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Sarah Austin states that SAP is testing XRP integration
SAP company software manufacturer hosted a Twitter chat yesterday explaining how the blockchain can work for users business.
The chat contained basic information on how blockchain technology could improve business processes, make various industries more efficient and streamline transaction efficiency.
However, buried in the chat room was a nugget of information that users quickly clung to: SAP is testing integration with Ripple's XRP digital token. [19659004] The news comes from Sarah Austin, SAP's Product Marketing Consultant. Austin is an entrepreneur and creator of content that has been nominated in the Forbes 30 Under 30 list. Since 2012 he has worked at SAP in Silicon Valley.
In a tweet, Austin revealed that SAP was testing XRP integration:
We will certainly discuss resource tokenization as something that can benefit the business, however, crypting as a feature is not something high priority for the company at this time. SAP is testing XRP integrations. #BlockchainChat
– Sarah Austin (@sarahaustin) 6 September 2018
Austin was answering a question from the XRP Research Center (@XrpCenter) asking how the crypt could benefit from current business applications. Although Austin refused to explain how cryptography could benefit business users, he acknowledged that SAP was working on the integration of XRP.
Ripple's XRP, for those out of the loop, is not technically a cryptocurrency. It is a digital payments network designed specifically for business users, including large banks and financial institutions. Ripple has already partnered with Santander and other important institutions to integrate XRP, bringing the blockchain into the world of financial transactions.
Put simply, XRP can make money transfer worldwide cheaper, faster and easier.
Now, SAP is testing the same XRP integrations. This could allow SAP customers – including over 330,000 businesses worldwide – to access a more efficient and cost-efficient payment network. Think about how much a multinational could benefit from being able to transfer funds without relying on expensive centralized financial institutions.
Ripple has collaborated with SAP since 2016
The partnership between Ripple and SAP is not new. We heard about a partnership in July 2016 when it was reported that SAP and Ripple were collaborating on a cross-border payment trial using blockchain technology.
At that time, it was reported that the Canadian Financial ATB and the German ReiseBank were exploring how banks could improve the efficiency of international payments using blockchain technology. The two banks were collaborating with SAP and Ripple to explore the use of the blockchain.
Today's news, however, is a further step forward. SAP is working to integrate XRP directly into its existing business.
SAP has 330,000 corporate clients in over 180 countries that all need to transfer international payments to their international business network for purchases, sales, salaries, taxes, etc. huge amounts of money for friction – including exchange rate fluctuations, expensive transfer rates and inefficient payment transfer networks.
If SAP is able to integrate XRP into its service, large companies that use SAP may begin to request XRP integration from their banks in all the countries in which they operate.
In other words, this is great news for Ripple and XRP.
Can we have a source from the SAP company headquarters to confirm XRP tests?
– A. Richardson (@titanotherian) 7 September 2018
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