India’s Federal Bank partnered with RippleNet to let Non-Resident Indians [NRI] transfer money across borders using blockchain technology. This upgrade has also led the bank to partner with Ripple Inc.
According to Gulf News, Federal Bank looks to increase its 15% share of the remittance market in India by upgrading its existing payment rails to blockchain-based solutions. Shyam Srinivasan, MD & CEO of Federal Bank, stated:
“Federal Bank is an important part of the remittance eco-system to India, so, it is only natural for us to offer the latest technology to our customers and remittance partners such as exchange houses and banks.”
This new easy-to-plug-in upgrade allows exchange houses and banks in the Middle East to connect their existing solutions to make seamless real-time transactions. UAE-based LuLu exchange has reportedly gone live with this new cross-border remittance platform.
In addition, the bank has already launched a platform for NRIs to send money through exchange houses and banks using the Virtual Payment Address (VPA) of the beneficiary. This platform is an upgrade of UPI as it runs on UPI 2.0. United Payments Interface was developed by the National Payment Corporation of India and is being used extensively in India for instant domestic payments.
“For long Federal Bank has endeavored to bring our non-resident clientele closer to their homes. Each of our digital offerings has been designed with this objective in mind.”
A Twitter user, @Cryptopolix, posted an official document from the Manager of Listing Department, National Stock Exchange of India.
@crypto_Turd, a Twitter user, commented:
“The revolution is starting! I can’t wait to hear/see the trickle down effect on small business and personal loans.”
@nono83588911, another Twitter user, commented:
“Can you please share us how exactly its going to happen? Its going to use xrapid ? Or xcurrent 4.0 ?”
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Mozilla’s senior web developer testing out Coil and its monetization feature for his blog
Coil, a venture launched by the creator of Interledger Protocol [ILP], Stefan Thomas, is being tested for monetization by Mozilla’s senior developer David Walsh. Coil makes use of ILP and XRP to monetize creators and put an end to ad-based monetization by mainly helping content creators while allowing the consumers to access content online easy.
— Coil (@Coil) May 22, 2019
David Walsh is a senior software engineer at Mozilla, and this could be a step in the right direction for Coil, which is trying to improve content monetization.
Since XRP can better handle micropayments, Coil is using it to get work around the ad-based revenue model. A blog by Coil previously stated:
“One of the reasons the ad-supported model is still so dominant is because payments technology wasn’t ready yet. Each payment currently requires multiple steps just to authorize it, let alone signing up with different merchants. We’ve worked with Microsoft, Google, Mozilla, and others to create the W3C Web Payments Request API that has been rolling out to billions of iOS and Android devices but we can go so much further.”
Moreover, with XRP and ILP, Coil can process a “trillion” transactions per second without any central authority. Stefan Thomas, the inventor of ILP and creator of Coil said:
“Instead of building yet another proprietary platform, Coil will be the first company to pay out to any website using Web Monetization, a new standard for how browsers can pay websites using Interledger.”
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