Recently, Falk Rieker, Global Head of Banking Business Units at SAP, spoke of traditional banking institutions, ripples and cross-border payments through the Ripple network.
Falk Rieker said that most banks around the world are involved in blockchain technology business. He also said that everyone is aware that blockchain technology is "too important to ignore". On the topic of how to achieve success, Falk said that in his experience over the years, the partnership with other companies has been the best approach.
He also claimed that Alberta Treasury Branches [ATB] a Canadian financial institution focusing on business and retail banking, a well-known SAP client, has made a "significant relocation of its operations" to SAP in the latest years.
According to Reiker, the financial institution wanted to "innovate around its own core" and decided to adopt the Ripple payment solution for cross payments. This was followed by the three companies that decided to streamline their cross-border payments between Canada and Germany.
After finalizing the process, the teams took over 10 days to implement the plan and install it on the cloud. This includes creating an additional mobile web application and connecting to the Ripple network. The company that sent transactions from Canada to Germany followed.
Rieker went on to say:
"So what we were able to get into that concept demonstration is that it normally takes about 3 days for the banks two could be six, but on average 3 days to send this transaction through more intermediaries. "
He also stated that they were able to process the transaction in 20 seconds. He concluded:
"And this is not only the advantage of cost and time, but it is above all the advantage with regard to the customer's experience."
According to CoinMarketCap, at the time of printing, XRP was trading at $ 0.31 with a market capitalization of $ 12.65 billion and saw an increase of over 16% in the last 24 hours.