Ripple recently announced its partnership with Flutterwave, a payment services company which focuses on building payments infrastructure to connect Africa with the global economy. Flutterwave has been helping various businesses and banks provide a secure payment experience for clients based in Africa.
Integrating with the Ripple Blockchain Network has enabled Flutterwave to achieve their mission to help African businesses.
Ripple is a global leader in the blockchain industry, and with the help of xCurrent, xVia, and xRapid, they have a network of over one hundred customers across the world.
One of the reasons that make blockchain an attractive technology to use for payments is its ability to show the transaction history of each account. Furthermore, once the blockchain receives a transaction record from a party, the transaction will be publicly recorded in the ledgers of both parties ledger. These transactions cannot be reversed or deleted, which makes the whole process transparent.
The new partnership has made Flutterwave the only technology platform in Africa to process payments across Africa using the Ripple network. This step will enable payment providers and banks on the Ripple network to seamlessly receive payments from customers around the world with the help of blockchain technology.
In order to integrate Flutterwave with RippleNet, certain new configurations were implemented, including the installation of the xCurrent instance, which is connected to Ripple’s private Yum repository. With the help of the script provided by Ripple, TLS [Transport Layer Security] certificates and keys are created for the xCurrent instance.
The xCurrent package also provided schema files which will populate Flutterwave’s databases with the necessary tables. A new messenger layer has been created and configured with Flutterwave. This will create a platform for exchanging information with other transacting parties on the Ripple Network.
Flutterwave’s InterLedgerProtocol [ILP] has resulted in the creation of all-transacting currency ledgers, where each ledger is designed to support only one type of currency.
As a result, this partnership has leveraged Flutterwave’s Core API disbursement engine and Ripple’s xCurrent platforms, making it easier for global and local businesses to receive and terminate P2P, B2B, and B2C payments into Africa.
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Facebook’s entry a positive signal to blockchain & crypto markets, claims Ripple’s Brad Garlinghouse
As the influx of new players into the crypto-ecosystem grows, the industry has come a long way from its inception a decade ago. The industry has forced mainstream institutions such as Facebook and JP Morgan to join the race. While the world speculates on Facebook’s next move as a global power, in-house competitor Ripple is on a partnership spree to ensure a comfortable XRP market.
To clear out the FUD, Ripple CEO Brad Garlinghouse discussed the intent and roadmap behind the recent MoneyGram-Ripple partnership. While enabling XRP-powered money transfer services, Ripple’s $30 million investment seems to be part of a game plan for increased adoption.
Garlinghouse shared his optimism for the move after his company’s beta network recently matched Western Union’s performance for cross-border payments. Further, he is certain about Ripple’s ability to improve MoneyGram’s infrastructure by eliminating the traditional pre-funding process. Garlinghouse added,
“Our (Ripple’s) product allows companies to avoid pre-funds and just shoot the payments in real time. That’s a massive savings in terms of efficiency and capital costs.”
As a result of this partnership, Ripple will hold a 6% – 10% share in MoneyGram, helping the crypto giant’s vision to enable mass adoption. Further, the CEO correlated the development with the company’s ultimate roadmap. He said,
“We will continue to build out and expand the number of corridors. We work with over 200 banks and financial institutions today.”
Garlinghouse also shared Ripple’s contributions toward enabling liquidity in the Mexican and Philippines market. Although the XRP market stands as one of the biggest disruptors in the cryptospace, Garlinghouse applauded Facebook’s recent Libra initiative. He commented,
“It’s incredibly positive signal to the overall blockchain and crypto market to have a player like Facebook leaning in.”
While a positive sign for the crypto-market, it will be interesting to see the direction Facebook’s crypto-initiative takes, which is currently speculated to be pointing toward a consumer-oriented payment system.
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