Ripple aims to revolutionise the payment. The American company is pushing ahead with its two payment solutions RippleNet and ODL with XRP for years. In the last few years, Ripple was able to pull some interesting partners in the country. Including some of the large banks.But what Potential is actually behind Ripple and XRP? In a new report by the United States Consumer Financial Protection Bureau (CFPB) has a Ripple and XRP have the Potential to more transparency and less complexity in the international remissen market.
CFPB sees the Potential in companies such as Ripple
The report by the CFPB based on the Electronic Fund Transfer Act and observed currently, the emerging development in the money transfer market. Here, CFPB has determined that there are now, apart from the well-known SWIFT GPI, many different Fintech Startups that want to improve the international payment transfer as well. Including the Bureau also called explicitly Ripple and XRP as one of the possible candidates, in order to bring the remissen market to the next Level.In the report it is stated:
…the continued growth and the expansion of partnerships of companies with virtual currency, such as the Ripple is both a payment message service (RippleNet) to support cross-border money transfers, as well as a virtual currency, XRP, for the settlement of these Transfers (On-Demand Liquidity) can be used.
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There’ll soon be a new Standard?
The report continues:
…to the extent that banks and credit unions to increase their dependence on closed network payment systems, for the dispatch of Remittances and other cross-border money transfers. The Bureau notes that this knowledge will lead to greater standardization and ease, by the sending institutions, what fees and exchange rates from a third party are covered.
The Bureau is also of the opinion that the expanded adoption of the gpi product of SWIFT or the Ripple could allow products to banks and credit unions in a similar way, to know the final amount that the recipient of the wire Transfers received before they are sent.Nevertheless, the CFPB says that it could still take a few decades for large banks and other payment service providers to agree on a new Standard. In addition, it is uncertain whether a third-party solution, such as Ripple may prevail at all against the SWIFT.Is your opinion of Ripple, in the future, in the international payment traffic enforce? How will react the XRP price on it?Come on in to our Telegram Chat and talk with the experts and the Community!
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