbMSffibULo9RBxOO7nolvyMbPWwIhAPukoqt9Dx%2FQHfR5zujd%2Fbgy%2ByBZKjXkHNXqjao3kWvcKr0DCOT%2F%2F%2F%2F%2F%2F%2F%2F%2F%2FwEQAhoMNDQ5MjI5MDMyODIyIgyAXpGvJRPG0qqBoP0qkQOoT7TXfJKYN1v2Zyqo52fWRi6b7Tsngi6s7Z4QsLT27IZ57c4be%2FNVMmZbXJV%2FHs756Bh3%2FXoWmAhjRjkI7sOx%2FpExZp3TKhPW9eExo4JO%2B5vKia9D9m6m6PNdk9cjOJZnSnAA9sY5USTosp8PSceBrDmP%2BbHOMkS7O7uwFhbTw5wTbhLAcKajNQOWuDTJTzVcavvS%2B%2B2WeXy1Sd1FmB7zTyjsROetrYrwO1uU37D5yW8QmfKrfQOehXeTmbtlmgyPPtNyct0Z1Jl79NWQtKkDt4dv4eQ6xOEgM2XZ5ozCzouZh94k4W8DxUnCawyhFoGWfh0my9PUOP5C8Ad6Ic17ONJMe7xWGX%2FoBh6TS3PvobGeTJmOZaJ%2FYpn6zr6Qz40uwRSq%2FG%2FNO1Z%2FmjisFuHk0JgC46e%2BMvKO7kT22TMvb2egTTmCfALu4CAsarz6Al%2FOS5XazIITP8wgKY1eCJzYwa%2BYUjvoTD0l5OmekPcPgocYyl538Iufnlmn%2BXX%2BX0gOye4iUDJVy3kY42I3q3szgTCclvbvBTrqATBgCC6EiW1Q0CDeP8op5omPS98opq2IYy%2FA1ihp7h5duksijGMCEfpOZAkoj6Qio3luJmEgwwr66uey3ofj27A42J%2BwAxkDxBVxZxKeqnk0trlC%2BfEIgIqXDWMuIssPxwYVWdW8mOwbwyOpUQqJaCtCoj07T4HogJtKpzXhukxbtd6Qe9tKRmpkM12blaFqy6u8xktxmEVd1loGHc0m4QLOky%2BIsG9K3GtZt3sy2GJnICzk1fzHK4mvpR0wVcD2ZdcS25itrMTMn2BFa2XrgelQrZOHeUY%2BoUvZYLWxW%2F64s2cKpJ%2BUeDd3tA%3D%3D&X-Amz-SignedHeaders=host&X-Amz-Signature=545099f2615498cff1b24a751225b08f98bc69658efe698404d620ceaae85b7e

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In the YouTube clip above Graham Bright mentions at (11:30 - 13:25) where the EuroExim bank is currently investigating, with Ripple, the ability to not only handle the payment authorization component for their trade finance platform, but also the contract instructions/documents/data for a derivative or bond so that the complete contract is carried forward via a RippleNet message. Graham also mentioned this at a Ripple Regionals event in Europe. This got me to thinking about the most recent blog post Xpring released regarding the new Java inspired Interledger Protocol solution for Hyperledger called QUILT. The blog referenced a payments/data streaming feature (STREAM) similar to what Coil uses for web monetization. However, this ILP-derived money/data transport protocol also allows for bulk/large data/payment instructions. If Ripple is able to build trade finance features into RippleNet they will then be able offer similar services like R3 Corda's (Marco Polo and Contour) and Hyperledger's (We.Trade) platforms. I guess the biggest issue would be targeting the ideal clientele. R3 and Hyperledger have 1st mover advantage in trade finance especially among your large banks and corporates. I suspect that if Ripple is seriously considering moving into this vertical they could form a trade finance platform via a consortium of their small/medium-sized banking and FI partners like EuroExim bank.

Also, at a CSail conference last year, Evan Schwartz (co-developer of ILP) alluded to the possibility of ILP serving as a replacement for the Internet itself. Where ILP not only becomes the backbone for the IoV but morphs into a new platform for the exchange of Information or the Internet 2.0. As has been mentioned by Stefan Thomas, "Interledger can process TRILLIONS of TPS without any central authority." STREAM underpins the thesis behind Schwartz's idea that ILP shouldn't be relegated to only financial transactions, but any value transfers whether they be monetary or informational.

 

Edited by King34Maine
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@King34Maine Thanks for sharing. With TPS anywhere near the millions, transaction fees would trend much higher than they are typically (now). While this won't likely be an issue for value transfers, I can imagine it being an obstacle in building a worldwide informational transfer system on top of. Unless the costs of such are built in as a monthly service fee similarly to how ISP's charge customers today?

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8 minutes ago, XRPboi said:

@King34Maine Thanks for sharing. With TPS anywhere near the millions, transaction fees would trend much higher than they are typically (now). While this won't likely be an issue for value transfers, I can imagine it being an obstacle in building a worldwide informational transfer system on top of. Unless the costs of such are built in as a monthly service fee similarly to how ISP's charge customers today?

Yes, basically ILP will just replace TCP/IP. You would still have your ISP's (i.e. Spectrum, AT&T, etc) charging a similar fee. At least that's what I got from his presentation.

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24 minutes ago, King34Maine said:

Yes, basically ILP will just replace TCP/IP. You would still have your ISP's (i.e. Spectrum, AT&T, etc) charging a similar fee. At least that's what I got from his presentation.

I'll watch the presentation. Thanks for sharing. Does it cover how they intend to achieve replacing TCP/IP's current stronghold as a protocol? I'm sure that is no small undertaking. Is this ultimately decided by the W3C? And if so, does this fall under Web Monetization, or another group/committee they are working on?

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13 minutes ago, XRPboi said:

I'll watch the presentation. Thanks for sharing. Does it cover how they intend to achieve replacing TCP/IP's current stronghold as a protocol? I'm sure that is no small undertaking. Is this ultimately decided by the W3C? And if so, does this fall under Web Monetization, or another group/committee they are working on?

Np. No, it was something that Evan mentioned briefly at the end of his presentation as something he will be researching and looking into as ILP develops and matures. I would think that switching from TCP/IP to and ILP-based standard would fall under the purview of the the W3C since they are responsible for maintaining the Web standards. With a potential change of this magnitude I would envision this would be an all hands on deck collaboration with all groups/committee personnel. Sorry, my previous response was my personal assumptions.

Edited by King34Maine
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2 hours ago, King34Maine said:

Np. No, it was something that Evan mentioned briefly at the end of his presentation as something he will be researching and looking into as ILP develops and matures. I would think that switching from TCP/IP to and ILP-based standard would fall under the purview of the the W3C since they are responsible for maintaining the Web standards. With a potential change of this magnitude I would envision this would be an all hands on deck collaboration with all groups/committee personnel. Sorry, my previous response was my personal assumptions.

Interesting. Dilip made a post on Twitter earlier this month mentioning an "all hands on deck" at Ripple.

They have been working with the W3C on this for 5+ years now. I know the theme of 2020 for ILP is 'Access'. But I wonder when the new web monetization standards/checkout options will actually be mainstream. Any thoughts on this?

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