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XRP could be theoretically used in domestic payment transfer via the US’ ACH system, says Uphold CEO

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XRP could be theoretically used in domestic payment transfer via the US' ACH system, says Uphold CEO
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Uphold CEO, JP Thieriot spoke on Thinking Crypto about how the traditional financial system in the U.S. is lagging behind in terms of cross-border payments and how Ripple and XRP could change the scenario altogether.

Thieriot said that they are launching a new product “Earn and Borrow” and that the updates related to this will be coming out next week. He continued:

“… and then another common thing that I find sort of interesting is one around how slow it is for people to do an ACH transaction from their US bank account into uphold where you know very annoyingly it can take up to eight or nine days… and… it has to do with the deficiency of the US ACH system which is not nearly as efficient for instance as the European equivalent SEPA.”

Furthermore, Thieriot said that the XRP constituents who are familiar with these problems suggested Uphold use Ripple’s xRapid technology, which is better than traditional payment systems and provides a near instant settlement. Thieriot said that they have “contemplated” the use of xRapid for cross-border payments which is the nature and purpose of xRapid.

In addition, Thieriot said that the problem arose when it came to payment transfer within the U.S. using the ACH system. He continued:

“one could conceive of XRP being used in the same way it’s used in xRapid to fix an inefficiency with the legacy banking system that XRP could theoretically be used in a domestic context as well.”

The CEO added that they could use XRP in a domestic context as well, but that would require a deal between Uphold and Ripple to be inked which would provide Uphold the liquidity that would otherwise be provided in case of xRapid use for cross-border payments.

He also acknowledged how the XRP community, which is sometimes also an “XRP army” could help them do a deal with Ripple that would allow them to provide Uphold users instant transfers using the ACH system.



@XRPTrump aka Dr. T, one of the prominent members in the Twitter XRP/Ripple community tagged Welly, a Business Development Executive at Ripple and asked if he could share his thoughts.

Welly replied:

“Solving for delays for all of FedACH (which is practically ubiquitous in the US) is tough.
If Uphold is experiencing friction, I would start by trying to make it easier to move money to/from another wallet/network that also already supports XRP and USD.”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

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Ripple-backed XRPL Labs releases XRPayments on Playstore and App store

Namrata Shukla

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Ripple-backed XRPL Labs releases its XRPayments on Playstore and App store
Source: Pixabay

The Ripple-backed startup, XRPL Labs had been working on various technologies to develop the ecosystem. One of these technologies, XRPayment, was in its testing phase and has been finally launched and made available on the Google Play store and Apple app store.

Wietse Wind, the developer of XRPtipbot and one of the developers at XRPL Labs, informed the XRP community about this on his Twitter. Wind stated:

“Right on time! 🎉 🎉 🎉 Our XRPayments app was just accepted by Google and Apple. You can get the app now from the Apple iOS or Google Play store, and start accepting $XRP for payments in your physical store!”

The application received a lot of traction, especially from the XRP enthusiasts, however, one of the users pointed out an issue he encountered while using the application. Twitter user @almost_summer_ asked Wind:



“hi Wietse great job! just downloaded it, if i open the coinbase or uphold wallet app i can scan the QR but it does not auto fill in the amount of XRP to send. the XRPay web version did fill in the amounts. is that supposed to be like that?”

Wind replied to the user saying that the team wanted users to think about the amount they and perhaps tip the service. He also added:

“Some wallet apps can read a pre filled amount, and the web version implemented that, thus breaking support with some other clients. For this app we wanted 100% support, so we left out the pre filled amount feature for now.”

Wind and the team are also working on a ‘signing platform’ which will enable the users to sign and approve transactions from an application or the web application from any developer, without sharing their mnemonic, through a push message or QR code.





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