...Hurray, we just reinvented the SWIFT or ACH systems.
SWIFT doesn't work like this at all...
I think what he meant was that it would be like SWIFT in that it would mostly be for large international transfers...
No I got that. What I'm saying, is that it is a false comparison, and that "reinventing" SWIFT, the gold standard, or - as Jon Matonis put it (
comments) - a 'wholesale' instrument for global settlement, might not necessarily need to be a bad thing.