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/biz/ - Business & Finance

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6303224 No.6303224 [Reply] [Original]

Found this on r/LinkTrader. Comfy as fuck.

PSD2 is the primary reason I became involved with ChainLink and co-founded this subreddit. For context, I work in the Financial Services sector in the EMEA region, and I can tell you it is all about PSD2. In 2019, every European Financial Institution must provide API support for payment initiation and account enquiry made by the incoming onslaught of new Fintechs.

The banking landscape in Europe will change radically in a short period as Europeans begin to take advantage of the latest technology offered by Fintechs to meet their banking needs in today's world. Blockchain technology has come along at precisely the right time, and DLT has become almost as big of a buzz-word as Fintech itself. Also, in extraordinarily good timing comes ChainLink, a service that bridges the gap between Fintechs using DLT and Financial Institution APIs.

Behind the shiny new APIs lies the prize that SmartContract have evidently positioned themselves on - legacy payment systems that will accept nothing but the payment formats they were originally designed for. This format is likely to be the new (actually >15 years old) ISO 20022 XML format. Any Fintechs wishing to make use of the new APIs can bet for sure that the Banks will not be converting formats on their behalf and instead will need to submit instructions in ISO 20022 format. Through their PoC with SWIFT, ChainLink has proven themselves as being capable of not just bridging the gap, but supporting the very formats that will run the post-PSD2 banking world.

1/2

>> No.6303245

There is a lot of speculation since the PoC about a partnership with SWIFT. For me, SWIFT has already given ChainLink something very valuable; a platform on the closed stage of the Financial Services Industry. SWIFT is seen in the sector as the keeper and enforcer of best practice for financial messaging standards so when Fintechs and Banks decide which Oracle services to use, ChainLink stands poised as a service made credible by SWIFT.

It's important to note that after the introduction of PSD2 APIs, Banks and Fintechs will not require SWIFT's telecommunications to communicate and therefore can work directly with ChainLink to connect to on-chain/off-chain data.

Often people suggest firms will just build their own oracles, but the reality is Banks will not be providing this service as, unsurprisingly, they aren't going to make the job any easier for 3rd party Fintechs. Meanwhile, Fintechs are often brand new companies who are not going to be spending their start-up funds re-writing Microsoft Outlook just because they can - they will simply engage with the industry standard oracle; ChainLink.

As you can tell, I am bullish about ChainLink. Often in crypto, the old saying about how the guy selling shovels in a gold rush is the one to get rich. Well, I believe PSD2 is another gold rush and ChainLink is the first in the door selling the shovels, the diggers, and the whole wash plant.

2/2

>> No.6303466

What the does any of that mean? Sage fuck off

>> No.6303669
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6303669

fuck off with this shitcoin stop trying to make newfriends lose money sage
pic related it'll be you if you buy stink

>> No.6303876
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6303876

>>6303224
>mfw working in financial institutions
>mfw I understand fully how massive this will be

>> No.6303911
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6303911

>>6303669
ChainLink's potential is far greater than a lot of people understand. The only ones to lose money on ChainLink are weak hands who sold on dips without knowing what they were holding.

>>6303466
The post explains how ChainLink is set for a huge increase in adoption in 2019 when the PSD2 regulation comes into force in europe affecting every bank there.

>> No.6303964

Aaahh.. i needed this so much

>> No.6304006

>>6303224
dragonchain is far superior and made by disney, why would anyone cooperate with 2 guys in a shit apartment when they could work with a big company like disney?

>> No.6304011

>>6303911
lmao in 2019, by that time I'll have already x10000d my money on better projects

>> No.6304091

>>6304011
Expect announcements and partnerships throughout 2018 while companies start developing for PSD2 using ChainLink.

>> No.6304140

>>6303245
SWIFT has invested in 10+ projects. They have no need to pick and choose yet.

>> No.6304153

>>6304006
>me big bank, that mouse feels safe

yeah makes sense faggot

>> No.6304169

>>6304011
By 2019, most of the current coins ad tokens will probably vanish.

>> No.6304219

How much is that per link?

>> No.6304299

>>6304169
Those who bypass the system in a creative way, couch Monero, will probably still be there. Tether is also an candidate, because it locket to the USD/EUR and such a very safe resting place for money that needs to be "moved".

When ETC moves to PoS, it will become a transactional coin, and the high fly vanishes. If the chinese don't want the BTC miners anymore clogging their power lines, this thing will fall. Fall deep. They kept buying their own currency in a self fucking loop. If they stop this thing will crash.

>> No.6304302

>>6303466
>t. Brainlet

>> No.6304338

>>6304219
right now the price is averaging at $0.998200

>> No.6304371

>>6304011
>hurr price doesn't increase due to anticipation of things

>> No.6304375
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6304375

>>6303224

>> No.6304428
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6304428

>> No.6304486

>>6304371
oh yeah like the sibos anticipation. it rose all the way to 15 cents KEEEEEEEEK

>> No.6304546
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6304546

It's amazing really what we've discovered
In several years we're all gonna be millionaires, for once in my life I'm looking forward to the future

>> No.6304634

>>6304546
same here desu

>> No.6304666

.60c here you come

>> No.6304769

the ycombinator article about ethereum a few days ago mentioned the centralised oracle problem as the biggest hurdle for the technology. didn't realise how important chainlink is until then

>> No.6304869

>>6304486
Keep displaying your retardation

Best of luck multiplying your 200 bucks

>> No.6304925
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6304925

>>6304869
stay mad stinkie. this is going straight to .10

>> No.6305014

what ?
PSD2 will be enforced tomorrow not in 2019

>> No.6305119
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6305119

>> No.6305165
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6305165

>> No.6305227

>>6305014
When will the new rules become applicable?

PSD2 will become applicable as of 13 January 2018, except for the security measures outlined in the RTS. These will become applicable 18 months after the date of entry into force of the RTS. Subject to the agreement of the Council and the European Parliament the RTS is due to become applicable around September 2019.

>> No.6305311
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6305311

>>6304925
The calm before the storm
>pic related

>> No.6305329

>>6304925
It's a handle..

>> No.6305475
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6305475

Read the truth faggots. quit trying to manipulate people

>> No.6305947

>>6305119
ty psychic poster.

>> No.6305951

>>6305475
> basic json parser

Hahahahahahahaahhaahahahahahhahaaaàaaaaahahahahahahahahahahahahaahhaahahahahahha

Try a little harder. This FUD would work for brainlets, but if you have any programming background you know that is bullshit.

>> No.6305979

>>6305951
He tried it