Ripple: I am tired, Facebook wants to destroy me, and Visa wants to embezzle me.

Visa has launched a blockchain-based inter-bank financial inter-bank payment platform that has officially “invaded” the increasingly crowded market that Ripple is trying to exploit for itself.


Visa's blockchain-based B2B Connect platform

Payment processing giant Visa has launched a B2B platform to increase the efficiency of cross-border transactions for smaller financial institutions. Traditionally, smaller organizations have had to rely on services provided by larger intermediaries, which can cause delays and high costs.

Visa B2B Connect is built on top of the Hyperledger Fabric blockchain software led by IBM and Linux. Visa has developed a blockchain-based solution to improve transparency and traceability, but the platform is clearly not decentralized.

B2B Connect facilitates direct bank connections and payment is pre-existing. The company currently has 30 payment channels, but plans to increase this number to 90 by the end of the year.

Visa said B2B Connect transactions will settle faster in one to two days.

Not so SWIFT

Maybe someone should talk to Visa about the speed estimate. Although one or two days may be faster than the original SWIFT system, not to mention being replaced by the current Global Payment Innovation Network (GPI). SWIFT launched its global payment program as early as 2017, which handles most payments within 24 hours.

Even SWIFT is seeking to further improve the GPI through blockchain technology, and announced in January this year that it has established a partnership with Ripple competitor R3.

Oh… some people say Ripple

Of course, Ripple (and his fanatical supporters) should be very happy with himself. After all, imitation is the most sincere flattery. Ripple recently found himself flattered many times.

First appeared is JP Morgan JPMCoin, which was previously fearful of the blockchain, although it seems to be just an internal platform. Recently, we saw a consortium of international banks jointly announced the strange Fnality platform.

Now, Visa has come in again.

With its real-time global trading platform, Ripple is unlikely to be afraid of newcomers to the market in terms of speed. And SWIFT's almost unbelievable 6% deal failure rate has long been one of Ripple's key marketing strategies.

Visa's brand and influence can be a decisive factor. Although Visa may make this process more efficient based on past experience, its greed is unlikely to bring any (or too much) cost benefits to users.

Facebook Stabilization Coin is coming, Ruibo is not far behind?

In fact, the author believes that Ruibo's biggest competitor in the future may be Facebook. According to previous reports, Facebook plans to release its own stable currency, GlobalCoin, in 2020, and others say it is Libra. In addition, Facebook will release a white paper on this stable currency on the 18th of this month. As the world's largest social network, Facebook has as many as 2.7 billion global users. According to reports, Facebook plans to apply its stable currency to global payments and negotiate with Visa and MasterCard. According to previous reports, Facebook stable currency will anchor multinational currency. Facebook plans to apply it to its three major social tools and advertising systems, WhatsApp, Facebook Messenger, and Instagram, to reward users for their creation, sharing, and distribution on Facebook. Users can also purchase goods through it.

If Facebook's stable currency is used for global payments, Ripple's future prospects may be hit hard. Bitcoin expert Max Keiser said earlier that since Facebook announced the launch of GlobalCoin (or Libra), Ripple (XRP) and most other cryptocurrencies should be wary.

In Keiser's view, GlobalCoin will make the competition currency irrelevant, including Ripple (XRP). Bitcoin’s bull market will also see Facebook’s currency eradicating companies that use cryptocurrencies for payments and remittances:

"Facebook's global stable currency… FaceCoin eliminates the need for hundreds of competing currencies, including XRP. The end of the coin is coming."

In the face of Keiser's "Ripple Doomsday", Ripple Chief Technology Officer David Schwartz responded by saying:

I like the idea that there is no evidence to show any understanding of XRP. This is just bitcoin's minimalist thinking that only bitcoin and others are considered.