Ripple: Banks Unlikely to Apply Blockchain for Cross-Border Payments in Near Fut

[micko09]

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.

In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs, the technology is still not scalable and not private enough to be implemented by banks on a global scale.

Ripple claims that xCurrent’s immutable “interledger” protocol offers instant settlement, making it superior to existing payment networks. However, xCurrent “is not a distributed ledger,” according to Schwartz. In xCurrent’s case, the network peers do not have access to a shared ledger, which is the basis of major blockchain networks like Ethereum (ETH) or Hyperledger. Schwartz said: “What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.”

Marcus Treacher, senior VP of Ripple customer success, said the firm had launched a project to offer banks “classic” blockchain-powered payments. However, the banks rejected the initiative, citing that one cannot just put “the whole world on a blockchain.”

According to Reuters, a number of banks have tested and incorporated Ripple’s xCurrent technology for cross-border payments that can “eventually plug them” into distributed ledgers.

In May, financial institutions that took part in a pilot of Ripple’s xRapid platform reported transaction savings between 40-79 percent, while also noting a significant improvement in transaction time, from an average of 2-3 days to “just over two minutes.”

In April, Spanish-based international bank Santander confirmed the launch of its Ripple-powered blockchain payment network One Pay FX, reportedly becoming the first bank to do so.

original source: https://cointelegraph.com/news/ripple-banks-unlikely-to-apply-blockchain-for-cross-border-payments-in-near-future

[1715185119]

1715185119

[1715185119]

1715185119

[1715185119]

1715185119

[arsics]

Really sh1tty reporting, they turned everything that was said upside down.

Don't worry about Ripple and xRapid, it is all coming along very well.

[Red-Apple]

i think the Ripple owners are starting to lose it thanks to all the money that they have lost in the past couple of months that people have been dumping XRP as hard as they could. for the past couple of days every time there is some quote of Ripple owners the quote is filled with nonsense

the funny part is the "banks" that they said are their "partners" have already abandoned them they all adopted the technology of ripple and used the blockchain technology to use in their own internal system while dumping XRP fast and hard.

[preshpr1nce]

Western Union put out a report recently saying it was more expensive to use XRP with xRapid than their current system, they only did 10 transactions which isn't much but that's quite bad news if you ask me.

[arsics]

price movement in usd value during the last 2 years:

bitcoin 9.3x
ethereum 27x
ripple 95x

Shorter term, my last XRP buy was almost a year ago, around 17c, current price is 55c, that's over 300%.
In the same period BTC went from 3.000 to 6.500, that's just over 200%.

all you need is just to zoom out a bit

[KryptoKai]

Ripple is too unstable to use for transferring funds, they will probably use tether or another type of stable coin instead. Imagine transferring 1 million in ripple and then after one week it is only worth 500,000. This is bad for business

[Mt. Dempo]

whether the banking can not build its platform own? I think they are very capable, we know that banking assets are so great. if banks can recruit developers or crypto experts to build their own blockchain to their liking, then I'm sure they can solve whatever problems they find in the ripple.

[kingzpro]

Then why they are partnering and implementing blockchain tech in their systems especially ripple has partnered with so many banks, blockchain tech can make global transfers almost instant, cheap and truly borderless so i think they should be implemented by the banks globally.

[BattleZeo]

Ripple chief cryptographer David Schwartz claims that banks are unlikely to deploy blockchain to process international payments, citing low scalability and privacy problems, Reuters reports June 13.

In an interview with Reuters, Schwartz argued that despite the fact that banks acknowledge blockchain technology’s potential in reducing transaction times and costs, the technology is still not scalable and not private enough to be implemented by banks on a global scale.

Ripple claims that xCurrent’s immutable “interledger” protocol offers instant settlement, making it superior to existing payment networks. However, xCurrent “is not a distributed ledger,” according to Schwartz. In xCurrent’s case, the network peers do not have access to a shared ledger, which is the basis of major blockchain networks like Ethereum (ETH) or Hyperledger. Schwartz said: “What we hear from many of our customers is that it’s imperative to keep their transactions private, process thousands every second, and accommodate every type of currency and asset imaginable.”

Marcus Treacher, senior VP of Ripple customer success, said the firm had launched a project to offer banks “classic” blockchain-powered payments. However, the banks rejected the initiative, citing that one cannot just put “the whole world on a blockchain.”

According to Reuters, a number of banks have tested and incorporated Ripple’s xCurrent technology for cross-border payments that can “eventually plug them” into distributed ledgers.

In May, financial institutions that took part in a pilot of Ripple’s xRapid platform reported transaction savings between 40-79 percent, while also noting a significant improvement in transaction time, from an average of 2-3 days to “just over two minutes.”

In April, Spanish-based international bank Santander confirmed the launch of its Ripple-powered blockchain payment network One Pay FX, reportedly becoming the first bank to do so.

That’s why ripple is totally overvalued. It is centralized. And team has problems to convince banks to be their partners. Take western union for example, 10 times try and say goodbye due to transaction fee not quite low as they thought. But I think that is just excuse. The truth is western union can not see advantage of ripple.

[konomi]

I think this is impossible. I think banks must first issue their own coins and then let the coins have more transactions to protect their value, so I think this may not be achieved by 2020. Because the government has not yet developed coins.

[Saint-loup]

In April, Spanish-based international bank Santander confirmed the launch of its Ripple-powered blockchain payment network One Pay FX, reportedly becoming the first bank to do so.

original source: https://cointelegraph.com/news/ripple-banks-unlikely-to-apply-blockchain-for-cross-border-payments-in-near-future

There are some news about that. According to Coindesk, the U.K.’s pensions and welfare division of government, the Department for Work and Pensions (DWP), is studying it.

"“We are starting to see the first full production [DLT] implementations, such as Santander’s One Pay FX. The benefits include reducing time, cost and failure rate associated with making transactions whilst data is stored on a secure immutable ledger,” according to Laycock."

Richard Laycock is the deputy director at the DWP’s Digital Delivery Shared Platforms.

https://www.coindesk.com/uks-pensions-and-welfare-department-eyes-dlt-for-faster-payments

[AltcoinsBattle]

price movement in usd value during the last 2 years:

bitcoin 9.3x
ethereum 27x
ripple 95x

Shorter term, my last XRP buy was almost a year ago, around 17c, current price is 55c, that's over 300%.
In the same period BTC went from 3.000 to 6.500, that's just over 200%.

all you need is just to zoom out a bit

Such computation can be find for the any shitcoins.

For trade and medium-term investments, this still works. But, in fact, this asset does not look potential, and investments are not promising.

Ripple is too unstable to use for transferring funds, they will probably use tether or another type of stable coin instead. Imagine transferring 1 million in ripple and then after one week it is only worth 500,000. This is bad for business

This is one of the main reasons that it is not suitable for banking operations.

[SquallLeonhart]

These points in OP are shit that really does not matter to me, because we never needed the banks in the first instance to meddle in the cryptocurrency transaction and this is why they were eliminated in the first instance from the cryptocurrency chain, because banks are basically the middle man that are always problems and make transactions cost and too difficult for those that wishes to make payment locally and internationally.

In this cryptocurrency market, so long we have the presence of these exchanges and local exchanges, banks really does not matter and who would pay attention to these manipulative tool called ripple that  has been programmed in the market to just monitor the crypto market and think they would lead with their bank centralized cryptocurrency.

[slaman29]

These points in OP are shit that really does not matter to me, because we never needed the banks in the first instance to meddle in the cryptocurrency transaction and this is why they were eliminated in the first instance from the cryptocurrency chain, because banks are basically the middle man that are always problems and make transactions cost and too difficult for those that wishes to make payment locally and internationally.

Yeah, we don't need banks, Ripple does. Ripple's sole aim is to make money from banks using their technology and their token. The first has happened, but the second hasn't, probably won't ever. SWIFT is always going to be preferred until people actually start using crypto.

Then again, without banks, how do we sell our crypto? Almost nobody relies on P2P and even so still need bank accounts;)