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150 banks?? PLUS Santander update

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Guest dfault123
3 minutes ago, Dizer said:

@thunderw

I don't see a date on this document. Is this new?

 

I h-haven't noticed it having been crawled yet by the major search engines... :wacko: So it's probably fresh!

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The bad news is that none of the banks are transacting with each other, they're simply using Ripple to transact between their own  branches. The good news is that this will change when SBI Ripple Asia comes online with RC cloud. The good/bad news is that it looks like there are now ~150 banks working with Ripple however it's unclear if this simply represents the ~90 from before plus the Japanese consortium that we already knew about. But the additional good news is that we know that they continue to onboard new customers as evidenced by the BBVA announcement today and the new India MD position. 

So, on balance, pretty good.

(and yes, hoping the Santander mobile app was more than just a POC)

Edited by cmbartley

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6 minutes ago, cmbartley said:

The bad news is that none of the banks are transacting with each other, they've simply using Ripple to transact between their own  branches.

Step by step and the bigger the orgs, the larger the feet and the slower the walk.
Compare it with the proces of buying a car. First step is seeking for information what the market has for you. Next step is looking for a dealer and a few step later you're ready to do a testdrive. And that is where some Ripple clients are now - testing the car with fuel from the dealer.... Another few steps later you're back on that fuel station to refill ... That's the point where XRP,  the fuel, comes into the game .... Gotto be patient for a few steps to be taken by those inert bankers ... 

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Both this article and BBVA suggested that it was risk-aversion on the part of the banks not the size of the network that has prevented them from transacting with their peers. Banks are super risk averse and I'm sure they don't want to open themselves up to arbitration/litigation with another bank because if unexpected technical anomalies when transacting with other banks. If something goes awry with an intrabank transfer at east it's essentially all their own money and the problem is easier to fix. I'm sure the banks still have privacy and security concerns about this technology.

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@thunderw 1. "But Ripple may never become a true alternative unless BBVA and other partners begin accepting payments from one another on its network. Getting competitors as complicated and conservative as banks to join forces is no mean feat." https://www.bloomberg.com/news/articles/2017-04-20/bbva-taps-blockchain-to-make-international-payments-in-seconds

2. One of the quotes from Danny in the above article. He frames it more positively but it was basically the same sentiment. 

This doesn't worry me, it's just more evidence of how risk averse banks are. And making these statements publicly might actually be good for Ripple if it indicates to potentially interested banks that they don't have to open up their internal ledgers or interconnect their ledgers to a new network in order to reap benefits of the Ripple system.

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@cmbartley Ah ok. On 1) I never took that as a statement, just an author's opinion And on 2) yes, I kind of overlooked that, but in the same interview I'm reading:

"The very large tier one banks might start by using Ripple between branches, but certainly banks want to be able to use the technology to transact with other parties as well."

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Going on a tangent here: I don't know why the focus on Santander Bank is in England when Santander is a city in Spain and this bank likely originated there - Santander bank is popular in Spain.  I guess the UK is the leading, central hub of Europe for blockchain technology as it applies to the financial industry and will only grow larger in the future.

Edited by enrique11

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