On 12th September, the CATO Summit on Financial Regulation called Fintech Unbound 2018 was streamed online, wherein several panels discussed issues on the lines of regulatory growth in the fintech sector. Ryan Zagone, the Director of Regulatory Relations at Ripple spoke about cross-border payments, fintech in the cryptocurrency space, and traditional payment systems.
The moderator began by introducing the current state of the payment systems in the US and on global levels, stating that these systems are inconveniently slow. Here, Zagone narrated the advancements brought by Ripple to defeat today’s inefficient payment systems.
He described the traditional cross-border payment systems as being closely similar to a postal service wherein a mail is dropped and hoped to be delivered. Furthermore, he stated that it is untrackable and irreversible in case of a glitch. Zagone believes that his company, Ripple can enhance the payment experiences in the fintech industry.
To back his claim, he stated that Ripple is using the blockchain technology and digital assets as tools to underpin new payment solutions. Zagone also mentioned the usage of a Ripple product by SMEs to attain commercial growth and freedom. In his words:
“We have customers using the solution for corporate payments, allowing real-time SME payments. Well think about SMEs, they’re mostly domestic focused today, but as they grow internationally, they hit these barriers in the cross-border space and it becomes too operationally, too intensive from a treasury side to really engage in global growth. It becomes a barrier to commerce.”
Subsequently, he cited the examples of more clients that are using Ripple for corporate payments. He revealed that one client crossed over $1 billion transaction volume for SMEs in a span of few months.
Zagone also gave a sneak-peak into a Ripple product that is set to arrive by next year. He stated that the product will enable a platform meant to add real-time access into the markets without pre-funding. He further explained that the launch will reduce transfer costs from 40% to 70%, as observed in a trial session.
Earlier this week, Ripple released a report on how its RippleNet service has impacted the lives of Thai workers in Japan. For each cross-border transaction, the remittance fee for a Thai worker is equivalent to 12-hours of work. The fintech solved this by partnering with SBI remit [Japan] and Siam Commercial [Thailand] and made it easier for the workers to send money to their home country.
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Ripple’s XRP Ledger Dev Portal unveils updated version of WebSocket API Tool
Ripple XRP Ledger Dev Portal revealed an updated version of the WebSocket API Tool. The latest development in the Ripple ecosystem will enable users to directly communicate with rippled servers, which is responsible for powering the XRP Ledger Network.
An official post detailing the WebSocket update stated that the tool has been incorporated with unique functionalities to the existing tool structure. The “refreshed tool” which was launched as part of the recent site relaunch, allow users to choose which servers to connect, which will include public servers that Ripple operates, XRP Test Net servers or any server that the user locally runs on its computer. This feature is called Server Selector.
The refreshed tool provides options to connect to Ripple’s general-purpose public XRP Ledger servers, full-history public servers, Test Net servers, or to your own server running locally. This list can also change to provide more options in the future.
Another feature incorporated in the latest update is the new Permalink button. The button provides a link wherein users can use to share the current state of their inputs, which includes the request body and the selected server. The official post detailed that the Permalink feature is similar to other web tools such as JSFiddle or CodePen, which “provides a way to prepare a set of inputs and share it with others.”
Another feature is the curl Syntax Button, represented by “>_ ” icon. The button is designed to load a popup with the current inputs of the request box, which is converted into a JSON-RPC call which can be made with the curl utility.
To eliminate simple syntax errors, the upgraded tool has incorporated a feature called Error Highlighting, which as the name suggests, highlights lines with errors by placing red circled X marks.
The Message History Management will display all types of messages in one single stream, which maintains a history of the user’s previous calls until the page is closed or a different server is selected or the history is cleared by selecting the “Clear History” button. The blog further detailed,
“The amount of history the tool keeps at a time isn’t unlimited, which is another change from the previous version. By default, any time the tool receives a new message, it deletes any messages older than the most recent 50, though you can set this to be any amount you like.”
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