Did anyone else see today's AFR article today - CBA testing use of Ripple (sorry if this was picked up in an older thread): CBA's crypto currency move the tip of the iceberg
Ripple looks very similar to AirPocket. Shame DCC didn't get a mention.
Love this quote:
"Many participants in the financial services value chain are really leeches. They suck blood out of the system thanks to antiquated ways of doing business made redundant by the internet. A real-life example of how those leeches will be burned off by disruptive technology is occurring right now in the Philippines. Thanks to its pre-eminence as a supplier of labour to the global economy Filipinos transfer about $US25 billion ($33 billion) a year in remittances home each year. Banks and other financial intermediaries specialising in wire transfers have been clipping the meagre offshore earnings of Filipinos for years with fees equal to about 8 per cent of each transaction. Digital remittance payments from peer-to-peer threaten to destroy much of this lucrative business."
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