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Ripple vs SWIFT: payment (r)evolution
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#1 Posted : 15 August 2017 15:52:49
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Joined: 2009-11-30
Posts: 249
This discussion refers to the article:

Ripple vs SWIFT: payment (r)evolution

Cross-border payments are currently slow, expensive and opaque. Ripple offers sub second efficiently priced payments using a variant of blockchain technology. In response, SWIFT has launched GPII, same day credit of funds, up front pricing and payment tracking. This article explores the two solutions, and what they mean for treasurers.
Read the full article...
#2 Posted : 15 August 2017 15:52:50
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Joined: 2016-03-15
Posts: 1
Excellent analysis. Ripple cannot, however, ever offer corporates the elimination of settlement risk as postulated. They are neither a CLS-like system nor a Central Bank. What they offer is real-time bilateral clearing. Whilst a significant improvement as described, it is only temporarily more than Swift currently offers - until they themselves introduce a DLT service option, that is. Member-owned Swift maintains a natural advantage over any commercial vendor. No matter how a Silicon Valley fintech like Ripple may try, they'll be severely challenged to ever overcome that inherent preference.
#3 Posted : 26 August 2017 10:28:21
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Joined: 2017-02-04
Posts: 3
MFuellhart -WRONG. Ripple's solution IS a CLS-like system. You seem to be unaware of ILP, which provides for atomic, simultaneous movement of a number of assets. The Chief Cryptographer at Ripple (David Schwartz) recently said -"it is vastly superior to CLS because it can accommodate assets that live on very different ledgers with very different semantics without loss of atomicity. It does not require the parties to trust the ledgers the assets live on. It does not require a single, trusted central authority. It does not need to be a walled garden." Ripple is superior to SWIFT in every way.
#4 Posted : 26 August 2017 14:58:43
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Joined: 2017-08-26
Posts: 1
@MFuelhart I doubt you completely understand how Ripple works. With Swifts corresponding banks one has to accept those as trusted partners for settlement. With Ripple one has has to trust the network and the coin (XRP). Both are NOT part of a private company, but it's a network with a coin growing to be governed by a global community. Honest... I've way more confidence in trusting a network than in trusting banks that are in the hands of a few humans - even if those banks/humans belong to "member owned Swift". Another point is the speed of settlement. The longer it takes the more can (be made) go wrong. With Ripple the settlement is INSTANT, so there is not to much room or time for issues to be constructed...
#5 Posted : 01 September 2017 18:03:25
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Joined: 2017-09-01
Posts: 1
@MFuelhart - It brings joy to my day to watch someone who speaks with such confidence, yet so ignorantly, get completely schooled. Educate yourself before you speak on a topic you obviously know nothing about or you will find yourself as obsolete as SWIFT.
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