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Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)


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3 minutes ago, baggy23 said:

Microsoft runs a Ripple validator and Royal Bank of England did a proof of concept with Ripple... why?

Every big company bets on multiple horses and wants a piece of the technology, if only for testing or tasting. It never indicates that it's going be that one horse, or only one horse at all they will pick. The company I work for does dozens of POC's annually, only few come to fruition.

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For someone apparently so good at seeing through BS, I'm surprised you took this bait so quickly. They sure got you hook, line and sinker. I think that's why people suspect your motives - you did

"Available" to 43K banks, not on-boarded banks yet, or even any mention of estimates of those intending to utilize it. A key question is that of the necessary software, what's involved in it's integra

New York-Tokyo distance is 10800Km. The light will take around 72ms to go back and forth and they can do bilateral agreements in only 50ms. They found something faster than light, it's groundbreaking

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5 minutes ago, WuWei said:

"Available" to 43K banks, not on-boarded banks yet, or even any mention of estimates of those intending to utilize it. A key question is that of the necessary software, what's involved in it's integration, (how long, how hard and how seamless?) and significantly, the usage fees. A strong competitor; or ultimately even the "winner;" quite possibly; but at this point it's only an initial stages announcement, and it won't be until "Autumn" that we have any real idea of what the scope of this announcement will ultimately mean. The ability to integrate with existing infrastructure and the associated fees for using this system are yet to be known.  Additionally, this would have little to do with remittances for the unbanked of the world, therefore, in this regard they wouldn't be a competitor to Ripple or xrp.  I've always had a very negative view on your incessant, troll-like, FUD posts, however, as counterintuitive as this might sound, I actually like this one as it's got some substance to it. I'm always open to legitimate information, be it good or bad, therefore, dare I say it, thanks for your post.  

Gentlemenmovie GIF by The Gentlemen

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At my company, we also run our API's on Microsoft Azure are also partner of Microsoft. I sincerely hope Azure services will become more reliable if 43.000 banks start working with it. Downtime of Azure services is significant, even remarkable. Especially for such a company.

Edit; i don't buy the sales story on their website.

Edited by ErikNL
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Something of note in this announcement is the focus on what appears to be an intent to preserve the correspondent banking infrastructure, thereby maintaining their monopoly.

"Built on Microsoft Azure, RTGS.global promises to completely overhaul the machinery of correspondent banking. The network safeguards existing commercial banking relationships, but will change the way they work"

This sounds to me as if they've figured out how to "overhaul the machinery of correspondent banking" thereby still making it necessary for all the other banks to go through those big banks in order to process international payments. If this is correct, then RippleNet and xrp still stand a good chance of becoming the go-to solution once liquidity becomes sufficient.  As additional corridors continue to open, so does xrp's overall utility, such that a speculative run-up to even "only" $1,  purely on BTC's coattails, would result in a massive increase in liquidity. Once this happens, that increased liquidity will then be able to rapidly accelerate both adoption and corridor expansion. It sounds to me as if RTGS has just entered this marathon, and although they look to be a worthy competitor, they're only "crawling" along at this point and won't actually be "walking" until this fall. If Ripple can build liquidity sufficiently; or enjoy an overall speculative crypto run-up; then they'll be looking to break into a "run" here shortly.  This race is getting interesting......as always, time will tell.       

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6 minutes ago, mandelbaum said:

Wow. banks can now send encrypted messages to each other in 300 millisecond over a network. How revolutionary.

I have been doing this in my job since 1998.

Wow. Someone needs to learn to read or maybe develop some brain cells.

Settlement.

Quote

RTGS Global enables atomic settlement across both commercial and central banks, authenticating the exchange of funds between banks based on the real-time availability of liquidity. Through its patent pending Liquidity Lock, Lock and Block system, RTGS Global locks available liquidity at two counterparty banks, before sending a Liquidity Block message to complete the transaction. This whole process can take just 50 milliseconds to complete, enabling real-time, bilateral settlement of funds.

 

Edited by LetHerRip
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It was a very well written press release.  If nothing else, the blowing of the horn announcing the future arrival of the Battleship MicroSoft may scare away new/unestablished competitors from entering the channel (then again, it might attract an unterseeboot - or three!).  As for the rest of it, well, we will see.

Edited by NightJanitor
More Maritime-y Metaphors
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7 minutes ago, LetHerRip said:

Wow. Someone needs to learn to read or maybe develop some brain cells.

Settlement.

 

 

7 minutes ago, LetHerRip said:

Wow. Someone needs to learn to read or maybe develop some brain cells.

Settlement.

 

This is a messaging service, it does not provide liquidity. It does not move money. It messages banks to remove a number from one account and add numbers in another account. It happens quickly, yes, but it is still just a messaging service.

Edited by mandelbaum
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28 minutes ago, mandelbaum said:

 

This is a messaging service, it does not provide liquidity. It does not move money. It messages banks to remove a number from one account and add numbers in another account. It happens quickly, yes, but it is still just a messaging service.

Is it possible they are using xrp for settlement. Have a look at what IamLegion @Paisan26849860 has posted: 

In particular this:

image.thumb.png.b625e5d2ee1b7dee24ddcee38c84d87d.pngEhAIaZpXYAEwpNH?format=jpg&name=medium

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2 hours ago, Cambridge said:

Thank you for sharing this. I'm still trying to understand this. I have a few questions if anyone could help answer them, I would be grateful.

1) is this a new technology that doesn't require a digital asset for ODL?

2) does this make XRP completely irrelevant now?

3) without a need for a digital asset, would regulatory hurdles will be easier to navigate?

It does seem like this is a blow to Ripple. I was rooting for them. I have "lost money" on paper, but it was a risk I was willing to take. This market is very speculative and definitely high risk. 

1- Yes

2- Yes

3- Yes

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31 minutes ago, mandelbaum said:

 

This is a messaging service, it does not provide liquidity. It does not move money. It messages banks to remove a number from one account and add numbers in another account. It happens quickly, yes, but it is still just a messaging service.

That's the question. Apparently they also include Central Banks. And let that be the place where final settlement takes place ..

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This is what you call competition. Every successful company has to deal with it. I don't view this as bad news at all. If anything it validates what Ripple is doing and it shows that this sector is heating up. When Microsoft came out with Bing, some people were saying that would be the end of Google. 

Edited by xrp_sea
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5 minutes ago, VanGogh said:

Is it possible they are using xrp for settlement. Have a look at what IamLegion @Paisan26849860 has posted: 

 

They where expecting you conspiracy nutcases. Here is what the founding partner had to say while posting the news

Quote

oh an no #blockchain nor #xrp ... just to confirm

 

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  • LetHerRip changed the title to Oh shiaatttt! RTGS Global + Microsoft Launch Cross-border Liquidity, available to 43,300 Banks (No Blockchain or XRP)

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