Ripple crossed a new milestone recently when they announced their partnership with the National Bank of Abu Dhabi (NBAD). UAE’s largest lender, NBAD, became the first bank in the Middle East to use Ripple’s technology in order to offer real-time cross-border payments to its customers.
“RippleNet” aims to eliminate the need for intermediary banks to facilitate the transfers and also provide an alternate mechanism to the current SWIFT system which is not as technologically advanced. Blockchain technology will bring speed, security, and transparency to the banking sector.
Managing Director and Head of Business and Product Management at GTB Business, Ramana Kumar says,
“At NBAD we strive to ensure our offerings are efficient and transparent. Blockchain technology transforms and paves a new way in achieving our goals and better serve our customers, adding value through accessibility and transparency. As an initial adopter and first bank to go live on Ripple, NBAD offers innovative solutions to our clients payments needs.”
Ripple CEO Brad Garlinghouse commented,
“Banks and their customers have been hearing about the promise of blockchain technology to enable real-time cross-border payments…. NBAD are making this a reality by offering Ripple-enabled payments to their entire customer base”
David DeCarlo, a market speculator from Somerville says,
“Ripple isn’t perfect, and there is no guarantee that it will be adopted by all banks. However, I have strong faith in the product because if SWIFT could do things better, they would have by now. They take days to process transfers and ripple can do the same in seconds.”
The adoption of Ripple’s payment solution is growing at a rapid pace. It has already announced partnerships with Kringsri (Bank of Ayodhya PCL) – one of the largest banks in Thailand, Santander, MoneyGram and now the National Bank of Abu Dhabi.
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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