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While the entire cryptography market is in a recession after the difficult fork, Ripple and their XRP are doing better, surpassing ETH by market capitalization, becoming the number two of cryptocurrency.
Last week we heard some rumors about a possible partnership between the second largest US bank by assets and the second cryptocurrency – XRP. Although there is still no official announcement, it is possible that Bank of America is preparing to adopt blockchain technology. The blockchain can be used for international transactions instead of the typical slow, costly and error-prone SWIFT system.
Cryptocurrency trader Crypto Badger exposes the following Tweet:
XRP is looking for solutions and Bank of America has announced that it will offer solutions for custody of cryptocurrencies, with an EMA cross and 50/100 bingo. Entering this just based on the previous XRP hype and rally. Current plan: #xrp #ripple pic.twitter.com/MEEvIJBZfj
– Crypto Badger (@CrypticDecision) 5 November 2018
Bank of America is trying to implement a new app similar to that of Ripple. It should allow customers to transfer their money through banks such as Merrill Lynch, Merrill Edge or US Trust, without having to go through the "re-authentication" process every time a transfer is made between financial institutions. This is similar to what xCurrent offers.
Wall Street is moving away from accepting the crypt, even though a large number of banking and financial institutions have embraced it wholeheartedly.
Ripple simplifying the cross-border payment process
Regardless of whether the rumors are true, Ripple is ready to leave the SWIFT payment system. With over a hundred banks and financial institutions that adopt Ripple, it is not known how far the blockchain will come. If the Bank of America comes into play, probably other institutions will simply follow.
The TAS group was the first company to adopt the Ripple payment protocol in 2013. TAS Group serves the main commercial and central banks and the main financial services centers in Italy and in Europe and are the main global brokers of the Global Fortune 500. From first bonds, many other alliances have been forged.
The banking giant is already a client of the company that is rapidly gaining a list of industry players attracted to the xRapid platform or promising to promote capital liquidity. There is no doubt that the company seeks to develop products that improve the operations of traditional banking institutions, making them faster and easier. The company leads the process of simplifying cross-border payments. Therefore, this explains why the cryptocurrency company is creating more and more advanced technology products to facilitate such transactions. These products include xCurrent, xRapid and xVia.
It is essential to note that the launch of these products has influenced the prices of XRP in the cryptocurrency market. For example, the launch of xRapid has seen the XRP price rise rapidly. Beyond that, the products attract cross-border payment giants, such as MoneyGram and Western Union. Since the launch of xRapid, many financial institutions such as MoneyGram and Western Union have affirmed their credibility and praised Ripple's technology.
An excerpt from the Ripple website:
"XRapid is aimed at payment service providers and other financial institutions that want to minimize liquidity costs while improving their customer experience, as payments in emerging markets often require pre-funded local currency accounts worldwide. , liquidity costs are high, xRapid drastically reduces capital requirements for liquidity. "
It is important to note that xRapid is made for financial institutions that want to reduce liquidity costs. xRapid not only helps reduce liquidity costs, but also protects financial institutions from the hassles of cross-border payments.
Ripple that constantly strengthens its business ties
Previously, the Spanish commercial banking giant and financial services company Banco Santander (S.A) have established a business partnership with Ripple. According to Santander's press release, the goal of strategic business collaboration is to implement the Ripple product, xCurrent, to facilitate global payments.
It is safe to say that Ripple is repositioning itself for the future. This is clear considering Ripple's recent partnerships with several banking giants. Some of these partners include MUFG Bank, SBI, WestPac, Siam Commercial Bank and a host of others.
Although the news has not yet been officially announced, there are claims on Reddit that the partnership will be soon official. The poster stated that the text was a piece of a presentation document.
The content is as follows:
"Ripple offers the opportunity to drastically reduce the complexity associated with transactions and enable its partners to eliminate errors and standardize data protocols formats, as well as to reconcile data across the chain block. it's creating the environment for efficient payment in multiple currencies, eliminating multiple costs, reducing settlement times and providing transparency on commissions, FX and shared data. "
Ripple Reinventing the Banking System in Asia
While other cryptographic projects are more focused on attracting retail customers to use their digital currencies, Ripple Inc. is promoting banking transformation through strategic partnerships with financial institutions around the world.
The Siam Commercial Bank of Thailand (SCB) is a bank that has made the impact of this technology on the development of its international payments system in the ASEAN region. According to the CTO of SCB, Colin Dinn, the partnership between Ripple and SCB emerged from a transformation process started two years ago. The partnership is aimed at exploring new business models and transforming the bank into a new generation technology-based bank.
Speaking of the main sore point of customers in the ASEAN region, the company said:
"One of the most painful issues for customers in the region of the Association of South Eastern Asian Nations (ASEAN) are remittances, and lacking a reliable and populated network of correspondent banks, the region faces inefficiencies and excessively high costs. for cross-border payments. "
Ripple's CEO, Brad Garlinghouse, said the Siam Commercial Bank [SCB] he was one of the key players in the financial sector to address these issues and to act aggressively to introduce reforms. He also talked about SCB's efforts to include digital assets and blockchain technology in solving existing problems.
He said:
"SCB now serves as a next-generation hub, a regional compensation partner on the network, to improve connectivity and coverage in these underserved areas, and the bank is also able to make payments in the region faster with lower costs and greater transparency. "
This is not the only cooperation of ASEAN for Ripple. Last week, one of the largest Asian banks revealed a new partnership with Ripple. The fifth largest bank of the Association of Southeast Asian Nations (ASEAN), which will cover ten nations, will use Ripple's network of banks and financial institutions to strengthen cross-border payments.
According to Ripple, CIMB is one of the first banks to exploit blockchain technology in a region where payments are historically slow and efficient.
CIMB CEO Tengku Dato, Sri Zafrul Aziz, says that Ripple technology will radically transform the way cross-border payments are made.
"This innovative blockchain solution will revolutionize cross-border international remittances and is a testament to CIMB's ongoing efforts to improve its digital banking offering by providing fast and cost-effective solutions to our customers throughout ASEAN."
Although 11 of the world's major banks are already members of RippleNet, this does not mean that everyone will use Ripple technology in the real world.
At the time of writing, the price of XRP is $ 0.5198 with a market capitalization of $ 20.902,329.639.
For more information on Ripple, the company and XRP, the cryptocurrency, check out our fantastic guide.
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