It is great to see that blockchain technology is about to start a revolution in banking. The revolution will not be overnight, however as traction of the RippleNet continues, especially with the announcement of the inclusion of more than 100 banks and financial institutions to their network, this may scale in a very short time period.
The use of XRP as a liquidity pool is already enabling banks to reduce costs for sending cross-border payments as highlighted in the attached article.
everis are proud to be partners of Ripple and to be contributing to the Java implementation of the Interledger (ILP) protocol. This is the protocol that allows both blockchain to blockchain and non- DLT ledgers interoperability - This protocol will enable all types of ledgers to seamlessly transact with one another, removing friction from financial transactions.
it’s clear that Ripple’s enterprise blockchain network — RippleNet — is the definitive choice to usher global payments into the modern era. In fact, we’re pleased to announce that Bexs Banco, Credit Agricole, Cuallix, Currencies Direct, dLocal, IFX, Krungsri, RAKBANK, and TransferGo, among others, joined RippleNet. The newest members can count themselves among SBI Remit, SEB and Siam Commercial who also use RippleNet to send cross-border payments. Now, more than 100 financial institutions — across banks, payments providers and more — use the power of Ripple’s blockchain technology to provide a global payments experience that delivers instant, certain, low-cost global payments to their customers. Powering Instant Payments to Some of the Largest Remittance Corridors