The post National Bank of Egypt Joins RippleNet for Blockchain Remittances appeared first on DCEBrief.
Blockchain Firm Ripple Fuses xRapid, xVia and xCurrent into RippleNet
n Ripple fused three of its services into features of its RippleNet offeringn
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Finastra Joins RippleNet to Support Cheaper Cross-Border Payments
n British financial software firm Finastra joins RippleNet, a global blockchain payments network with over 200 membersn
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Samsung Pay Teams Up With RippleNet Member Finablr
n Samsung Pay teams up with RippleNet member Finablr to offer cross-border payments feature Money Transfer to its apps usersn
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Ripple Swell Day One Roundup: xRapid Launch and RippleNet Use Cases
The first day of the Ripple’s two-day blockchain conference saw some significant updates.
As predicted, the San Francisco event turned out to be the launchpad of Ripple’s cross-border payment system, xRapid. CEO Brad Garlinghouse took the stage to announce that xRapid will go live for the first time with three mainstream financial institutions. Payment providers Mercury FX and Cuallix, as well as financial firm Catalyst Corporate Federal Credit Union will deploy xRapid for commercial use, thereby becoming one of the first companies to use XRP tokens to settle international transactions.
Speculators have been bullish on xRapid ever since Ripple announced it. It is believed that bank adoptions will increase the demand for XRP tokens. It would thus appreciate their value against the US Dollar. Just last month, XRP had swelled by more than 100 percent in just a week owing to the xRapid announcement.
A Former US President’s Take on Cryptos
Former US President Bill Clinton had also attended Swell as a key speaker, and he left some noteworthy remarks on blockchain as a whole. Onstage, Clinton joined Gene Sperling, a former White House advisor and Ripple’s board of director, to discuss the need for friendly regulations. The ex-politician compared the emergence of blockchain with that of e-commerce in the late 90s, saying that it would ultimately lead to “disparity of access.”
“The more you develop new technologies like blockchain … AI technologies, robotic technologies … the more the disparity of access is going to be felt.”
Clinton also acknowledged that blockchain assets can be abused in the hands of criminals and terrorists and called for intelligent efforts to identify the downsides without “killing the goose that [lays] the golden egg.” “This whole blockchain deal has the potential it does only because it is applicable across national borders, income groups,” he told Sperling.
Banco Santander’s Experiment with RippleNet
Ed Metzger, the head of innovation of Banco Santander, presented the outcome of their RippleNet-powered cross-border payment app, One Pay FX.
“We believe that financial services are moving to a world of open platforms where companies collaborate to deliver excellent customer service for their customers, and that’s at the core of what we’re doing with One Pay FX,”
Metzger stated, confirming that blockchain drastically improved the way they were handling cross-border payments.
.@bancosantander’s Ed Metzger speaking on stage about One Pay FX at #SwellbyRipple pic.twitter.com/Cp0cYWXtf6
— Ripple (@Ripple) October 1, 2018
“One of our customers was in Italy on holiday and parked in the wrong place,” he shared. “He needed to pay a fine and didn’t have his banking card. He was able to use the app to pay the fine immediately, and stop his car from being towed away.” It only took that customer four-five clicks to conduct an international money transfer, Metzger added.
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Mitsubishi Corporation and Partners Will Move Real Funds Over RippleNet
Major corporations around the world are paying close attention to blockchain technology. Especially Ripple’s network is of great interest among Asian firms. Mitsubishi Corporation, together with a few partners, are planning to move real funds over RippleNet. This is another validation of Ripple’s existing technology, which is being trialed by various payment service providers.
Mitsubishi Eyes the Blockchain
Most people are familiar with the Mitsubishi name as a car manufacturer. The parent corporation, however, as bigger plans for the future. Together with MUFG Bank, Bank of Ayudhya, and Standard Chartered Bank, a blockchain trial has been planned. More specifically this venture focuses on RippleNet, the technology designed to facilitate cross-border payment flows.
The main purpose of this trial is to improve cash management. All parties involved deal with real-time and multi-currency payments on a daily basis. Even so, cross-border transactions remain slow, expensive, and subject to a fair amount of administration. With RippleNet, these payment flows can be improved upon significantly. Ripple officials comment on this trial by stating:
“The goal of the pilot is to demonstrate the commercial viability of delivering high-speed cross-border payments between independent banks. As global trade continues to increase, the problems associated with cross-border payments are being experienced by smaller businesses as well. These companies don’t have the treasury resources or experience in navigating the pitfalls of today’s payment rails.”
Another Big Test for RippleNet
It is not the first time Ripple’s technology is being put to the test. RippleNet is a growing venture which mainly collected support in the Asian region. Given this region’s position in the remittance world, it is normal new solutions need to be found to improve existing services. Additional tests on this scale will determine whether or not RippleNet is indeed a viable addition to the financial sector.
The trial in question will be carried out by Mitsubishi Corporation. Its subsidiaries’ accounts in Thailand and Singapore will see a real-world money transfer using RippleNet. It is also the first time a Japanese firm completes a cross-border payment transaction using Ripple’s technology. If successful, this test can set a big precedent for other domestic firms to explore.
Depending on how the pilot goes, the parties involved seek to commercialize this payment solution. Bringing RippleNet to the real world is an ongoing struggle, albeit things are proceeding as planned. With all of these firms showing a genuine interest in the project, Ripple has to deliver the goods. Having Mitsubishi Corporation, among others, on board at this stage certainly paints an interesting outlook.
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Coinone Transfer Joins RippleNet to Revolutionize Cross-Border Payments
Ripple continues to make a lot of headlines with its proprietary technology. Various banks around the world have shown a keen interest in RippleNet. This solution is of great value to financial firms, but also cryptocurrency service providers. South Korea’s CoinOne Transfer is getting on board with this technology for cross-border payments and settlement.
RippleNet and xRapid Are of Great Interest
Ripple’s native products can bring a lot of positive changes to the financial sector in the years to come. The company’s RippleNet venture has attracted a lot of attention. Through this initiative, companies can experiment with Ripple’s xRapid technology for payments and settlement. It makes use of the native XRP asset to complete such transactions in mere seconds.
Several remittance providers are in the process of trialing xRapid. This list includes Western Union, MoneyGram, and MercuryFX among others. The latter company recently confirmed its initial trial of this technology was successful. They are now in the process of expanding upon this test and taking the venture to a whole new level.
In Q1, along with other xRapid pilots customers, we have proved that #xRapid can lower liquidity costs & increase payment speed and transparency using #XRP. We are looking forward to continued successful testing and going into production.https://t.co/hlYDcFyG7o
— Mercury-fx Ltd (@mercury_fx_ltd) April 26, 2018
With CoinOne Transfer now getting on board, xRapid will continue to impact the cryptocurrency world. CoinOne Transfer is a subsidiary of CoinOne, the South Korean exchange. They are the first exchange in the region to effectively experiment with Ripple’s technology and solutions. With RippleNet, the company aims to delve deeper into the cross-border payments industry.
South Korea has High Hopes for Ripple
This most recent development makes a lot of sense. South Korean firms have shown a keen interest in Ripple and its products. CoinOne is a part of the DAILY Financial Group. A subsidiary of this Group signed a deal with SBI Ripple Asia in 2017. This further confirms the Asian country wants to embrace blockchain technology in creative ways.
With remittance outflows from South Korea increasing rapidly, blockchain can play a big role; of importance. Ripple will have its role to play, as their xCurrent project will be the core of a new remittance service known as “Cross”. This service is available to CoinOne Transfer retail customers and provides faster and cheaper payments. Coinone Transfer CEO Wonhee Shin is confident xCurrent will “revolutionize” the lives of customers.
Ripple’s director of joint venture partnerships Emi Yoshikawa is excited by these developments. CoinOne attempts to revolutionize the way money moves, and blockchain can make positive things happen in this regard. With xCurrent underpinning the company’s new remittance service, new opportunities can be explored accordingly. Slowly but surely, blockchain-based technology and services continue to make inroads in the financial sector.
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Standard Chartered Pushes for Wider Adoption of RippleNet Across Asia
Ripple technology is of great interest to financial service providers around the world. Standard Chartered is one of the many companies experimenting with these new tools. The firm has made it clear they want to expand the use of RippleNet to different countries. This is great news for the remittance-oriented payment tool.
RippleNet Brings Home the Bacon
In the world of finance, there is a growing demand for cheaper and faster cross-border payment solutions. Remittance companies do an adequate job but remain a bit cumbersome. Banks are looking for a different kind of solution in this regard. Blockchain-based ventures are of keen interest, and it seems RippleNet is on a lot of company’s radar right now.
Standard Chartered has experimented with RippleNet for some time now. The Singaporean financial firm is pleased with the service and functionality so far. So much even they aim to bring this technology to five additional countries as early as 2019. Streamlining cross-border payments is of great importance to this financial institution.
Positioning Singapore at the heart of remittance transfers will not be easy. Opening up new payment corridors between various regions is of great importance. At this time, Standard Chartered uses RippleNet for cross-border payments to India. That concept seemingly works well, and adding more supported countries to this venture makes a lot of sense. Standard Chartered is a well-respected entity in the Asian finance sector, which should make this expansion a relatively smooth process.
Shaking up Payments Across Asia
For now, it remains unclear which countries Standard Chartered wants to tackle. No information regarding this development was provided at this time. Ripple’s technology seemingly opens up a lot of new opportunities previously inaccessible. With a strong focus on instant settlement, low fees, and transparency, solutions such as RippleNet will continue to attract a lot of attention. Standard Chartered’s Gautam Jain expresses his feelings regarding this technology:
“The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way”.
It will take some time until solutions such as RippleNet truly disrupt Asia’s cross-border payment industry. By bringing this service to more regions, Standard Chartered heads in an interesting direction. Whether or not other financial firms will follow its lead, is a different matter. Blockchain-based ventures will continue to make an impact in this part of the world for some time to come.
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October Surprise Ripple Price Surges 30 as RippleNet Adds 100th Member
&8230nThe post October Surprise Ripple Price Surges 30 as RippleNet Adds 100th Member appeared first on CryptoCoinsNews.n
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