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Uphold's CEO, JP Thieriot, spoke on Thinking Crypto of how the traditional US financial system is lagging behind cross-border payments and how Ripple and XRP could completely change the scenario.
Thieriot said he is launching a new product "Earn and Borrow" and that updates related to this will be released next week. He continued:
"… and then another common thing that I find interesting is the slowness with which people perform an ACH transaction from their bank account in the United States in defense, where you know very annoyingly that it can take up to eight o nine days … and … it has to do with the shortage of the US ACH system that is not as efficient, for example as the SEPA European equivalent. "
In addition, Thieriot said that XRP components familiar with these problems suggest that Uphold uses Ripple's xRapid technology, which is better than traditional payment systems and provides almost instant regulation. Thieriot said he "contemplated" the use of xRapid for cross-border payments, which is the nature and purpose of xRapid.
Furthermore, Thieriot stated that the problem arose when it was a payment transfer within the United States using the ACH system. He continued:
"One might think that XRP is used in the same way that it is used in xRapid to correct an inefficiency with the legacy banking system that XRP could theoretically be used in a domestic context."
The CEO added that they could also use XRP in a national context, but this would require an agreement between Uphold and Ripple to provide Uphold with the liquidity that would otherwise be provided if xRapid is used for cross-border payments.
He also acknowledged how the XRP community, which is sometimes also an "XRP army" can help them make an agreement with Ripple that allows them to provide instant transfers to Uphold users using the ACH system.
@XRPTrump aka Dr. T, one of the prominent members of the XRP / Ripple Twitter community tagged Welly, a Ripple Business Development Executive and asked if he could share his thoughts.
Welly replied:
"Solving delays for all of FedACH (which is virtually omnipresent in the United States) is difficult.
If Uphold is experiencing friction, I would start trying to facilitate the transfer of money to / from another portfolio / network that already supports XRP and USD ".
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