Archived In case you didn't know how banks; local, regional or federal, operate (imgoat.com)
submitted ago by ARsandOutdoors
Posted by: ARsandOutdoors
Posting time: 1.8 years ago on
Last edit time: never edited.
Archived on: 5/15/2019 10:00:00 AM
Views: 809
SCP: 77
79 upvotes, 2 downvotes (98% upvoted it)
Archived In case you didn't know how banks; local, regional or federal, operate (imgoat.com)
submitted ago by ARsandOutdoors
view the rest of the comments →
[–] ARsandOutdoors [S] ago
*Swift System, No "s." What are you asking of specifically?
[–] rejectedfromreddit ago
You said something about the end of the Swift system, I'm curious what you're talking about, since I'm not really sure with how it works right now.
[–] ARsandOutdoors [S] ago
Some type of block chain derivative is very likely going to replace Swift. All the major financial players, American Express, JP Morgan, Visa.... all are on board with a "coin" called Ripple, ($XRP) Its likely won't be ripple that replaces Swift exactly, but Swift is on its way out. It's terribly slow, and the Swift infrastructure and apparatus is costly due to it's age. Swift was implemented like 50 years ago, before the Internet. It's old, antiquated and slow. I think the US is in for some volatility in the dollar overseas in the near to midterm, and the Fed will roll out their "Fed-Coin" sometime in the next 3-6 year window to modernize the system and lower money transfer costs across the board.