/biz/ - Business & Finance

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Swift use case? anon Mon May 20 08:13:00 2019 No.13736964 [Reply] [Original]

Do you guys think that this pilot used Chainlink testnet in early 2019? By the description, I would say that only Chainlink can connect various banks via API calls.

https://www.swift.com/news-events/news/swift-launches-new-frictionless-case-resolution-service-to-speed-up-cross-border-payments

Also, Ripple main guy gets nervous, check this out, it looks that above mentioned fix is for this 6% ("As the recent conference took place, Garlinghouse stated that nearly 6% of financial transactions conducted by the SWIFT payment system cannot function without human supervision."). He probably knows what Swift will start using soon:

https://u.today/ripples-ceo-says-swift-transactions-require-extra-time-and-cost

>>	Anonymous Mon May 20 08:15:58 2019 No.13736987 Didn't read the article but my understanding was that SWIFT's cross border payment project was nostro/vostro and had nothing to do with Chainlink.

>>	Anonymous Mon May 20 08:16:15 2019 No.13736991 File: 48 KB, 1000x800, 1558341140831.png [View same] [iqdb] [saucenao] [google] >>13736964 Nice blog post faggot. The only use case that matters is the official chainlink alarm clock™

Anonymous Mon May 20 08:21:11 2019 No.13737023

>>13736964
Listen brainlets, swift will not be 'using' chainlink, Chainlink will be using Swift messaging format as an output for payments, just like theres gonna be a PayPal api output etc. What exactly do you think swift is, it's not a company, they don't 'use' smart contracts. Brainlets

>>	Anonymous Mon May 20 08:23:11 2019 No.13737044 >>13737023 So SWIFT won't be using a Chainlink backend to automate ISO20022 bond processing, as was demonstrated in the 2017 SIBOS proof of concept?

>>	Anonymous Mon May 20 08:25:09 2019 No.13737064 >>13737044 Chainlink doesnt need SWIFT, SWIFT will need chainlink

anon Mon May 20 08:26:31 2019 No.13737071

>>13736987
This artickle is linking other Swift article which is about "Pre-validation of gpi payments" and "Find and resolve errors that cause delays before payment messages are sent":

"Today over 90% of cross-border payments sent via SWIFT gpi are processed end to end in less than 24 hours, and many in just seconds. The payments that take longer or are rejected, however, while much smaller in total volume, consume a significant amount of time and resources to correct.

Incorrect or missing information about the beneficiary bank provided when the payment is initiated is a main cause of such errors. SWIFT gpi payment pre-validation will help you avoid these at the start so that any issues can be flagged and corrected before the payment is sent."

https://www.swift.com/our-solutions/swift-gpi/the-future-of-swift-gpi/pre-validation-of-gpi-payments

"How does it work?
A real-time API-based mechanism will enable sending banks to send and receive API calls over SWIFT to seamlessly check beneficiary account information with the ultimate receiving banks. This will allow banks to remedy any inaccurate or missing information instantly, reducing delays and costs."

I am guessing that Chainlink Oracle will be used for this "API based mechanism"

>>	Anonymous Mon May 20 08:28:24 2019 No.13737085 File: 27 KB, 200x200, 1557737840153.gif [View same] [iqdb] [saucenao] [google] >>13737044 Nope chad o'fork already settled that. Chainlink is just an alarm clock with a few other fancy settings none of which are really needed.

>>	Anonymous Mon May 20 08:28:29 2019 No.13737086 >>13736987 This, https://www.linkedin.com/pulse/swift-official-blockchain-dead-end-patrick-mcconnell/

>>	Anonymous Mon May 20 08:31:35 2019 No.13737104 >>13737071 Chainlink ≠ API

>>	anon Mon May 20 08:34:46 2019 No.13737134 >>13737104 https://blog.chain.link/44-ways-to-enhance-your-smart-contract-with-chainlink/ >ctrl-f API >11 results

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