Will SWIFT GPII succeed? Regulators and competitors are under pressure in the marketplace to disclose payment details. Would a messaging platform offer a solution? This is more like a band aid for SWIFT than a solution for the financial world. I understand that if you are responsible for global payments, quick is probably the only way at the moment. When you work in research and development and innovation, you look at the technologies of the future and you go down another path that encompasses all payments as global payments. Since everything is still being developed, I was investing in future technologies and not in a member-based messaging platform. Think about Uber and Amazon, for example, how their technology platforms have changed the user experience and how well received by younger and future generations. Another example is email vs. Twitter or text message. Technology will take payment data consumption to a new level for the financial institution, the company treasurer and the consumer. . . . SWIFT USD transfers can only be processed if they are received before the cut-off time, due to the difference in time zones locally and in the US.
Other currencies require at least one business day for processing and must therefore be received before the reference date, the day before the value date. . The people of Ripple say that existing payment infrastructures are not able to meet the global demands that the increase in cross-border payments brings to the current rails. The solution is therefore not as simple as an updated ALS, but requires a thorough overhaul and a new system (I wonder who can provide this…?) that can meet the needs of new consumer needs and expectations |. NEWS: Swift Fights to Stay Relevant in A Blockchain World After Point 1 on existing infrastructure, Ripple says that when you consider the growth and demands of future technologies such as the Internet of Things (IoT), existing payment infrastructures are being neglected. The argument is that existing infrastructure will face increasing transaction volumes and real-time requirements of new technologies. Ripple proposes that multisigning on validated parts with a distributed ledger provides increased security, as this ensures that only one person/group cannot initiate a (fraudulent) payment. Pingback: Swift is disturbed by the blockchain: He struggles to stay relevant in a blockchain world | BIIA.com | Business Information Industry Association Once again, it is necessary to clarify what ”rich payment information” really means. If it`s really a continuation of the current 140 characters, then it`s not something you can write at home! . . .
According to Ripple, the current problem with SWIFT marginal payments is that the process requires the transfer of payment from bank to bank. The more correspondence banks are involved, the total payment travel is generally more sensitive to errors, delays and increased costs. All these ”skips” lead to uncertainty (I wonder who can provide a solution…?). What if one of the banks was not a swift GPII participant? The corresponding bank will not necessarily comply with the GPII rules and SWIFT GPII`s benefits may not be realized. I`m trying to control the payments and the blockchain right now, and this quest has sent me in different directions. Ripple is an emerging fintech company that quickly handles both payments and the distributed ledger division.