Swift and Ripple As Rivals Get To Indirect Connection Vide Corda SettlerMay 2, 2019
IBM and Ripple are already targeting centralized payment messages network, SWIFT. There are other players in the blockchain payment world.
Corda Settler was launched in the past year by R3. The platform used Ripple’s XRP.
SWIFT announced a partnership with R3 in January. They were collaborating to test the Corda Settler. They were focusing to “integrate gpi with Corda Settler.”
The Corda Settler depends on the XRP and therefore SWIFT and Ripple as rivals get to indirect connection. Will, that work?
Corda Settler focuses on providing companies with secure, fast and reliable ways in which they can move the crypto and other traditional assets on the distributed ledger. The Corda Settler is an open source app, which runs on the Corda Blockchain.
With Ripple’s XRP as a base currency, the Dapp from Corda Settler will facilitate enterprise blockchain network. The payment transactions will be settled between cryptocurrency and traditional assets using enterprise blockchain. Therefore, Corda settler’s choice of XRP makes sense.
Richard Gendal Brown, CTO at R3 stated, “The goal of widespread acceptance and usage of digital assets to transfer value can thus be achieved.”
David Rutter, CEO of R3 stated, “The Corda Settler is agnostic to which payment method is used. Whether it’s JP Morgan coin, or Wells Fargo coin, or BAML coin, or HSBC coin, it doesn’t matter to us. We have no horse in that race.”
He also previously clarified that they do not have financial incentives either this way or another. He implied that they were trying to get as many people as possible to their platform as possible.
While in the primary stages of development, they are supporting all sorts of payments for settlement. Thus, indicating support for “any parallel rail supporting cryptocurrencies or other crypto assets.”
Payment obligations are facilitated for cryptographic proof of settlement, vide traditional rail. It is expected for the settler to provide for “domestic deferred net settlement and real-time gross settlement payments” in the next phase.
When a payment obligation arises, parties can now optionally require settlement using XRP. A settlement in XRP can be required. The other party gets notified, and they must instruct the payment to the required address before the particular deadline presented to them. After the payment is made, an Oracle service will verify the validity of the payment and will settle the obligation. The ledger will be updated after the beneficiary account has been credited with the expected payment.