Categories: Ripple

Here Is How Ripple’s Software Solutions and XRP will Be Used By Banks on a Global Scale

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In a recent Ask Me Anything session, Ripple’s new CTO, David Schwartz was interviewed by the firms Senior V.P of Product Management, Asheesha Birla. When asked whether he sees Ripple and XRP becoming the new technology that will take banking to a new level, Mr. Schwartz answered that.

“I think we’ve got the underlying technology heavily optimized for a payments use case and closely related use cases that involve movement of value…with what Ripple’s doing on the banking side, we’re trying to position XRP as a sort of intermediary asset that can provide liquidity between other assets.I think if those efforts are successful that’s gonna be a reason to use that asset if it’s more liquid and if it’s cheaper to transfer.”

Similar sentiments were echoed by Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, during a TechCrunch event in Hangzhou when she was quoted as saying the following:

“People tend to think that blockchain is a threat to existing financial services, but it’s not always the case. We are providing solutions to help banks become better, so they can provide better services to their customers.”

These solutions include the following:

  1. xCurrent – a software solution that enables banks to instantly settle cross-border payments with end-to-end tracking. xCurrent is currently being used by Santander and American Express
  2. xVia – a simple API for corporates, payment providers and banks who want to send payments across various networks
  3. RippleNet – a decentralized global network of banks and payment providers using Ripple’s distributed financial technology. The current members of RippleNet number over 100 with a few notable banks such as UBS, RBC, UniCredit, Standard Chartered and more
  4. XRP – digital currency that offers banks and payment providers a reliable, on-demand option to source liquidity for cross-border payments
  5. xRapid – for payment providers and other financial institutions who want to minimize liquidity costs while improving their customer experience

Also to note is that the new Senior V.P at Ripple for Business and Corporate Development, Ms. Kahina Van Dyke, has a track record of securing global partnerships during her tenure at facebook. Similar partnerships are probably in the pipeline at Ripple as the company plans on entering the uncharted regions of Africa and Asia. The company has already established itself in India.

Summing it all up, the Ripple payment software solutions and XRP are slowly but surely changing the banking industry in a big way. In the future, a majority of global banks will be using their products or XRP in their operations further boosting the global adoption of Ripple payment solutions as well as XRP.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

In a recent Ask Me Anything session , Ripple’s new CTO, David Schwartz was interviewed by the firms Senior V.P of Product […]

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