Good news for all of you Ripple lovers. Not a single week passes by without some exciting news coming from the Ripple camp. This week the San Francisco-based startup entered the headlines by announcing another prospective partnership deal.
Good news for all of you Ripple lovers. Not a single week passes by without some exciting news coming from the Ripple camp. This week the San Francisco-based startup entered the headlines by announcing another prospective partnership deal. Brazil and Latin America’s largest bank by market cap, Itaù Unibanco is joining the growing network of renowned Ripple partners.
Ripple various blockchain technologies seem to impress financial institutions from all around the world because major banks from South Korea, Singapore, Japan and Saudi Arabia are already utilizing them. Japan’s SBI Holdings along with other partners from the region are successfully utilizing the xRapid platform for faster and cheaper money transfers.
The newest Ripple clients include Itaù Unibanco, Singapore’s remittance company InstaReM and IndusInd – Indian commercial bank. These three will join together the xCurrent platform to improve cross-border transactions. Ripple has already developed a product specifically for remittance providers – the xVia platform, which enjoys much popularity in Canada and Brazil. All payments in these large remittance markets happen on the Ripple blockchain. xVia successfully merges it s flow with RippleNet since Beetech (Brazil) and Zip Remit (Canada) manage to transfer money to Chinese remittance providers who use the RippleNet network.
Perhaps everyone would agree that a global Ripple-like remittance system would benefit everyone, not just developing countries. Why? Because blockchain technologies enable individuals to send money to their friends and families in a quick and easy manner. Ripple’s head of business development, Patrick Griffin, was quoted saying: “The payments problem is a global problem, but its negative impact disproportionally affects emerging markets. Whether it’s a teacher in the U.S. sending money home to his family in Brazil, or a small business owner in India trying to move money to open up a second store in another country, it’s imperative that we connect the world’s financial institutions into a payments system that works for their customers, not against them.”
Ripple had already established strong connections among remittance companies. Earlier this year, MoneyGram announced it is utilizing Ripple’s technology and reports suggest that Western Union is also in talks with the startup. For now, one thing is sure, MoneyGram is all in, while Western Union is still testing the network. However, bearing in mind how fast does the Ripple network grow, it would not be a surprise if Western Union does indeed join the party.
2018 might turn pivotal for Ripple. Their main task is to establish a strong ecosystem where remittance providers are mutually connected in a peer-to-peer platform. The competition in the sector is fierce and the startup must justify the trust from investors.