Monday, January 20, 2020

Federal Bank of India to Use Ripple’s Blockchain for Cross-border Payments

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Grace Joseph
Freelance Writer, Blogger, and Crypto Enthusiast. Studied Computer Science in University and Undergoing a Masters Degree Programme in Computer Engineering Contact@ reigngracia@gmail.com

In a bid to enhance cross border payments between Federal bank and other financial institutions, the India-based bank will be employing Ripple’s Blockchain technology. A press release on March 28 revealed that Ripple and Federal bank have entered into a partnership in order to facilitate these payments.

Federal Bank in India and Ripple Inc. Collaborate for Cross-border Payments

Per the press release, Federal bank and Ripple Inc. have collaborated in order to enable the financial institution to send payments across borders more securely. The platform that will be used, is the Ripple blockchain which has been adopted by several other banks across the world.

The press also stated that Ripple’s platform ensures that the cross border payments that are made are secure and safer. In the same vein, the partnership will also enable the bank to take advantage of corridors where Ripple is trying to foster the adoption of its blockchain.

Ripple Gains Attention in the Financial Industry

Ripple, the company behind the XRP cryptocurrency which is currently ranking third on Coinmarketcap has received a lot of attention. It is currently competing with SWIFT, a global payments network that has been around since 1973. Nevertheless, SWIFT has gained more adoption tha the latter even though it does not come as a surprise given the age-long difference.

On the other hand, there are expectations that more financial institutions will start using Ripple’s Blockchain. An instance of this was reported by BTCNN on February 28, that the CEO of Strategic Business Innovator Group’s (SBI), Yoshitaka Kitao stated that by 2025, all banks in Japan would’ve adopted Ripple to facilitate payments.

More Companies Adopt Ripple’s Blockchain

BTCNN on February 23 also informed of the Ripple Regional event which held in London and whose attendees included TransferGo, Mercury FX, and Euro Exim Bank. Graham Bright, Euro Exim’s head of Compliance and Operations while speaking remarked that Ripple’s aim is to provide its customers with a safe, fast and trusted platform for cross-border payments.

Bright also commented on Ripple’s Xrapid product and said:

We choose Xrapid because we need to make it easy to move funds as quickly and as cost-effectively as possible

Asides Ripple’s Blockchain, major industries around the world ranging from the energy sector, telecommunications, health, education, agriculture, and several others have found a need to employ the distributed ledger technology. Of recent, the largest energy provider in Austria is running a pilot of blockchain-based chargers for electric cars.

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