Jump to content
Displayed

Global corporates urge banks to engage with SWIFT gpi

Recommended Posts

It is, only if you consider few second settlement as inferior to "same-day settlement" xD and also it's just an open letter by few global corporates based in Switzerland. Nothing to worry about here move along.

Share this post


Link to post
Share on other sites

No threat to Ripple, it's actually great. Read the article like this:

  1. Corporates need MUCH better service than they were receiving from banks and from SWIFT so far.
  2. When they learn about Ripple, they will integrate Interledger and #XRPtheStandard within months.
  3. SWIFT #RIP

Share this post


Link to post
Share on other sites
3 hours ago, faz said:

competition is not a threat its healthy , its a big pie with plenty to go round for everyone .

Yes, except SWIFT is not on par as a competitor to Ripple. This is the agonal breathing of an antiquated giant. Then the heart rates slows and.....flat line. 

Remember folks, SWIFT GPI does not transfer value, it only estimates costs and shows you where your money is being bottlenecked! It does nothing to help it move faster. Ripple's product on the other hand, communicates all necessary info and moves value in seconds. Bam!!!

Share this post


Link to post
Share on other sites

My take from reading this letter is that corporates are currently VERY disappointed with the SWIFT system.

The letter starts by corporates complaining that with "cross border transactions, there is today no or little sight on what actually happens...."  

They compare the current SWIFT cross border transaction system to "a black box, not knowing exactly when payments are credited or what fees are deducted." 

They continue that those using the SWIFT system "have little visibility of when and why a payment has been rejected, and the investigation process can be both time-consuming and costly.  It is not always clear which party should initiate the investigation, not to mention increasing financial risks resulting from payment delays or even fraudulent actions."

That's all in the first paragraph.  The second paragraph states:

"Corporates would like to have better predictability of the payment reaching the beneficiary account, hence the ability to track the payments progress and status is a critical business requirement.  Corporates want to know if and at what point in time the bank has released the payment after sanction screening and internal approval process.  Additionally, there is continuously increasing pressure from their end customers, expecting new and better services from their banks."

Next, the letter notes that "corporates are focusing on speed, transparency as well as end-to-end tracking across their cross-border payments."  And that there is "a long-time overdue, essential improvement of the customer needs for higher cross-border payment speed, transparency and end-to-end tracking."

Sounds like the SWIFT system is as horrible as we thought, and Ripple addresses all of these concerns!

Share this post


Link to post
Share on other sites
15 minutes ago, Alluvial said:

That's all in the first paragraph.

Wow.  Based on your synopsis, here's my prediction:

SWIFT will go down their own road a bit further due to existing contracts where they've already paid a huge amount of money, in an effort to try to justify the decision to sign those contracts in the first place.  Why?  The executives at SWIFT want to retain their positions, that's why. 

Once they think they've somehow saved enough face, or else identified the scapegoats and "retired" them, they will extend an olive branch to the only other game in town that can solve all their problems literally at the drop of hat; Ripple. 

And when that happens, just make sure you've got all your XRP locked and loaded, because it's going to be a crazy ride. 

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now

×
×
  • Create New...