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Ripple Supporter ACI Worldwide selected for US Fed’s pilot program


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https://www.crypto-news-flash.com/ripple-supporter-aci-worldwide-selected-for-us-feds-pilot-program/

 

Ripple partner ACI Worldwide has announced its selection to participate in a pilot program sponsored by the United States Federal Reserve Bank (Fed), ... to focus on the development of a new real-time payment service called FedNow.

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But will they really use XRP? idk I need more confirmation with ACI that they will really use XRP. After all these years, this kinda news no longer gets my hope up . . . okay it does. Just a little though.

https://www.aciworldwide.com/about-aci/partners/technology-partners why dont we see Ripple there? Maybe it's all a lie!!! :(

Edited by stickynoodle69
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I dont see anything on ACI's website stating they're partnered with Ripple.  Only thing I see is that they mentioned Ripple a couple times in some of their articles. The fuq? Where does ACI say they are Ripple's partner? It's just articles stating this, but no real confirmation.

 

This is the article people are pointing me to. Where does it say anywhere that Ripple and ACI are partnered? All it does is mention Ripple as an example.  Holy cow, people are echoing false information. Am I wrong here? There is no partnershit confirmed!

Edited by stickynoodle69
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12 hours ago, stickynoodle69 said:

I dont see anything on ACI's website stating they're partnered with Ripple.  Only thing I see is that they mentioned Ripple a couple times in some of their articles. The fuq? Where does ACI say they are Ripple's partner? It's just articles stating this, but no real confirmation.

 

This is the article people are pointing me to. Where does it say anywhere that Ripple and ACI are partnered? All it does is mention Ripple as an example.  Holy cow, people are echoing false information. Am I wrong here? There is no partnershit confirmed!

There was this initial article from 3.5 years ago on ACI's webpage: (Showing that they were testing)

"In October, the consortium announced that it was conducting another trial looking at alternative traditional interbank global payments, using the blockchain platform developed by a company called Ripple along with its associated digital currency XRP. Ripple is one of the first blockchain start-ups focused on settlement mechanisms and has partnered with UBS, Santander, and Standard Chartered." 

"The trial, which was successful, demonstrated that banks could make markets for fiat currencies using XRP and the Ripple network complete authenticated payments without multiple nostro accounts, enabling them to cut costs and develop additional revenue opportunities."

 

And there was this from a much more recent article on ACI's webpage: (Showing that they are using)

"ACI also supports real-time schemes around the world, meaning that any bank can use Real-time Payment Systems to support ... DLT (e.g. Ripple)" 

 

 

PS 

In order to search a company’s website for specific terms, just Google the relevant term (e.g. Ripple or XRP) … followed by the word ‘site’, a colon, and the web address. In this case, for example 

Ripple site:ACIWorldwide.com

 

Edited by RobertHarpool
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FedNow has nothing to do with XRP. It’s a domestic payment system that uses its own network to settle payments. XRP is not for domestic payments but cross border payments. Two totally different services.

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11 hours ago, princesultan said:

Enough of the dot connecting folks. This is really grasping at straws. 

ACI's webpage states that they successfully tested XRP several years ago ... AND ... that they currently support Ripple's distributed ledger technology for real time payments today. ACI was just selected by the Fed to participate in developing real time payments. 

Cynical remarks about 'dot connecting' doesn't alter the fact that Ripple's technology may have an advocate at the Federal Reserve's table for an improved payment system. 

To your point, however, @princesultan , too often have people jumped to conclusions on this forum that a Ripple partnership entails the use of XRP. Proper due diligence on FedNow shows that many other parties were also invited, too. ..... But this site isn't called "FedNowChat", is it? ... No, it's about press articles relevant to the possible advancement of XRP ... which is exactly what the OP highlights: an avenue of possible advancement for XRP. 

 

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2 hours ago, Scout said:

FedNow has nothing to do with XRP. It’s a domestic payment system that uses its own network to settle payments. XRP is not for domestic payments but cross border payments. Two totally different services.

Of course XRP is for cross "border" payments. 

But have you ever thought about what a cross border payment is? When u write a check from Bank of America in USD and give it to a friend with an account at Chase Bank, those are two entirely different USD's that exist in two entirely different silo'd ledgers. "Out of state check" is another term for "Totally different dollar currency" ... and why one bank (country) can't accept checks from another bank (country). Labeling Canada's, Australia's and Singapore's currencies 'Dollars' doesn't make them any more interoperable than between Chase and Bank of Hawaii. 

Have you considered that USD:BoA and USD:Chase are farther apart than USD:Bitstamp and EUR:Bitstamp? Transfer between the two and tell me about the time & cost friction you experience. I promise you moving the USD to USD will take much longer. 

The point is: cross-currency, cross-border, cross-ledger, cross-silo ... they're different terms for inter-ledger transfers.  i.e. The exact problem that XRP excels at solving as a real-time, bridge currency.  

FedNow is about getting rid of the sub-ledgers within the USD currency (your bank's USD ledger vs my bank's USD ledger vs his bank's ledger) "At the most fundamental level, the (FedNow) service will provide interbank clearing and settlement that enables funds to be transferred from the account of a sender to the account of a receiver in near real-time and at any time, any day of the year." according to the Fed, anyhow.  

FedNow is about realtime inter ledger transfers. That's XRP's shtick ... 

 

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Going from USD to USD doesn’t require a bridge currency. Your dealing with different silos but same currency. Once again FED Now won’t use XRP for that transfer. Something like Xcurrent would be used for that transaction which settles just as fast without the need of a cryptocurrency. Why convert USD to XRP when your already using that currency.

Edited by Scout
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4 hours ago, Scout said:

Going from USD to USD doesn’t require a bridge currency. Your dealing with different silos but same currency. Once again FED Now won’t use XRP for that transfer. Something like Xcurrent would be used for that transaction which settles just as fast without the need of a cryptocurrency. Why convert USD to XRP when your already using that currency.

You are correct. It does not. You are also right about Xcurrent, which would be a 1/2 step toward the forex capabilities that FedNow also wants to incorporate. 

(I was 3/4 of the way through a bottle of red when I posted that rambling mess. Sorry.)

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2 minutes ago, RobertHarpool said:

(I was 3/4 of the way through a bottle of red when I posted that rambling mess. Sorry.)

I read that "rambling mess" - and hereby bless your future posting after having had a few.

Go in peace.  Should anyone question you about the bottles, they're now a sacrament. :)

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