Ripple has launched a new expansionary function for banks and financial institutions ahead of the company's Swell 2018 conference in San Francisco.
The new technology is called "multi-hop" and allows companies that use Ripple's blockchain to settle payments on behalf of other companies. Siam Commercial Bank (SCB) is the first company to adopt the technology.
Ripple designed the technology to help smaller financial institutions increase liquidity and reduce commissions.
"Inefficient global liquidity management has long been an obstacle to cross-border payments in all regions of the world, but this problem is particularly evident in the South East Asian Association of Southeast Nations ( ASEAN), which has been largely underestimated by the correspondent banks.Therefore, cross-border payments in these countries are inefficient and charged with high taxes …
With multi-hop, financial institutions can connect directly to SCB, which can pay and pay throughout the region without changing currency multiple times and adding high commissions. The result is a seamless payment experience to and from the ASEAN region. For small financial institutions that previously did not have the ability to make payments in ASEAN, multi-hop would democratize access to these countries and facilitate payments, regardless of the size of payments or the pool of liquidity their financial institutions. "
Meanwhile, Ripple is getting ready for his big annual cryptography conference in San Francisco. Swell 2018 officially begins on Monday at 11:00 am PST, with the keynote speaker Bill Clinton. Ripple's CEO, Brad Garlinghouse, will follow the example with a speech at 13:00.
You can check out Ripple's long list of speakers and the general agenda here.
Finally, XRP continues to beat Ethereum for market cap supremacy. The currency briefly passed Ethereum once again to become the second largest cryptocurrency in the world. The kingdom was short-lived, as Ethereum quickly regained the second place.
At the time of publication, XRP has just over 59 cents on CoinMarketCap.
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