|Real-time gross settlement systems (RTGS) enable a peer-to-peer server|
architecture to facilitate the movement of value among financial
institutions. This allows financial services companies to make payments
directly to each other, whether across different networks, geographic
borders or currencies. Uncle Sam may have finally shot himself in the
foot for the last time.
|Silicon Valley grave digger David Schwartz, |
Chief Cryptographer of Ripple Labs, explains Ripple (HERE),
and an example of Live Transaction from ATB (CAD) to Reisebank (EUR)
in just 8 Seconds (HERE)
|Ripple: Real-Time Cross-Border Transactions (HERE)|
The Ripple blockchain started a domino effect in the banking system (HERE)
But now technology is providing another option. Banks don’t have to use the US banking system anymore; they can send real-time payments internationally using the Ripple protocol. Two months ago a Canadian financial services company sent the first-ever institutional cross-border payment to a German bank. This isn’t some wild theory or conjecture. It’s actually happening (HERE). Just this morning a group of 15 banks in Japan signed up to start using Ripple, and dozens of banks plan to use the protocol within the next six months. The technology is cheaper. Faster. Superior. And it doesn’t come with any US government strings attached. So it seems Uncle Sam may have finally shot himself in the foot for the last time (more HERE).