The Japan Bank Consortium, a syndicate of over 47 Japanese banks and financial institutions confirmed the implementation of Ripple initiatives in their operations.
Ripple and the SBI Holders have formed a joint venture and they plan to utilize Ripple’s blockchain platform to simplify domestic and cross-border payments. This eases the process of payments and settlements.
Dilip Rao, the Managing Director for the Asia Pacific at Ripple told CNBC:
“With distributed ledger technology, it doesn’t matter because the little guy can speak to another little guy and it’s just as cheap if they did 10,000 transactions or two”
Earlier this week SBI Ripple Asia had introduced three different Ripple initiatives, namely, xCurrent, xRapid, and xVia to streamline all of the major banking operations to an easy and fast-paced singular platform.
xCurrent is Ripple’s existing enterprise software solution for a financial institution, used in transferring payments across borders. Unlike other cryptocurrencies, they are capable of tracking end-to-end and bi-directional messaging for all transaction-related matters. xCurrent developers also included a rule-book that aims to standardize all transactions across the Ripple network.
xRapid is Ripple’s initiative to lower the liquidity cost for payments by using XRP in all of their major payment transactions, cutting down the cost for any intermediates. Although xRapid is currently in its Beta form, Ripple confirms the first release in the Asian markets, mainly, the Japanese financial market.
But the most distinctive one from the three is xVia, which is a very new approach by Ripple. xVia enables users to not just send payments globally but also provides invoices and payment status as attachments in their ledgers.
The backbone of all these three new initiatives is the Interledger Protocol [ILP]. ILP makes it possible for payments to take less than 0.025 secs when transferring, that is almost instantly.
The company further stated:
“this is the only way to scale the global network for future demand.”
Ripple developed Gatewayd, a software for Gateways helping them manage their ledger entries onto the public RCL ledger on behalf of their end users. Here, the banks act as the Gateways.
Gatewayd was ultimately made private and finally re-branded to Ripple Connect and is currently being offered to banks as a payment software solution.
Recently Ripple said that they have over 75 contracts with banks, from 9 different countries.
Danny Aranda, Director, Business Development of Ripple Europe, says:
“We’re focused on working with partners like Cambridge that understand the benefits of digital assets and are serious about using XRP to overcome the inefficiencies in the global payment system. We look forward to collaborating with Cambridge during this pilot to enhance the speed and transparency of cross-border payments for their clients.”
Ricky Harper, a cryptocurrency investor from Miami says,
“If everything is going Ripple’s way, why does it happen that when a good news breaks out, XRP’s price goes down. Should i be HOLDing or should I give in. I’m here just to make money, need some bulls”
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