“IoV”: Internet of Value – Banking Exchange

New protocol could usher in real-time payments First there was the internet. Then came the internet of things. Now, watch out for something called the…

Sourced through Scoop.it from: www.bankingexchange.com

The Banking Community is starting to scramble when I read articles like this.  “The largest and smallest banks globally are trying to find alternatives to correspondent banking. It [correspondent banking] works, but is antiquated. You can literally FedEx money to Europe faster than you can wire it through your bank.”  IDC Financial Insights issued a recent study that lavishes attention on Ripple Labs.  “IDC expects payments through Ripple or similar protocols to grow exponentially in the years ahead. As such protocols supersede Bitcoin, the distinction between cryptocurrencies and new payment protocols will become clearer, and the banking industry will embrace the protocols.”   –  Here’s where the evolution begins  –  So, just as the original internet limped along through usenets that connected arcane university and government research offices until the World Wide Web made everything easy and interoperable, the internet of value is taking its first baby steps.  The fact that the United States still is just studying real-time payments—due to its extremely complicated and intertwined networks of stakeholders—while many developed countries already have established real-time domestic payments structures, illustrates where the situation stands.  Larsen puts it in perspective: “Soon most of our trading partners will be on real-time systems. But there still is a need to ensure interoperability between those fast systems. We’re at the very beginning of this internet of value.”

See on Scoop.itInternet of Things – Technology focus

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