An article written by David Beach published on February 6th, 2019 in the PaymentEye titled “Report: DLT, SWIFT gpi, Ripple and cryptos shape payments” contains some interesting insights on recent developments.

Below you can view the people quoted in the report and read the most relevant quotes:

  • Ed Adshead-Grant, general manager of payments, at business banking technology firm, Bottomline Technologies.
    • “The threat of a Ripple blockchain technology came along and they (Swift) thought, ‘oh, hang on a minute, how do we modernize and close the gap between these irrefutable transactions that are immediately settled and visible and accountable?”
    • Gpi is incremental on top of existing or legacy technologies rather than transformational plays [such as Ripple] built upon something that was invented only 10 years ago and born in a digital age”
    • Bottomline worked with Ripple two years ago on a pilot, but now the latter has grown to critical mass, with 200 banks across a global playing field in its network, it will be drawing more attention across the payments ecosystem
  • Joel Camacho, managing director of Decipher Capital.
    • Ripple played an important role in educating banks on DLT”
    • “Ripple’s business model [to build out its cross-border payment network] depended on banks adopting DLT and thus were incentivized to educate domestic and foreign banks on how they could facilitate faster cross-border transactions and save costs on the back-end.”
  • Marcus Treacher, vice president of customer success at Ripple.
    • “Our solutions take the best of blockchain (immutability, validators and cryptography) but address its key limitations (privacy & scalability) to transfer value in a way that will best serve our customers”
  • Kriya Patel, managing director at Gibraltar-based payments outfit Transact Payments Limited (TPL).
  • Christopher Woolard, executive director of strategy and competition of the UK crypto taskforce.
  • Cordelia Kafetz, head of the Bank of England’s Fintech Hub.
    • “DLT – as it has developed within crypto markets – might bring with it practical benefits.”
    • “The real-time gross settlement system is 20 years old and we need to update it so that it’s fit for purpose. If distributed ledger technology comes along with a good use case, we could use that
  • Kilvar Kessler, chair of the management board of Finantsinspektsioon.
  • Robert Pehrson, head of business development at SEB Transaction Services.
    • “In Sweden, with its real-time payments, clearing and settlement you can see the benefits and want to apply to cross-border transactions. Ripple came along and provided that opportunity which probably woke SWIFT up to really focus on gpi”
    • “In the last year or so there’s been really positive news that gpi is moving close to real-time which is what customers are looking for and that’s why we’re going all in with SWIFT gpi”
    • “[It’]s a good development because within SWIFT you already have the governance, the regulatory frame and the reach in the system. If you could make that infrastructure network more efficient using DLT, that’s probably an easier way to move forward than to build a completely separate network outside of the existing model. For Ripple, the future is for them to be integrated into some other network like, for instance, with SWIFT.”
    • “But if Ripple were able to make real-time transactions in a network of not only companies and banks in the same legal entity but also extend it to other parties they could add value on top of SWIFT gpi. But I don’t really see that happening right now”
  • Tom Poppe, DLT product manager at SWIFT
    • “While significant progress has been made with the technology, it is still not clear that it is mature and scalable enough for mission critical applications such as cross-border payments”

You can access the full report here.

The report made me dig a bit on Bottomline technologies. Bottomline is an innovator in business payment automation technology. As mentioned by
Ed Adshead-Grant, their General Manager, in the report, they worked with Ripple two years ago on a pilot.

In the website of iliad-solutions it is mentioned that:

Despite this, Bottomline Technologies does not include Ripple on its website. It should be interesting to see whether Bottomline provides access to Ripple, or plans to.

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