Recently, Falk Rieker, Global Head of Industry Business Units for Banking at SAP, spoke about traditional banking institutions, Ripple and cross-border payments using Ripple network.
Falk Rieker stated that the majority of the banks across the globe are involved in activities related to blockchain technology. He also said that everyone is aware that the blockchain technology is “too important to ignore.” On the topic of how to achieve success, Falk said that in his experience over the years, partnering with other companies was the best approach.
He further said that Alberta Treasury Branches [ATB], a financial institution of Canada which focuses on business and retail banking, a well-know customer of SAP, have done a “significant re-platforming of its operations” to SAP over the past few years.
According to Reiker, the financial institution wanted to “innovate around their core” and had decided to approach Ripple for cross-boarder payments solution. This was followed by the three companies deciding the process for streamlining their cross-border payments between Canada and Germany.
After finalizing the process, it took the teams over 10 days to implement the plan and to set it up on the cloud. This includes creating an additional mobile web application and connecting them to the Ripple’s network. This was followed by the company sending live transaction from Canada to Germany.
Rieker continued to say:
“So what we were able to achieve in that proof of concept was that normally it takes the banks around 3 days could be two could be six, but on an average 3 days to send this transaction through multiple intermediaries.”
He further stated that they were able to process the transaction in 20 seconds. He concluded:
“And this is not just you know a benefit of cost and time this is first of all the benefit regarding customer experience.”
According to CoinMarketCap, at press time, XRP was trading at $0.31 with a market cap of $12.65 billion and has seen surge by more than 16% in the past 24 hours.
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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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