The reason behind so many companies, especially banks looking forward to partner up with Ripple is that Ripple blends blockchaintechnology with centralization model. There is a primary reason that makes these companies adopt Ripple network to support the ‘new’ technology. For example, the Cobalt algorithm reduces the cross-border transaction time to nearly 1 second. It also limits the chances of any stoppages in the transactions. Ripple’s partnership with Hyperledger has enabled access to the developers to the Interledger Protocol or ILP and has freed up a world of possibilities.
By the end of April 2018, Ripple acquired five significant customers for its xVia API solution. FairFX (U.K.), Exchange 4Free (U.K.), RationalFX (U.K.), UniPay (Georgia), and MoneyMatch (Malaysia) will now be able to access the surging global payments market better. Through xVia, the financial institutions can easily transfer funds to and from the developing markets by utilizing RippleNet. The system is much quicker and reliable and involves least transaction costs. The businesses and financial companies taking the help of xVia can transfer payments to n digital wallets, payment providers and so on right away, reducing the need for routine connections. The small businesses will also profit from the xVia API solution.
The Senior Vice President of Product at Ripple says, customers wanting to access global payment markets commonly face high costs and time-related issues of building links to networks and banks all over the world. The xVia API solution was intended to resolve these issues. Now, the payment initiators could approach a single standard connection that minimizes the big failure rates, often observed in case of traditional wire transfers. The manual settlement expenses are also deducted to a certain extent by RippleNet.
James Hickman, the chief commercial officer of FairFX, explained their reason for preferring Ripple and xVia. FairFX will be able to reach out more people in much lesser time and at minimal costs. The system will also become more understandable and efficient that will gain the interest of more customers. Similarly, Chris Humphrey, CEO of RationalFX, eagerly awaits the incorporation of xVia globally.
Standard Chartered Bank plans to extend its use of Ripple (XRP) network for cross-border payments to five more pairs of nations over the coming year. Standard Chartered PLC is a British multinational banking and financial services company headquartered in London, England. It runs a network of more than twelve hundred branches and outlets across more than seventy nations and employs around eighty-seven thousand people. Ripple connects banks, payment providers, digital asset exchanges and corporates via RippleNet to provide one frictionless experience to send money worldwide. The bank went public with its utilization of Ripple to open the $15 billion trade corridor between Singapore and India in November. The system is being utilized to accelerate payment processing between a purchaser and sellers in the bank’s corporate supply chain.
BankDhofar, an Oman-based investment management company has collaborated with RippleNet to enable global cross-border payments using Ripple’s blockchain technology. The move is currently the latest that finds BankDhofar among a beginning set of blockchain movers in the Middle East. At the beginning of this year, BankDhofar adopted blockchain technology with a consortium of over 27 banks that was introduced in February 2017 for exploring blockchain solutions for the banking sector.
Dr. Tariq Taha, CIO at BankDhofar, told:
“With this, we can provide instant, frictionless and secure cross-border money transfers within seconds, with end-to-end visibility over the journey of the payment.”
BankDhofar prominently did not tell which Ripple products it is trying to use to hit those bonuses, nor if it was open to using XRP Ledger, the open-source codebase that uses the XRP cryptocurrency.
According to Coindelite Price Chart, the price of Ripple shows approximately USD 0.78 (-6.78%). The market cap continues to stay above USD 30 billion and the volume (24h) is above USD 550 million. (As of 9th May 2018) The volatility of the crypto markets can be blamed for the slight drop in price and even on the after-effects of the bearish trend of Q1. It is remarkable that Ripple (XRP) has moved on to the 3rd position in the coinmarketcap.com rankings. The partnerships with famous financial institutions and the continuous efforts put by the development team to ensure faster and smoother cross-border transactions will surely loft the crypto-coin to higher places.