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Home Cryptocurrency

Ripple Cross-Border Payment System and Bank of America

Lois Zaytsaw by Lois Zaytsaw
12 July 2023
in Cryptocurrency
Reading Time: 3 mins read
0
Ripple-Cross-Border-Payment-System-and-Bank-of-America

           Ripple is a cross-border payment system . Ripple was created to provide fast and low-cost money transfers between financial institutions . It works using blockchain technology instead of the traditional SWIFT (Society for Worldwide Interbank Financial Telecommunication) system .

            Ripple’ s main goal is to make global money transfers faster, safer and cheaper. Cryptocurrency called XRP is used in the system . XRP is used to process transactions and provide liquidity in the network .

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How does the system work ?

           Banks or financial institutions in the Ripple network can store their XRP amounts in a common pool called the “XRP Liquidity Pool” . In this way, instead of directly exchanging foreign currency , they can instantly trade with XRP , which speeds up processes and reduces costs .

            Ripple also offers a product called “xCurrent” – which allows banks to monitor and manage cross-border payments in real time . In addition, another product called   ” xRapid ” aims to increase the efficiency of cross-border payments while helping to solve the liquidity problem of financial institutions .


Which financial institutions has Ripple formed strategic agreements with on cross-border deals.

SBI Holdings, Monetary Authority of Saudi Arabia (SAMA), Banco Santander, Western Union, UAE Exchange and American Express

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Ripple has formed strategic partnerships with many financial institutions . Here are some examples :

1. Santander : Santander has started to use blockchain technology in cross-border payments by collaborating with Ripple . Through this partnership , Santander aims to offer its customers faster and lower cost international money transfers .

2.American Express : American Express has worked with Ripple to conduct pilot projects to explore the potential of blockchain technology for cross-border payments .

3. Standard Chartered: Standard Chartered Bank aims to increase the efficiency of money transfers from Asia to Africa using XRP by joining the Ripple network .

4. PNC Bank: PNC Bank also collaborated with Ripple and worked on XRP-based solutions .

5. MoneyGram: MoneyGram International Inc. signed a strategic partnership agreement with Ripple in 2019 . Thanks to this agreement , MoneyGram aims to optimize money transfer processes around the world and perform them faster and more cost-effectively .

          These are just some examples and it is important to note that Ripple also collaborates with many other financial institutions. Strategic partnerships are part of Ripple’ s efforts to increase its effectiveness in cross-border payments .

Bank of America

           Venkat ES , Head of Treasury Products at Bank of America, said that Ripple’s growth in the Asia Pacific region is a remarkable development and has the potential to dominate the payments industry in the future .

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Lois Zaytsaw

Lois Zaytsaw

Content Editor, News Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.

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