On December 13, 2018, Ripple submitted a proposal addressed to the US Federal Reserve named "Potential reserve federal actions to support the fastest inter-bank payment regulation'.
According to the document, the digital era has radically changed the nature of daily interactions and trade. There was a gap between the capabilities of traditional payment methods and the payment capabilities provided for in the digital age: rapid, convenient and accessible.
The presentation suggests that faster payments solve this problem by allowing the sending and receiving of payments immediately and at any time. The Federal Reserve and the payment industry have worked together to determine the best path, so that the benefits of faster payments can be widely exploited by the public.
The Federal Register Notification appoints faster payments in the United States through the facilitation of interbank real-time regulation as the main objective of the presentation.
"Real-time interoperability between home and cross-border systems is critical to enabling ubiquity and efficient coverage.A variety of central banks and market infrastructures are exploring the possibility of using open source protocils and generalized accounting technology There is great potential in these technologies, especially to enable interoperability and cross-border transactions in real time. "
Ripple XRP Proposal to the Federal Reserve
Support interbank settlements for faster payments
December 13, 2018 https://t.co/M9J85tn35f
– CKJ (@CKJCryptonews) 5 January 2019
Ripple sees great potential in managing digital resources
The document also indicates that Ripple suggests that new systems should explore the exploitation of digital resources as a liquidity or settlement tool, particularly for cross-border transactions:
"By taking advantage of new technologies, the United States can position itself to better meet not only the needs of today's market, but also the rapidly changing expectations for payments in the future."
Presenting the proposal Ripple urges the Federal Reserve to publicly disclose its expected future role in payments in the near future to give the market more certainty in planning its strategic investments:
"The market will not fail to make investments and descriptions until it has more certainty about the role of the Federal Reserve in payments".
Ripple is on the roll
Despite the uncertainty regarding the future of interbank agreements in the United States, it seems that Ripple already has enough work abroad National Bank of Kuwait (NBK) has allowed RippleNet's blockchain technology to be used for online banking. In addition, PricewaterCoopers indicated that more banks could incur cryptographic space in the coming years.
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