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Nexus from the BIS: a blueprint for instant cross-border payments = XRP MOON


HAL1000
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Posted (edited)

Is this competition for Ripple and XRP? Or are they using Ripple and XRP, what is this all about, facts are a little hard to come by at this point.

I did find this PDF about it, there was no mention in the document of blockchain, DLT, Ripple, XRP, XLM etc I could find.

But there is also this set of pages on the BIS website, which I am currently wading through, I will let you know if I find anything juicy :)

UPDATE = VERY, VERY JUICY - https://nexus.bisih.org/nexus-annex-api-and-message-definitions/iso-20022-terminology

See a previous thread about why ISO-20022 is such a big deal for XRP holders :)

To put it bluntly - SEE YOU AT MY NEW BEACH FRONT PROPERTY. Keep this in mind - Ripple Has Been Talking to Central Banks "for a Long Time," Says RippleNet GM

ISO 20022 Overview | RippleNet

Shaping the Future of Cross-Border Payments

The world is converging on a new global standard—ISO 20022, the de facto global data standard for modern payments.

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).

Keep in mind all you OLD TIMERS, there are plenty of new people here, who may not know a lot about this stuff.

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Edited by HAL1000
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  • HAL1000 changed the title to Nexus from the BIS: a blueprint for instant cross-border payments = XRP MOON
Posted (edited)

Just to clarify - XRP / XLM / XDC etc are all ISO-20022 compliant cryptos, MOON in my head is a relative concept, I don't know when exactly - but it's no longer IF, it's just WHEN. So if you're looking at this post and thinking I mean today, this week etc, nope, I just meant, when THEY choose to switch it on.

When will that be, let's just say, the BIS Nexus announcement definitely takes us all a lot closer to the MOON SHOT. This will be one small step for man, one giant leap for XRP hodlers :)

Keep this in mind:-

ISO20022 is supposed to go live in November 2021 - source:-

https://www.infostien.com/post/quant-partnerships-part-1Timeline.png.19e4c0c0d6d297318da0e1da34d717cc.png

Also see:- https://www.swift.com/standards/iso-20022/iso-20022-programme/timeline

Customer adoption

Familiarisation, training, design and implementation planning are already underway at some institutions. We are expecting the majority to begin the training, education, design and implementation planning of their ISO 20022 programmes from late Q1 of 2021, and will provide support for testing, including “sparring partner” facilitation, from Q3 of 2021.

Edited by HAL1000
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2 hours ago, Danny said:

I read it last week (BIS published it on their site July 28th https://www.bis.org/) but my impression was that pre-funding and nostro/vostro are still required by Nexus. I'd like to know what others think. 

Yeah my assumption is pre funding is still a requirements so this is nothing but a glorified xCurrent. There is an interesting part in the video where they show currency flipping from one countries currency to the other so maybe XRP but I don't know..

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7 minutes ago, B088IN said:

Do it for the love or don’t do it, either way it’s up to you. Asking for congratulations every post is becoming a little annoying. 

I'm glad of the likes, it encourages me to read through some of the most boring documents you can imagine, for your benefit.

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4 hours ago, solid102 said:

Yeah my assumption is pre funding is still a requirements so this is nothing but a glorified xCurrent. There is an interesting part in the video where they show currency flipping from one countries currency to the other so maybe XRP but I don't know..

Quincy Jones described this as Rippling, I think this is what maybe being referred to in a way within the BIS Nexus, vid / documentation, i.e. currency flipping.

 

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If anything it will be side chain of the xrp ledger. they have to make everything look decentralized because of monopoly laws...but moonlambo really tears is all down and it does not do what it needs to do to be the new world order reserve currency pool  of liquidity.  the slush fund is what is important to the imf and bis...thats how they will pay for ubi and all the other projects they want including debt relief for everyone....and that will come from the escrow...or its just a ploy to delay while they get every one online with cbdcs ...when the pilot programs are complete and software is installed and the bankers trained then we go to the moon.

Edited by bcjams
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Some pretty big projects being worked on. My self-doubt makes me think they've held off Ripple long enough to copy Ripplenet, but they haven't gotten to the ODL solution yet. 

I get that Ripple is in on the ISO20022 standards, but something makes me think they are still having to work on the outside of the legacy system. As in can they make Ripplenet big enough that it gets a seat at these tables, and then can they finally get beyond the proof of concept with ODL and get those gears moving on their own. 

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Posted (edited)
6 hours ago, RipMcGillicuddy said:

Some pretty big projects being worked on. My self-doubt makes me think they've held off Ripple long enough to copy Ripplenet, but they haven't gotten to the ODL solution yet. 

I get that Ripple is in on the ISO20022 standards, but something makes me think they are still having to work on the outside of the legacy system. As in can they make Ripplenet big enough that it gets a seat at these tables, and then can they finally get beyond the proof of concept with ODL and get those gears moving on their own. 

The ODL corridor between Japan and the Philippines shows that they are way beyond proof of concept, that's real world adoption.

Edited by HAL1000
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6 minutes ago, HAL1000 said:

The ODL corridor between Japan and the Philippines shows that they are way beyond proof of concept, that's real world adoption.

I agree that it's beyond PoC, but the SBI/Ripple partnership makes it feel a little more like the training wheels are still on with ODL. The ones trying to slow Ripple down know that as long as they can muck up the waters through FUD, lawsuits, etc., they will give themselves time to copy the Ripplenet tech at least. Which allows them time to kick the can further down the road for the SWIFT network. 

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4 minutes ago, RipMcGillicuddy said:

I agree that it's beyond PoC, but the SBI/Ripple partnership makes it feel a little more like the training wheels are still on with ODL. The ones trying to slow Ripple down know that as long as they can muck up the waters through FUD, lawsuits, etc., they will give themselves time to copy the Ripplenet tech at least. Which allows them time to kick the can further down the road for the SWIFT network. 

I await THEIR solutions, followed by Ripples many lawsuits, for infringing on their patents.

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Posted (edited)

I TOLD YOU NOVEMBER 2021 OR AT LEAST THE SLIDE ABOVE DID (FROM DEUTSCHE BANK), IT SEEMS THEY MAY HAVE PUSHED THIS TO NOVEMBER 2022, WHICH MAYBE WHY IT'S CALLED THE ISO20022 STANDARD.

I believe this migration was supposed to happen in November 2021 - see link, but may have been pushed back, maybe because of the SEC action or just not being ready yet for reasons I have yet to discern.

The Eurosystem has launched a project to consolidate TARGET2 and T2S, in terms of both technical and functional aspects. The objective is to meet changing market demands by replacing TARGET2 with a new real-time gross settlement (RTGS) system called T2 and optimising liquidity management across all TARGET Services. The new consolidated platform will be launched in November 2022.

Source - https://www.ecb.europa.eu/paym/target/consolidation/html/index.en.html

Moon potentially on hold for a little while longer, but when they switch it on, OMG, hold on to your ISO20022 compliant cryptos, they will rocket. This is financial advice and you should take it :)

For a deeper dive see:- https://www.ecb.europa.eu/paym/target/consolidation/profuse/html/index.en.html

There are MANY references to ISO20022, in the above linked documentation, keep in mind when THEY, switch it on, all of them will have to follow :)

Edited by HAL1000
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