An offshoot of the Central Bank of Netherlands has cited that Ripple has one of the tangible innovations that can increase the efficiency of the system for payments. The Central Bank recognized Ripple as an excellent real-time payment infrastructure. The system will get better with speed, convenience and cost savings.
Ripple Netherlands recently tweeted:
“Dutch multinational Bank, Rabobank Group has confirmed tests today with Ripple’s Interledger solution, most likely xCurrent. We are looking for treasure with Chris Huls, RaboBanks blockchain specialist.”
Ripple was Rabobank’s first Blockchain pilot. There are still issues that need to be resolved while the team is still researching for new products in Ripple.
In a research tagged “Annex to the Vision on Innovations in the payment system,” the forum revealed that the network’s protocol is an example of an innovation that could contribute to that change. This can be done by enabling banks to use the same infrastructure to facilitate real-time payments.
De Nederlandsche Bank [DNB], the Central Bank of Netherlands described Ripple’s Blockchain Technology as a fast process that occurs every 2-5 seconds.
They affirm that:
“Banks are showing an increasing interest in the Ripple protocol. Integration of the payment protocol would allow banks to offer their customers the ability to transfer any amount of money in any currency to other institutions that use the protocol, without the need for intermediaries. That would lead to cost savings for banks.”
They continued to say:
“The interest from the banking sector, in particular, in using the Ripple network means its use could grow rapidly in the near future. It is therefore important to monitor this development closely and to be involved in any steps that banks may take.”
The National Forum on the payment system seeks to improve the efficiency of the Dutch retail payment system and is chaired by DNB gathers twice in a year. The discussion that happens then is about how to increase the efficiency of Dutch retail payment system.
Ripple [XRP] is no exception in the weak market with everything in red from the past few days. The prices have all declined further since 24 hours and according to AMBCrypto’s price data, XRP has increased by 1.06% standing with a net of $0.51 as seen at press time. Ripple has involved itself in a lot of partnerships and collaborations with different banks in order to achieve cross-border remittance.
Brad Garlinghouse, CEO of Ripple stated that:
“Blockchains firm is going to promote the introduction of Ripple to banks and set the goal over half of the globe’s banks to adopt the company’s remittance service over the duration of next 5 years.”
The team also added that 5 years in future, Ripple would have collaborated with over half of the world’s top banks.
Ahmed Sheikh, commented on a forum saying:
“It’s a good description of the XRP ledger, however, unfortunately the product that banks are signing up for: xCurrent, has nothing to do with the XRP ledger or protocol. It’s a different piece of software which works over ILP and connects the two banks directly via a connector.”
Alex Janssen Tweeted addressing Ripple Netherlands:
“They basically say that they had a pilot earlier but decided not to go further.”
To which, Ripple Netherlands replied:
“Odd indeed, we are guessing that either the Blockchain innovation department has not spoken to the payments department for a while or communication was left out of the loop. I hope they realize that such an announcement can be a (small) boost for Rabobank.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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