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Swift to free $$$ in nostro accounts?


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https://www.coindesk.com/swifts-cross-border-blockchain-trial-moving-next-phase/

"If successful, Swift believes the tests could free up billions of dollars in dormant funds in banks' nostro accounts, which are set up all over the world to hold various currencies just in case they're needed for transactions. By moving the funds to a shared ledger, the test is seeking to confirm whether that practice can be eliminated, freeing up the capital to be invested in other ventures."

This article makes it sound like Swift can free up nostro accounts without XRP. Is that true?

If so, I think Ripple should explain the benefit of XRP over Swifts system in simple terms.

edit: thanks xrpdude, link fixed

Edited by elias
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6 minutes ago, elias said:

https://www.coindesk.com/swif...ain-trial-moving-next-phase/

"If successful, Swift believes the tests could free up billions of dollars in dormant funds in banks' nostro accounts, which are set up all over the world to hold various currencies just in case they're needed for transactions. By moving the funds to a shared ledger, the test is seeking to confirm whether that practice can be eliminated, freeing up the capital to be invested in other ventures."

This article makes it sound like Swift can free up nostro accounts without XRP. Is that true?

If so, I think Ripple should explain the benefit of XRP over Swifts system in simple terms.

 

Link broken? 

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17 minutes ago, elias said:

https://www.coindesk.com/swifts-cross-border-blockchain-trial-moving-next-phase/

"If successful, Swift believes the tests could free up billions of dollars in dormant funds in banks' nostro accounts, which are set up all over the world to hold various currencies just in case they're needed for transactions. By moving the funds to a shared ledger, the test is seeking to confirm whether that practice can be eliminated, freeing up the capital to be invested in other ventures."

This article makes it sound like Swift can free up nostro accounts without XRP. Is that true?

If so, I think Ripple should explain the benefit of XRP over Swifts system in simple terms.

edit: thanks xrpdude, link fixed

What if they test $XRP?

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This is not "news" to me.  Prior to purchasing XRP, I came across this information on Swift' website!

See https://www.swift.com/our-solutions/global-financial-messaging/payments-cash-management/swift-gpi/the-technological-transformation-of-cross-border-payments for more details.

I am a bit amused by people thinking Swift trying to copy one of Ripple's primary advantages, Ripple charging banks to use its services and software, etc. is somehow noteworthy.  Posts like these make me wonder the age and work experience of users on this forum (or if it is a deliberate attempt at misinformation).  None of this is meant to be insulting to anyone.  It is just my observation.

I decided to purchase XRP not primarily because it is a good idea, but more because I was impressed with Ripple as a company and their ability to execute on their vision.

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4 minutes ago, chinedukenneth said:

Time is running out on XRP.

If nothing is done real quick, Other competitors will simply perfect their system and quickly establish the required network effect to the disadvantage of XRP.

 

The Swift trail is proof of concept only they are miles away from implementation. this is actually good news as it brings Swift credibility to a process Ripple already have in place. The article goes on to mention that Swift will be unable to satisfy real time payments and that ripple does..

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rainbowhunter, the article says they will "... test whether moving member bank accounts to a distributed ledger could help Swift reconcile in real time ..."

Does anyone know, or even better have a link to a Ripple insight or something, that explains what XRP enables Ripple to do that the Swift alternative cannot, because they don't have their own digital currency?

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7 minutes ago, elias said:

rainbowhunter, the article says they will "... test whether moving member bank accounts to a distributed ledger could help Swift reconcile in real time ..."

Does anyone know, or even better have a link to a Ripple insight or something, that explains what XRP enables Ripple to do that the Swift alternative cannot, because they don't have their own digital currency?

May be this could help,

https://ripple.com/insights/nine-things-need-know-xrp/

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29 minutes ago, rainbowhunter said:

The Swift trail is proof of concept only they are miles away from implementation. this is actually good news as it brings Swift credibility to a process Ripple already have in place. The article goes on to mention that Swift will be unable to satisfy real time payments and that ripple does..

Thanks. It definitely means what swift is doing brings credibility to XRP.

But XRP needs to move fast. Correct me if I'm wrong this is like a land grab.

Swift may be miles away, but in this world of no impossibilities, they can manage to close the gap and advance above XRP if XRP rests on its oars.

The harbingers of a technology are not always the biggest when it comes to deployment....look at Tim Berners Lee in relation to Alphabet today.

 

In other words, What is the 'economic moat' that XRP has over any new rival crypto or swift or any other technology?

What is it that'll stop this wonderful thing XRP is about to do from being copied like Swift is trying to copy?

 

 

Edited by chinedukenneth
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1 minute ago, RipDip said:

This seems like a ploy to buy time.  Swift knows they're at a disadvantage in terms of real time settlement.  However, if they give the illusion that they potentially have an answer, they probably can hold their current clientele a little longer. 

 

I think this is a good answer. 

The two of them are in a war  and we all know swift is currently at a disadvantage. The onus is on ripple to strike hard now while the iron is hot.

As the months roll by without meaningful progress on the ripple end, the more swift will develop it's own muscle to attack.

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7 minutes ago, Sebastian said:

@chinedukenneth I recommend you read through all of the following and come to your own conclusions: https://www.reddit.com/user/sjoelkatz/comments/

 

There are a lot of comments there about a lot of different things. Coindesk is claiming Swift can free up $$$ in nostro accounts, but I thought that was XRPs job . Do you know if Swift will need a SwiftCoin?

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