In this article we are going to see about Ripple XRP: Gensler Secret Pro-Ripple & XRP / XRP Taking Over Banks & DTCC COMPLETES Trial...



XRP is now taking over banks? What would that mean for cryptos in general? Will this be a revolution? Many banks and organizations have adopted XRP which is now leading to mass adoption of XRP worldwide. In today’s article, we will be looking at XRP’s bank adoption and everything you need to know about it! The Ripple SEC conflict is now getting to an end, with the SEC taking the hit most of the time. Recently, Ripple submitted information about the insiders of the SEC, owning and trading XRP, which they are not supposed to as they believe it is a security Now that they are somewhere with the suit, they have rolled back in full swing, making more advancements and upgrading their protocols. It also became the first blockchain-focused payment company to adopt the ISO20022 standard. Right now, Ripple recognizes a few fiat currencies including USD, GBP, EUR, etc., commodities like gold, silver, platinum, and a number of popular cryptocurrencies like BTC, LTC, the native cryptocurrency XRP, etc. 


Banks adopt RippleNet to process cross-border transactions in real-time with end-to-end tracking and ensurement. Ripple states that it has established an association with more than 300+ financial institutions for real-time, low-cost cross-border payments. Sometime around October 2019, Ripple made amends to the terminology of the products provided. Previously, it used to provide three classes of services, which are the xRapid, xCurrent and Via. xRapid was specifically of interest to cryptocurrency investors as it made use of XRP as an intermediate between payments. Now, it uses only one product which is the RippleNet which is a network on which participants like Banks and Financial Service firms made use of a standard platform to streamline trades, financial contracts, payments, and transactions. Recently there were reports of Bank of America testing Ripple’s technology that had been going on since 2016. Only very recently, the executives at the BOA publicized the partnership. Julie Harris, who is the head of global banking at Bank of America told the media, that It’s about the client and the infrastructure the client has and the ability for them to integrate, whether that’s with platforms and capabilities that they develop or partnerships that they have with the likes of Ripple or Swift. 


These are Fintechs that they are partnering with. On 16th November 2017, Santander and American Express adopted Ripple technology to streamline cross-border payments between the U.S. and the U.K. It was during a period when the crypto bubble was still in the beginning stages. The announcement was great for its investors. The price went up by 35% in the intra-day trade on that day. Yet, as the actual use of XRP was still not known widely, it resulted in a ‘pump and dump.’ SBI holdings Inc. in Japan has been a long-standing associate of Ripple since the year 2016. SBI has been associated with both Ripple and R3 to streamline remittances and instantaneous cross-border transactions. Their payment way ‘Money Tap’ also leverages XRP as a medium for the payments. A group of 47 banks is working towards a Ripple Solution to build an RC platform. The platform will work as the settlement layer for the transactions and remittances between banks. 


Now, it takes more around 2-3 days for confirmation and settlement of payments for cross-border remittances Next up is MoneyGram, which is one of the premium partners of Ripple as it is one of the few payment firms that use the XRP liquidity pool. After the publicizing of the partnership in June 2019, while XRP got only 10-12% over the next few days, Moneygram stock price went up 160% opening with a huge bullish gap on a daily scale. The National Bank of Fujairah PJSC is a sharia-compliant and partly state-owned bank in the UAE. In March 2020, it associated with Ripple to capitalize on the benefits of RippleNet. The first transaction link will be formed with India’s Indus Lnd Bank to better the speed, cost-efficiency, and traceability of transactions. Also, MoneyMatch, a Malaysian FinTech offers the country’s small and medium-sized enterprises a same-day, low-cost option to pay global suppliers. It is the leading remittance solution for offerers in the country. It was associated with Ripple earlier in April 2018 and recently has been reporting a 40% reduction in their running cost. 


The Standard Chartered Bank dating back to 2015, for long, has shown interest in the Proof of Concept payment utilizing Ripple’s technology. It ran the world’s first trade finance invoicing using the distributed ledger. In 2016, it went ahead to make a strategic investment in Ripple to get an observer board seat at Ripple. Also, it is a member of the rulemaking committee and the Global Payments Steering Group at Ripple which is drawing the standard set of guidelines for global transactions and settlements. Gautam Jain, the Global Head, Digitization and Client Access mentioned in the press release, As a leading international bank committed to digitization, their involvement in this group is only natural. Apart from these, Australia’s leading banks, Westpac and Bank of Australia joined the network in August 2019 for streamlining international transactions. The Royal Bank of Canada has also shown interest in the crypto markets for a long period, including interests in cryptocurrency exchanges. In a report announced in September 2018, the bank believes that Ripple and the XRP ledger can reduce the transaction cost of banks by 46%. UniCredit, Reisebank, ATB, National Bank of Abu Dhabi, UBS, and 2 others banks also adopted ripple technology. Unicredit is an Italian global banking and financial services company. It joined with Ripple in June 2016 along with six other big global banks to join the Ripple-based payments which include Santander. 


Their joint press release by Ripple in the year 2016 indicates other notable entities in the global financial sector which includes, Reisebank, which is a German-based FS that deals in foreign currency dealing, precious metals, and travel payment business, UBS Group AG, a Swiss multinational investment bank and Financial Services firm that works in over 50 countries, Canadian Imperial Bank of Commerce, Alberta Treasury Branches and National Bank of Abu Dhabi. (VE: Display) MUFG’s banking arm The Bank of Tokyo-Mitsubishi UFJ is an important partner for Ripple working towards cross-border transactions. It is also a fraction of the Global Payments Steering Group which outlines the guidelines and standards for Ripple-based payments. Hirofumi Aihara, the General Manager of MUFG Digital Innovation Division mentions in the press release, “We are pleased to join Ripple’s Global Payments Steering Group, MUFG is working extensively in fintech to provide better services to our customers and society. Collaborating with other members of GPSG, MUFG will contribute to the creation of standards for Ripple’s network.” The DBS Bank of Singapore is also now using Ripple for trade finance along with SCB. As per an update from Ripple, the bank leads in the implementation of FinTech innovations. The CEO of DBS Bank, Piyush Gupta earlier labeled Ripple as the most low-cost solution for making international payments. 


A committee of leading banking associates of Ripple has been building the ‘rulebook’ since 2015 called the Ripple rule book. This rulebook describes the framework for executing transactions on Ripplenet. It involves legal compliance, operational custody and, other standards for acting as the intermediary. XRP is what provides the bank with ‘On-Demand Liquidity’ which is a liquidity pool of XRP which is used to get the international pool for the users of RippleNet. In many situations after validation and confirmation of payments, the bank of the receiver is paid before receiving a settlement from the payee’s bank. The actual settlement occurs at a later time. This is how the system has worked over the years, and even the transfer between customers requires 2-3 days. While RippleNet aims to resolve the issues of confirmation and database management, the XRP on-chain liquidity targets to provide instantaneous conversion and payment into any FIAT currency on demand. As per Ripple, it will help decrease the cost for banks by 40-60%. Do you invest in XRP? Let us know in the comment section below! Always trade safely guys. Please keep in mind,


I am not a licensed Financial Advisor