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Ripple is now part of the ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology


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51 minutes ago, Panosmek said:

To help enable this next step in global interoperability and meet the evolving needs of our customers, Ripple is now part of the ISO 20022 Standards Body—the first member focused on Distributed Ledger Technology (DLT).

https://ripple.com/lp/iso-overview/

Hmmm....ECB steps in over Swift’s ISO 20022 migration delay

https://www.finextra.com/newsarticle/35764/ecb-steps-in-over-swifts-iso-20022-migration-delay

 

Edited by Live4xrp
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On 5/5/2020 at 11:16 PM, VanGogh said:

And this is how the underdog becomes top dog. Ripple will leapfrog Swift. Legard will not sit idle and let Swift sink them. 

SWIFT have really shot themselves in the foot here. Many of the financial institutions were on track to migrate to ISO 20022. There is money spent and roadmaps that have taken months to plan only for SWIFT to make a U-turn just so that everyone can get on the same page a year later.  On the bright side, SWIFT is continuing to show its incompetence.

The Bank of England for example has an ISO 20022 migration plan for UK financial institutions in line with their RTGS renewal, I wonder how pissed off are they right now.

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18 minutes ago, GrayFox said:

SWIFT have really shot themselves in the foot here. Many of the financial institutions were on track to migrate to ISO 20022. There is money spent and roadmaps that have taken months to plan only for SWIFT to make a U-turn just so that everyone can get on the same page a year later.  On the bright side, SWIFT is continuing to show its incompetence.

The Bank of England for example has an ISO 20022 migration plan for UK financial institutions in line with their RTGS renewal, I wonder how pissed off are they right now.

You've probably heard the rumor about Ripple buying R3 (probably false, but . . . ). Now combine that idea with this news and it makes even more sense for Ripple to buy R3. The two combined would likely be the nail in the coffin for SWIFT. 

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On 5/5/2020 at 2:45 PM, Live4xrp said:

Hmmm....ECB steps in over Swift’s ISO 20022 migration delay

https://www.finextra.com/newsarticle/35764/ecb-steps-in-over-swifts-iso-20022-migration-delay

 

It doesn't look like they have completely castrated SWIFT yet, but they definitely set some hard deadlines according to that article. 

May 2020: "The ECB also requires that Swift publish a blueprint"

End of June 2020: SWIFT "is accountable for the creation of an updated market practice and message usage guidelines for ISO 20022 cross-border payments together with the European banking community"

Looks like they want to make sure that SWIFT is ready well in advance. 

March 2021: "The community testing phase for the T2-T2S Consolidation project is set to commence"

November 2021: "ISO 20022 migration date for cross-border payments"

Don't know what kind of progress they have made up to this point, but it looks like the SWIFT system is nearing it's end.

 

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On 5/6/2020 at 11:55 PM, VanGogh said:

You've probably heard the rumor about Ripple buying R3 (probably false, but . . . ). Now combine that idea with this news and it makes even more sense for Ripple to buy R3. The two combined would likely be the nail in the coffin for SWIFT. 

That would definitely be an interesting relationship as it would cover an extensive portfolio of use cases.

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Folks...i read ECB, i read SWIFT, i read Ripple...just a reminder. ECB = European Central Bank. EUROPEAN.
Can you really imagine that, they will choose a US Based company in any circumstances, over SWIFT, even if Ripple has way more better, faster, cheaper solutions for cross border payments.
I can't.

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20 hours ago, K41105 said:

Folks...i read ECB, i read SWIFT, i read Ripple...just a reminder. ECB = European Central Bank. EUROPEAN.
Can you really imagine that, they will choose a US Based company in any circumstances, over SWIFT, even if Ripple has way more better, faster, cheaper solutions for cross border payments.
I can't.

I don't think the future is geared towards 1 party solution. Interoperability is key to encourage competition and market resilience. Correspondent banking relationships have been in decline for over 10 years now as more and more banks are derisking. There's no chance in this life or the next where 1 company will monopolise cross border payments. SWIFT is huge but even they don't have a definite monopoly.

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