Commercial Bank became the first bank in Qatar to join enterprise software firm R3’s Corda ecosystem. This collaboration will help the bank in developing innovative applications and solutions on the Corda network.
Corda Network is an ecosystem where corporations can transact privately using Corda applications, and since Corda is currency agnostic, corporations are free to use a digital asset of their choice. However, Corda currently supports only XRP.
Robin Marshall, the Chief Information Technology officer of Commercial Bank, said,
“We already know that blockchain technology has the potential to make transactions between banks frictionless and secure, but there are potentially other, huge benefits of this technology that we are not even aware of.”
Marshall also added that the bank collaborated with R3 to discover other benefits of blockchain technology and simultaneously improve customer experience, reduce friction between parties, and drastically cut down fees.
David Rutter, the CEO of R3, stated,
“Welcoming Commercial Bank as a partner is a great opportunity to fresh perspectives. We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform…
We look forward to sharing expertise and input with Commercial Bank in future projects as we continue to explore the potential of the Corda platform.”
R3 is working with over 300 partners from across the world by providing them with faster, secure, and reliable payment methods using Corda applications on the Corda Network. Moreover, Corda Foundation was founded recently and is independent of R3. It will work towards encouraging the wider adoption of the Corda Network.
According to their official website, Corda partnered with almost 250+ organizations worldwide, including companies like Amazon Web Services [AWS], Citibank, HSBC, Huawei, Infosys, Capgemini, and Intel.
@ralf66557696, a Twitter user, commented,
“However, now that R3 has begun integrations with SWIFT, in the short term, banks will prefer to settle Corda payments in fiat currency, and not XRP.”
Another Twitter user, @XRP_OWL, replied,
“True but they will have the option to settle with xrp…it will be faster and cheaper. Word spreads fast, what do you think will happen once one or two banks settle with xrp and see true utility? Hint …Dominos”
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Mexico, Philippines are very large receive side countries when it comes to remittances, claims Ripple executive
Ripple, one of the prominent players in the FinTech industry, continues to make strides in the cross-border payment settlement ecosystem. The firm recently announced a partnership with MoneyGram, a money transfer company headquartered in Dallas. Ripple would be investing around $50 million in the company.
The agenda behind this investment is to increase the adoption of RippleNet, Ripple’s global payments network. Importantly, this would boost the use of xRapid, a product of RippleNet that utilizes XRP for cross-border payment settlement, considering MoneyGram has established its presence in over 200 countries.
Kevin Mole, VP of Product Marketing, recently discussed on-demand liquidity and XRP’s role in it, in an interview with RippleDrop. Upon being asked about on-demand liquidity, the VP stated that it was “a way for customers to send fast low-cost payments, without having to pre-fund the destination account.” The VP spoke about this further in the extended video released on 18 June. He said,
“Today’s correspondent banking network is so slow that in order to deliver a fast experience, you have to pre-fund accounts in the destinations in which you’re sending money to. You’re storing capital like cash really in those accounts for days at a time and that’s highly inefficient, it’s a poor use of money.”
He went on to say that on-demand liquidity places XRP in the middle of the payments taking place from one country to another. Mole added that this in turn, enables near-instant payment without the need of having funds in the destination account.
This was followed by the executive being asked about where on-demand liquidity was available. To this, Mole stated that it was currently available in Mexico and the Philippines. He added that Mexico and the Philippines were “very large receive side countries when it comes to remittances.” He further stated that $31 billion flowed into Mexico every year, while the Philippines saw an inflow of $33 billion on a yearly basis. Mole went on to state,
“We believe that there’s a large amount of demand there. And also, the types of payments that people are making into these countries like Mexico and Philippines from US and Europe and parts of Asia are really to cover necessities [….] So, this is a really high-impact cross-border flow and the first of many corridors that we will open up this year.”
Further, the Vice President of Product Marketing also spoke about the reason people would be interested in using on-demand liquidity. He stated that there were two key factors, speed and low cost, adding that XRP was the main reason for better speed as it settles payments within 3-5 minutes, as opposed to other payment rails.
“[…] second thing is low cost. so the ability to not have to pre-fund all these accounts around the world means you can use that capital which you would otherwise have had in various bank accounts to put to good use marketing your products lowing the cost of your product to the end-user it’s about growing your business […]”
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