Ripple (XRP)

$0.221800 (-0.36%)


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$ 0.221800 (-0.36%)

Ripple Discussion

stockvaper  Dec 10 2019 14:03
[b]XRP Fans Rejoice: Bank of America Names Ripple Innovative Technology Maker[/b] "One of the world’s largest and most influential banks – Bank of America (BoA) – admits that Ripple offers a truly innovative solution and mentions it in a report. However, despite the good news for the Ripple community, whether it will impact the XRP price positively remains in question. [b]Bank of America acknowledges Ripple[/b] A major XRP follower on Twitter, who goes by the name BankXRP, has shared a screenshot from a document by Bank of America. In it, one of the world’s largest banks calls Ripple as an example of an innovative technology. The document in particular says: “Innovation example: Ripple cross-border solution. Ripple’s distributed ledger solution remedies legacy correspondent banking infrastructure challenges and provides bi-directional messaging to enhance payment tracking, data transmission, and enables enhanced certainty in settlement.â€￾ [img][/img] [b]Ripple gets acknowledged by SWIFT[/b] Unlike other cryptos, Ripple is not trying to oppose the current financial system with banks and governments. It is doing its best to become integrated in it. This year, over 300 banks and payments platforms have started trialling Ripple’s xCurrent and On-Demand Liquidity (ODL). However, the major rivals, such as the Swift system (that many in the crypto community believe will be replaced by Ripple one day) still refuse any sort of collaboration. Formally, as reported by U.Today earlier, Swift has approved of Ripple’s ODL low cost and high speed but still stated that this technology is too young (read imperfect) to be used on a wide global scale. Previously, U.Today shared the news with the community that BoA publicly admitted testing a product based on Ripple’s XRP Ledger – it is called simply ‘the Ripple project’. The fact was confirmed by BoA’s spokesperson. However, the same person confirmed that the institution does not plan to start using XRP yet. Bank of America shuts down Justin Sun's account Despite welcoming Ripple, BoA keeps opposing Bitcoin and other crypto. Recently, U.Today reported that the bank closed the account of the Tron CEO Justin Sun and the former PayPal top executive, an influential venture capitalist, Roelof Botha. The account of the latter was shut down assumingly because he had purchased Bitcoin through it."
stockvaper  Dec 09 2019 21:25
Interesting. I had to learn more about SPFS. Here's what I found. [b]Russia's alternative to SWIFT payment system poised to eclipse the original – MP[/b] 2 Nov, 2018 "Russia’s money transfer system, developed as an alternative to SWIFT is now more popular than the global network, said Anatoly Aksakov, head of the Russian parliamentary committee on financial markets. He explained that Moscow is already engaged in talks with Chinese, Turkish and Iranian financial regulators on integrating its System for Transfer of Financial Messages (SPFS) with financial messaging systems of those countries. “The number of users of our internal financial messages’ transfer system is now greater than that of those using SWIFT. We’re already holding talks with China, Iran and Turkey, along with several other countries, on linking our system with their systems,â€￾ Aksakov said. “They need to be properly integrated with each other in order to avoid any problems with using the countries’ internal financial messaging systems.â€￾ Russia has already worked out a cooperation mechanism with Tehran and mentioned the possibility of direct transactions with Iranian companies, according to the MP. The Central Bank of Russia, which has developed the SPFS, said earlier that 416 Russian companies and government organizations had joined the system as of September. They include the Russian Federal Treasury and large state corporations, including Gazprom Neft, Rosneft, and others. The development of SPFS began in 2014 in response to Washington’s threats of disconnecting Russia from SWIFT. The first transaction on the SPFS network involving a non-bank enterprise was held in December 2017. SWIFT is a financial network that provides high-value cross-border transfers for members across the world. It is based in Belgium, but its board includes executives from US banks with US federal law allowing the administration to act against banks and regulators across the globe. It supports most interbank messages, connecting over 11,000 financial institutions in more than 200 countries and territories. The European Union also considered creating an alternative to SWIFT to help European companies bypass US sanctions against Iran. That proposal stalled in Brussels and major European firms left Iran."
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