Can Ripple and XRP Disrupt the Payments Industry in the US and the World?

2019-1-30 16:11

Ripple is one of the most popular companies in the cryptocurrency space. Indeed, it is trying to solve some of the main problems that companies and financial institutions face when trying to send funds between different countries.

In a recent article released by AmbCrypto, Akash Girimath unfolds three steps that the company is currently taking.

The first thing the author mentions is hat Ripple announced that they have partnered with more than 200 companies around the world. Financial institutions and banks in more than 40 countries are now working with Ripple’s services. Although there are several individuals and analysts that believe that the company has been randomly selecting companies, this is not the case, according to Girimath.

He says that Ripple partnered with D+H Corporation, which is a leading provider of technology solutions for financial companies back in 2015. Later in 2016, D+H announced they integrated blockchain technology into their global payment services.

The second step is related to Clearing House Payment Company LLC. This firms aimed at upgrading the payment infrastructure for the United States. In 2017, D+H is acquired by Vista Equity Partners and combined with Misys and started to operate as Finastra. At the same time, PNC goes live on RTP on December 5, 2017.

The third thing that the author mentions is that the final connection is performed by Ripple, which has already partnered with PNC. Clearly, Ripple is indirectly related to the partners on the Clearing House’s RTP. Girimath explains that Ripple is already competing with SWIFT with its blockchain products launched to the market.

He mentions that there is speculation about the Faster Payment Task Force looking to use XRP to improve the payment system and offer greater speed, security and efficiency. Moreover, the Bank of England’s Governor, Mark Carney has also been discussing XRP and develop some solutions for cross-border payments.

EuroExim, SendFriend and Viamericas are companies that have partnered with Ripple and are interested in using the xRapid product.

Ripple continues to expand with new partnerships all over the world. In the future, this will play an important role in improving the payment system and cross-border transactions. According to Girimath, it is just a matter of time to know how far adoption can go.

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