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Blockchain Revolution Series: Ripple Back In Action For Banking Business
The Ripple has been popular among the banking community as its edge to transact overseas payments swiftly and efficiently is perceived as a competitive advantage, however, the banks have the current SWIFT mechanism (Society of Worldwide InterBank Financial Telecommunications) in place that seems unlikely to lose their importance in the industry so easily.
While the data from the World Bank divulge that the international trade involving remittances were valued at $1.93 billion in 2018. Wherein, the prospects that is imminent to lure abundant investment inflow from the aspirants. The global remittance is most likely to surge to over $8 billion within next decade or so.
For now, Ripple intends to continue their camaraderie with the banking industry again, but this time partnerships expands towards Brazil with an objective of progressing into the global remittance space in 2020, as per the report by Reuters.
The CEO of Ripple, Luiz Antonio Sacco, told to Reuters that the company is planning to come up with more strategic partnerships with banking institutions in the months to come, the deals with Bradesco, Rendimento, Santander, and others are in the pipeline.
Furthermore, Sacco continued with optimism, With successive advances in Brazilian banking regulation to facilitate financial transactions, including international, opportunities here will grow greatly in the coming years.
As ripple being a background blockchain in various banking operations, the banking firms intend to design and develop their own networks to improvise banking services. Ripple’s CTO, Mr.David Schwartz is propoundingthe latest projection at the origins and strategy behind the company’s XRP-based payment solution xRapid.