Urgent ODL demand in Brazil led to Modiax integration.

[LeonidasH]

Urgent ODL demand in Brazil led to the integration of a local exchange.

https://www.xrparcade.com/news/ripple-utilized-by-1000-banks-and-fis-urgent-odl-demand-in-brazil-led-to-modiax-integration/

Edited April 27, 2021 by LeonidasH

[Julian_Williams]

Quote

Almost a year later, in October 2020, Ripple changed the customer metrics on its website from 300+ to 3X YOY customer growth. Has Moove It unintentionally revealed the number of companies that are using Ripple’s software? The number may seem high compared to the 300 customers announced in November 2019, but Ripple has been utilizing dozens of IT companies to integrate RippleNet for other Financial Institutions, like Fis, Everis, Finastra, fable, Chetu, Leapfrog, Ibis, Payment Rails, ProgressSoft, Serrala, Tata, Mbanq, EvonSys, Synechron, and more. Ripple has not replied to our inquiry to confirm or deny this number.

I hope this is true.  I always thought the official figure of 400 was a disappointing number of FIs and banks as I would expect the numbers to grow exponentially, not  Ripple growth should have been faster.  If this is true Ripple have been expanding very much faster than they have let out.  I think I heard SBI have also been adding banks to the Money tap system at quite a fast rate too.

We should see an explosion n XRP utility and price if it turns out Ripple really are penetrating the market this fast!  

[Guest]

31 minutes ago, Julian_Williams said:

I hope this is true.  I always thought the official figure of 400 was a disappointing number of FIs and banks as I would expect the numbers to grow exponentially, not  Ripple growth should have been faster.  If this is true Ripple have been expanding very much faster than they have let out.  I think I heard SBI have also been adding banks to the Money tap system at quite a fast rate too.

We should see an explosion n XRP utility and price if it turns out Ripple really are penetrating the market this fast!  

To be fair, for now, this is probably just RippleNet for the most part. Building out corridors takes time primarily for regulatory reasons.

The market is such that so far it took a lot of capital and red tape to go through for a small player to enter the remittance market. That's primarily because of the correspondent banking system that's closely guarded and controlled. The goal of XRP, assuming there's regulatory clarity, is to replace the correspondent banking system. That's the practical impact, though XRP as the bridge currency makes for a better marketing phrase. 

Think about it. The big aggregators of the world - Facebook (brought users to small and medium-sized businesses together directly), Amazon (merchants and users), Shopify (merchants and users), Uber (available cars + drivers and users, without the need for taxi companies), Twitter (influencers and users), Spotify (artists and users) - they all bring supply and demand together with minimal friction.

If that's made possible with crypto (XRP, XLM, etc.) then it'll allow very custom-built remittance experiences and other related businesses to be built. It's going to take a while, but the payments market is extremely compelling. It has the potential to serve as the foundational layer, which smart contract platforms use for counter-party risk free settlements, which then support a whole slew of never before possible financial businesses and applications with global reach.

[Julian_Williams]

1 hour ago, Ripley said:

To be fair, for now, this is probably just RippleNet for the most part. Building out corridors takes time primarily for regulatory reasons.

The market is such that so far it took a lot of capital and red tape to go through for a small player to enter the remittance market. That's primarily because of the correspondent banking system that's closely guarded and controlled. The goal of XRP, assuming there's regulatory clarity, is to replace the correspondent banking system. That's the practical impact, though XRP as the bridge currency makes for a better marketing phrase. 

Think about it. The big aggregators of the world - Facebook (brought users to small and medium-sized businesses together directly), Amazon (merchants and users), Shopify (merchants and users), Uber (available cars + drivers and users, without the need for taxi companies), Twitter (influencers and users), Spotify (artists and users) - they all bring supply and demand together with minimal friction.

If that's made possible with crypto (XRP, XLM, etc.) then it'll allow very custom-built remittance experiences and other related businesses to be built. It's going to take a while, but the payments market is extremely compelling. It has the potential to serve as the foundational layer, which smart contract platforms use for counter-party risk free settlements, which then support a whole slew of never before possible financial businesses and applications with global reach.

Excellent points.  I think it was Stephan Thomas said in a recent interview that he expected the sort of micropayments infrastructure COIL need will be rolled over the next five years, by which time it will be at an equivalent stage to dial up internet.  Actually if that is where we were in five years, that would be huge, and if XRP is at the centre of it even owning 10 k XRP will make you rich.    XRP is simply going to be big when the tinder catches.

[LeonidasH]

Article has been edited. Moove It has replied to my DM. Better late than never.

[Gepster]

7 minutes ago, LeonidasH said:

Article has been edited. Moove It has replied to my DM. Better late than never.

oof

[JASCoder]

3 hours ago, Julian_Williams said:

I hope this is true.  I always thought the official figure of 400 was a disappointing number of FIs and banks as I would expect the numbers to grow exponentially, not  Ripple growth should have been faster.  If this is true Ripple have been expanding very much faster than they have let out.  I think I heard SBI have also been adding banks to the Money tap system at quite a fast rate too.

We should see an explosion n XRP utility and price if it turns out Ripple really are penetrating the market this fast!  

This could also explain why we such tenacity in XRP's resilient price support - during this period of SEC's malicious attack upon the American company.

[Julian_Williams]

4 minutes ago, JASCoder said:

This could also explain why we such tenacity in XRP's resilient price support - during this period of SEC's malicious attack upon the American company.

it seems Moove have corrected their error (or brought their figure back in line with ripple's official number)