Will XRP be used for settlement by Synchrony Bank, the largest private label credit card issuer in the US?

[Danny]

Video by KingSolomon.

 

Edited August 18, 2021 by Danny

[HAL1000]

I'm doing my happy dance

[RikkiTikki_is_Back]

Wow!! I personally don't know any adult that does not have at least one private label card serviced by synchrony here in the states. I know Synchrony isn't a household name but could this be what the ripple being associated with a household name rumor floated around some years ago was all about because Synchrony is tied to quiet a few?  I'm sure something this size would be years in the making not saying this will happen but man it sure ties a lot of things together if it does. 

Edited August 18, 2021 by RikkiTikki_is_Back

[Begofend]

This is not saying anything about settling payments with XRP, it uses XRP as an example of getting a price quote between crypto and fiat. Not for settlement purposes. Its just explaining that both crypto and fiat can flow in the system. You guys see 2 + 2 and get an answer of 20....

[RipMcGillicuddy]

1 minute ago, Begofend said:

This is not saying anything about settling payments with XRP, it uses XRP as an example of getting a price quote between crypto and fiat. Not for settlement purposes. Its just explaining that both crypto and fiat can flow in the system. You guys see 2 + 2 and get an answer of 20....

Yea I got my hopes up for this one a little bit, but it still falls in the category of connecting imaginary dots. Still, it is better to be mentioned on a Synchrony patent application than not to be mentioned. 

[thinlyspread]

Everything these youtubers find is "gigantic, in my opinion!" or "HUGE!", etc.

In reality I don't think this will amount to so much, but let's see. I do think anything utilising the XRPL credit lines ("trustlines") for tracking credit/debt balances and even credit scores, between multiple parties, is a really cool use case that fits well.

They likely mention XRP as an example because at the time that was the first crypto addition (mostly paid for by Ripple, tbh, before the Ripple-R3 XRP deal collapsed into the legal catastrophe it was) but really the entire point of Corda Settler is it can use ANYTHING as a settlement option that's plugged into Settler. Anyone can develop for and submit any tool for any DLT, blockchain, API, etc. 

The RippleNet mention is interesting. I expect they are a RN client too? The "oracles" they mention are the R3 data oracles that check and validate as to the status of various settlement obligations across many different settlement systems depending on what the parties choose (blockchain, SWIFT, private systems, whatever). Basically if you imagine a Venn diagram, where there is settlement options overlap, R3's Corda co-ordinates these settlements across the shared path and validates/records it within the Settler system, like a receipt, that points to the blockchain/SWIFT record or transaction hash, etc.

Edited August 18, 2021 by thinlyspread

[Danny]

On 8/18/2021 at 6:55 PM, Begofend said:

This is not saying anything about settling payments with XRP, it uses XRP as an example of getting a price quote between crypto and fiat. Not for settlement purposes. Its just explaining that both crypto and fiat can flow in the system. You guys see 2 + 2 and get an answer of 20....

How about this one? By the same author.