- Ripple aims to bring uniformity to people home and abroad – David Schwartz
- RippleNet to bridge the gap of sending money abroad
David Schwartz the Chief technology of Ripple in the just concluded Ripple’s UBRI Connect 2019, he states that the company is targeting to bring better financial uniformity to people both in the United State and Overseas. In his Keynote address at the event, Schwartz emphasizes the fact that notwithstanding the misunderstandings, millions of people in America lack adequate access to conventional financial services.
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He went thus: “We tend to think we’re overbanked in the United States because you could just go anywhere and open a bank account. But, a fairly shocking statistic, 24 million Americans are underbanked, alongside almost 2 billion people worldwide.”
Schwartz states that Ripple’s broader goal is to help financial institutions and their clients transfer money as swiftly and professionally as email.
Schwartz added, “Today, money is locked up in distinct systems, just like information used to be. If I want to pay you some money, I have to ask you what system you’re on. And it’s slow. Many payment networks shut down outside of business hours. Many payment networks only work in overlapping business hours between the two time zones they make payments between. Payments take days. They are very uncertain. There are a lot of people who have to make a phone call to say, ‘Did my payment go through?’ And the payment company will say, ‘We don’t know. Call us back in a few days.’”
RippleNet to Bridge the Gap of Sending Money Abroad
Schwartz states that XRP could play a vital role in refining the swiftness and adeptness of payments by giving financial institutions a way to send money abroad using the digital asset as a channel currency.
“On the enterprise side, we built this payment network called RippleNet using XRP to settle where that makes sense. The problem that solves is having to preposition money where you need to make payments. So, for example, without some sort of a cryptocurrency solution, to make a payment to the Philippines you’d have to have Philippine pesos sitting in the Philippines.
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Now if you want to make payments on Monday and maybe Friday is a holiday somewhere, you might have to move that money on Thursday or even earlier. And you have to figure out how much money you need and you have to leave it sitting somewhere. What RippleNet does with XRP, is the sender can exchange their sending currency, say US dollars for XRP, send the XRP on the XRP Ledger and buy the Philippine pesos precisely when they need them.”