- Ripple Labs Inc’s role as an innovative payment service provider is now being highlighted.
- The firm’s technology remains one of the best for cross-border payments.
Trusted cloud payment service provider Volante Technologies has recently acknowledged Ripple as a game changer in the payment ecosystem. While speaking at a Euro Banking Association (EBADay) event, Volante Technologies’ Chief Marketing Officer Vinay Prabhakar endorsed Ripple as a significant opportunity for Payment Service Providers (PSPs) while discussing the benefits of cloud payment processing.
Later, a pseudonymous but influential XRP community member identified as MrMan shared the news with the Crypto Twitter community, stating that Ripple and Global Payments Innovation (GPI) offer PSPs a win. He went ahead to attach a short clip from the EBADay event with Prabhakar shedding more insight on the potential of Ripple and GPI for PSPs.
volantetech states that Ripple and CGI offer a win for Payment Service Providers.#follow #ripple pic.twitter.com/BwNjYdqvQS
— Mr. Man (@MrManXRP) June 27, 2023
The EBADay event is a gathering organized by the Euro Banking Association in collaboration with local service providers for top payment and banking officials. The event usually features top European banks as well as those from other nations. Volante Technologies has been a regular face at the event for a long time now. During this meeting, several topics including emerging trends and advancements in the payments and transaction banking landscape are discussed.
As it stands, Volante Technologies is aware that cloud payment processing is a crucial driver of innovation and flexibility for financial institutions, especially when it comes to cutting costs. The introduction of Ripple technology and GPI is a strategy to attract more opportunities to PSPs.
Ripple Technology Acknowledged Globally For Cross-Border Settlement
Noteworthy, this endorsement comes one week after the International Monetary Fund (IMF) acknowledged Ripple and XRP as key components in the pursuit of efficient cross-border settlement. This IMF’s stance on XRP contributed to the launch of XC Platform, a global platform that would encourage Central Bank Digital Currency (CBDC) interoperability across borders.
Ripple has also been working with several central banks to implement their CBDC even before the launch of its CBDC Platform. Ripple is in talks with the top banking institutions in India about rolling out the pilot phase for the nation’s CBDC aka Digital Rupee.
Also, the Central Bank of Montenegro has tapped the fintech company in the development of its national digital currency. In the meantime, they are testing for functionalities, potential, advantages, and risks involved in the use of a potential CBDC.
As these governments and central banks come up with their CBDC with interoperability in mind, there is still the problem of liquidity which Ripple’s XRP is able to cater to. It is safe to say that Ripple’s solution for cross-border transactions has gained significant recognition from many central banks and governments globally.
Additionally, the Monetary Authority of Singapore (MAS) has granted Ripple in-principle approval of the Major Payments Institution Licence application. With this license, Ripple gets to legally offer digital payment token products and services in the region
