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In a recent tweet uploaded by Bank XRP, a popular supporter of XRP and Ripple shared some videos with representatives of various companies and agencies that talk about the payment industry.
In the first video, Dave Sapenaro, the first vice president and general manager of the Federal Reserve of St. Louis, said that there are hundreds of technology companies and millions of users connected to the payment system. He went on to say that there is no single company in the United States, including the FED, that can independently improve the payment system in the country.
This is why the Federal Reserve is looking for collaborators to participate and join the FedPayments improvement community.
The Federal Reserve believes that industrial collaboration is the basis for any permanent strategic improvement of the US payment system. Watch Fed and industry leaders discuss their experience
Collaborate – Forum for improvement of the FedPayments community pic.twitter.com/I0zeXy9krp
– (@BankXRP) January 4, 2019
According to Connie Theien, Senior Vice President at the Federal Reserve Bank of Chicago said that this forum that brings the community creates an opportunity for true collaboration. This is similar to what Stan Stalnaker, Hub Culture's Founding Director, said. He said that the country will be able to adapt more quickly to technological changes.
Clearly, all the participants who are about to discuss these payment problems have different points of view on the sector and on the different interests. However, everyone will try to agree on a better future for the US and long-term payments industry.
Engage – Forum for the improvement of the FedPayments community pic.twitter.com/1x9daomB7T
– (@BankXRP) January 4, 2019
As explained by Mr. Sapenaro, this forum and events are very important for the sector because the payment industry is evolving at a very slow pace. The environment is very fragmented and it is not easy to go ahead with policies that meet all needs.
Although the initiative sounds good for the payments industry, which could include virtual currencies and digital assets, there are some crypto enthusiasts who believe that this is only the Fed that seeks to maintain control in the payments industry.
The XRP community is also enthusiastic about this FedPayments Summit since Ripple is trying to promote various services and products around the world that aim to improve payments. In 2018, Ripple was able to include new partners in its RippleNet network and expand its product offering, launching new services such as xRapid.
By using XRP it is also possible to reduce transaction times and costs for companies all over the world. This FedPayments Summit may be a good chance for Ripple to showcase the services it offers and how it can improve the industry, and the XRP community will play an important role in showing these benefits.
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