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Bendecos

Banks have a million dollar question

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Ok ripple xrp faithful,

i have been reading your posts and topics with a passion!!! I studied and researched and thought yep i am in.... so i jumped on the ripple train.... an hour ago i came out of a meeting with a leading nordic finance company .... i was applying for a job!!! I asked the company director out of nowhere what he thought of ripple ? He replies " they want 1 million dollars from banks who sign up !!!! The banks are saying No he said 

 

why did Miguel and his cohorts not share this information ????? Miguel you need to be transparent with this community

 

Edited by Bendecos
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I nearly choked in that meeting ... any way the guy has connections to the biggest banks in the baltics ... Nordea, Danske, Swedbank... i then asked so what will happen to ripple?

It willend up doing privately executed transactions only !!! No banks will use them as we are led to believe !!! I was and am pretty much in shock ... i have to digest it all

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Guys,

I don't have a clue on what Ripple charges, but it would almost be unrealistic not to charge right? What would you expect? 'Hey bank, here is a system that speeds up your transactions big time, saves you nostro account costs big time, and helps you to compete on disruptive new payment standards like bitcoin... and you can have it for free...!' ?

Charging would actually be a good thing: Ripple has a business case, and does not have to pump their XRP asset to succeed, as that would mean that you and I are catching all the risks and the banks benefit for free. 

Think about it, I guess it's no secret either.

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A director of an unspecified financial firm shared an insider information with an anonymous forum user he was interviewing for a job?

If RL wants 1 mio USD for their software, then this is a positive news, because it just confirms that RL doesn't rely on XRP sales to fund their development.

 

 

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What does the $1m dollars entail?  Does that include the implementation of the RTGS, as well as everything that comes with it (design, develop, build, train, test, implement, going live, on going support).   Because everything takes time, man hours, and money. Ripple is for profit after all.  The $1m price tag does not seem unreasonable to me.  

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5 minutes ago, T8493 said:

A director of an unspecified financial firm shared an insider information with anonymous forum user he was interviewing for a job?

If RL wants 1 mio USD for their software, then this is a positive news, because it just confirms that RL doesn't rely on XRP sales to fund their development.

 

 

I've heard numbers as high as $10m.  Nothing wrong with charging in a typical business case but Ripple.co isn't a typical case.  They have billions $ in XRP.  Here's my point, if charging banks millions is getting you "no's" then you need to stop charging because you have all the money you'll ever need.  Because what matters is the success of the Ripple network, not Ripple.co. (They're already uber successful)

That said, the OP statement is hearsay and should be considered in that context.

Edited by Coinseeker

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As far as I remember anyway its $10million to deploy ripple services for a bank, not $1m. And considering 75 are deploying commercially already you can just see why ripple won't even need to sell xrp's soon to fund its business.

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And just to add $10million is peanuts for a bank. A company I worked for spent hundreds of millions deploying SAP. $10 million for the savings you will make is a drop in the ocean and a win win for any bank.

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