Improving the cross-border transactions sector of the financial industry has been seen as the next big thing in the world of technology, something that is also ingrained into the ideals of the Brad Garlinghouse-led Ripple.
To compete with Ripple, Visa, one of the world’s most popular and largest credit/debit card companies, has decided to wade into the FinTech arena by implementing Distributed Ledger Technology [DLT] in their latest product offering, B2B Connect. Kevin Phalen, Visa’s Global Head of Business Solutions stated,
“Visa is also making transactions faster and more transparent with its newly launched B2B Connect product.”
B2B Connect aims to facilitate direct bank connections with financial institutions, having the option to see payment fees upfront. Phalen added,
“Visa B2B Connect is focused on facilitating high-value B2B transactions of about $15,000 and up, which represents a roughly 10% chunk of the $125 trillion cross-border market.”
Visa officials have claimed that with the latest product, transactions will be settled much faster than usual, with the promise to settle any location to location transfer within 24 – 48 hours. The company revealed that it had created the latest platform using the HyperLedger Fabric, one of the key components developed by IBM in partnership with Linux.
Visa’s reach in over 200 countries and partnerships with several market giants has put the ball in Ripple’s court. The San Francisco-based cryptocurrency company had made cross-border transactions its numero uno priority, which was evidenced by its developments and updates. Ripple had made headway in this regard at the turn of the year when Brad Garlinghouse announced that the organization had partnered with over 200 countries to propagate quicker cross-border transactions.
Recently, Ripple announced that the firm had expanded to Brazil in a bid to close the worldwide payments circuit. The official statement from the company read,
“Ripple’s enterprise blockchain solutions enables a better user experience with more agility, transparency and lower cost for cross-border payments. Ripple, the global leader in enterprise blockchain solutions for cross-border payments, launches operations in Brazil to expand its footprint in South America.”
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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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