shery Posted October 10, 2022 Share Posted October 10, 2022 Ground-breaking SWIFT innovation paves way for global use of CBDCs and tokenised assets https://www.swift.com/news-events/press-releases/ground-breaking-swift-innovation-paves-way-global-use-cbdcs-and-tokenised-assets https://thefintechtimes.com/swift-celebrates-major-milestone-for-streamlining-cross-border-transfers/ https://coingeek.com/swift-makes-significant-progress-in-cbdc-experiments-poised-to-flip-cross-border-payments/ Link to comment Share on other sites More sharing options...
QuestionMark Posted October 10, 2022 Share Posted October 10, 2022 Well, this is what happens when you take too long to do what you wanted to do - everybody else catches up. Ironically, it does not matter in the least whether your taking too long is your own doing or a result of "external factors". In the light of this the SEC motives for the lawsuit are now apparent. Link to comment Share on other sites More sharing options...
panmores Posted October 10, 2022 Share Posted October 10, 2022 Yeah still Ripple is after all sorts of value transfers, derivatives, not just cross-border, but, as said, yeah... Furthermore, Swift is non-existant in many parts of the world – those might be those low-hanging fruits, 'member? Link to comment Share on other sites More sharing options...
HAL1000 Posted October 10, 2022 Share Posted October 10, 2022 (edited) Make your own mind up - starts at the right time:- Edited October 10, 2022 by HAL1000 henne111 1 Link to comment Share on other sites More sharing options...
QuestionMark Posted October 10, 2022 Share Posted October 10, 2022 5 minutes ago, panmores said: Yeah still Ripple is after all sorts of value transfers, derivatives, not just cross-border, but, as said, yeah... Furthermore, Swift is non-existant in many parts of the world – those might be those low-hanging fruits, 'member? I am still waiting for SBI to do something other than publish PDFs and would really like to know the two household names... Also this Link to comment Share on other sites More sharing options...
Live4xrp Posted October 10, 2022 Share Posted October 10, 2022 Nah!… Link to comment Share on other sites More sharing options...
RikkiTikki_is_Back Posted October 10, 2022 Share Posted October 10, 2022 The word Decentralized alone will be the undoing of SWIFT! woodman_73 and HAL1000 2 Link to comment Share on other sites More sharing options...
shery Posted October 10, 2022 Author Share Posted October 10, 2022 (edited) 6 hours ago, panmores said: Yeah still Ripple is after all sorts of value transfers, derivatives, not just cross-border, but, as said, yeah... Furthermore, Swift is non-existant in many parts of the world – those might be those low-hanging fruits, 'member? However, SWIFT's network will connect to the blockchain, allowing traditional financial players to access digital and traditional assets in one network. https://cointelegraph.com/news/swift-partners-with-chainlink-for-cross-chain-crypto-transfer-project The Chainlink integration whitepaper is marked with Ethereum logo. Chainlink is an Ethereum ERC20 token. https://create-smartcontract-public.s3.us-west-2.amazonaws.com/SIBOS17.pdf Edited October 10, 2022 by shery Link to comment Share on other sites More sharing options...
RikkiTikki_is_Back Posted October 10, 2022 Share Posted October 10, 2022 (edited) 43 minutes ago, shery said: However, SWIFT's network will connect to the blockchain, allowing traditional financial players to access digital and traditional assets in one network. https://cointelegraph.com/news/swift-partners-with-chainlink-for-cross-chain-crypto-transfer-project The Chainlink integration whitepaper is marked with Ethereum. Chainlink is an Ethereum ERC20 token. https://create-smartcontract-public.s3.us-west-2.amazonaws.com/SIBOS17.pdf Also this is still not a solution for instant settlement which we all know ODL with XRP offers, I have always said the real fight is not over if XRP is a security it is not, but the real fight is over who controls the escrow and although the escrow is programmatically set to be distributed at intervals etc, ripple is still technically the curator. The US government knows that nations are moving away from holding other nations currency and freeing up dormant capital, so it now becomes a foot race in regard to he who controls the intermediary currency as opposed to he who controls the reserve currency. XRP won't be a reserve currency, but it will become the defacto way you transact across borders with industry and government in the USA and if the USA regulates the escrow, they maintain being the governing body as much as they can be in a more decentralized environment. This won't be the only solution of course but again my thought is to comply with regulations, etc you will need to transact in XRP to take advantage of the savings, speed, etc that a digital asset will offer this SEC case is just clearing the way per say. All the entities that you would think are against this i.e major banks are already tapped in the fight is about "Who dictates the Escrow!". Just my Digital Perspective (Shout out to Brad Kimes) It's more pertinent now for swift to be able to talk to these various blockchains as opposed to doing the actual work they do with their native assets that ship has sailed for them but being able to sync them up for cross communication and sharing this is what will keep them some what relevant, of course Ripple does this to but not every one will utilize Ripple. Edited October 10, 2022 by RikkiTikki_is_Back DannyRipple 1 Link to comment Share on other sites More sharing options...
HAL1000 Posted October 11, 2022 Share Posted October 11, 2022 Link to comment Share on other sites More sharing options...
shery Posted March 13 Author Share Posted March 13 SWIFT is testing its interoperable CBDC with 18 central and commercial banks on Ethereum Enterprise Quorum and R3 Corda. Successful testing paves way for CBDC use cross-border https://www.swift.com/news-events/news/successful-testing-paves-way-cbdc-use-cross-border Link to comment Share on other sites More sharing options...
RipMcGillicuddy Posted March 13 Share Posted March 13 the more things change, the more they stay the same... Link to comment Share on other sites More sharing options...
shery Posted March 25 Author Share Posted March 25 SWIFT daily settlement value is $5 trillion Currently, about half of the world's cross-border payments are made on the SWIFT network, connecting more than 11,000 financial institutions in more than 200 countries and regions in 2015, and as of 2022, the daily settlement value will be an enormous $5 trillion. Currently, there is no other payment network of the same scale, and SWIFT is the de facto standard system for international payments. Most banks have already updated their existing SWIFT systems to the new SWIFT GPI system. The new SWIFT GPI system is said to have been created in response to Ripple since 2017 and will integrate R3 Corda's distributed ledger technology. it has already been adopted by over 4232 financial institutions while Ripple is in litigation, and over $420 billion in value is transferred through GPI every day. by 2019, it will be 77 trillion dollars worth; even more than 75% of all SWIFT transfers are sent through GPI. Major banks around the world have already implemented it. SWIFT is rushing to introduce this to 11,000 participating financial institutions. https://www.swift.com/our-solutions/swift-gpi/about-swift-gpi/join-payment-innovation-leaders SWIFT GPI is implemented in the time it takes to transfer money to the beneficiary account in minutes and in some cases seconds. In 2018, 49 of the world's top 50 banks had implemented the system, and it is rapidly penetrating the market. SWIFT has a policy to apply to all financial institutions on its network in 2018. Initial implementation of the SWIFT GPI in Japan was completed last May. A total of 72 institutions, including megabanks and regional banks, use the service. This includes three megabanks, a trust bank, an Internet bank, 50 regional banks, and 10 shinkin banks, making 60% of the approximately 120 domestic financial institutions using SWIFT that have adopted gpi. Japan has been expected to introduce RippleNet, but has not progressed. SWIFT GPI has also been adopted by many Chinese banks as of 2018.https://www.pymnts.com/news/cross-border-commerce/2018/swift-chinese-banks-gpi/ Link to comment Share on other sites More sharing options...
BillyOckham Posted March 26 Share Posted March 26 11 hours ago, shery said: SWIFT daily settlement value is $5 trillion Currently, about half of the world's cross-border payments are made on the SWIFT network, connecting more than 11,000 financial institutions in more than 200 countries and regions in 2015, and as of 2022, the daily settlement value will be an enormous $5 trillion. Currently, there is no other payment network of the same scale, and SWIFT is the de facto standard system for international payments. Most banks have already updated their existing SWIFT systems to the new SWIFT GPI system. The new SWIFT GPI system is said to have been created in response to Ripple since 2017 and will integrate R3 Corda's distributed ledger technology. it has already been adopted by over 4232 financial institutions while Ripple is in litigation, and over $420 billion in value is transferred through GPI every day. by 2019, it will be 77 trillion dollars worth; even more than 75% of all SWIFT transfers are sent through GPI. Major banks around the world have already implemented it. SWIFT is rushing to introduce this to 11,000 participating financial institutions. https://www.swift.com/our-solutions/swift-gpi/about-swift-gpi/join-payment-innovation-leaders SWIFT GPI is implemented in the time it takes to transfer money to the beneficiary account in minutes and in some cases seconds. In 2018, 49 of the world's top 50 banks had implemented the system, and it is rapidly penetrating the market. SWIFT has a policy to apply to all financial institutions on its network in 2018. Initial implementation of the SWIFT GPI in Japan was completed last May. A total of 72 institutions, including megabanks and regional banks, use the service. This includes three megabanks, a trust bank, an Internet bank, 50 regional banks, and 10 shinkin banks, making 60% of the approximately 120 domestic financial institutions using SWIFT that have adopted gpi. Japan has been expected to introduce RippleNet, but has not progressed. SWIFT GPI has also been adopted by many Chinese banks as of 2018.https://www.pymnts.com/news/cross-border-commerce/2018/swift-chinese-banks-gpi/ Are you the Ghost of Fudsters Past? Why are you quoting this old old news? I was sus before but after seeing this…. if you are not a paid fudster I will be very surprised. HAL1000 and deBereboot 2 Link to comment Share on other sites More sharing options...
shery Posted March 26 Author Share Posted March 26 (edited) 9 hours ago, BillyOckham said: Are you the Ghost of Fudsters Past? Why are you quoting this old old news? I was sus before but after seeing this…. if you are not a paid fudster I will be very surprised. We need to consider the possibility of SWIFT GPI being integrated into the following systems and becoming a threat to RippleNET. In order to invest, we need to study our biggest rivals. SWIFT is testing its interoperable CBDC with 18 central and commercial banks on Ethereum Enterprise Quorum and R3 Corda. Over the coming months, SWIFT will develop a beta version of the solution for payments that can be tested further by central banks. Successful testing paves way for CBDC use cross-border https://www.swift.com/news-events/news/successful-testing-paves-way-cbdc-use-cross-border From official SWIFT documents↓.https://imgur.com/a/RwwJ669 Quorum is a private and public distributed ledger platform developed for enterprise use and based on core Ethereum technology. Quorum is compatible with Ethereum and supports standard Ethereum tokens, including ETH. Kaleido is a BaaS that provides a full-stack environment for blockchain development compliant with the specifications of the Ethereum Enterprise Alliance (EEA), the standardization body for enterprise Ethereum. Kaleido has partnered with R3, which is partnered with SWIFT, and kaleido is a startup backed by consensys, originally founded by the Ethereum co-founder. Currently, Ethereum is the closest to SWIFT and has the highest potential for interoperability and affinity in the future. SWIFT will also be advantageous in terms of interoperability when operating CBDC. They have long standing relationships of trust with central banks around the world. Edited March 26 by shery Link to comment Share on other sites More sharing options...
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