- Bank of America’s head of Treasury Products, Venkat ES, recognizes Ripple’s role as a possible exception in revolutionizing cross-border payments.
- Ripple’s blockchain and crypto solution gets in-principle approval for its ‘Major Payments Institution License’ application in Singapore, enhancing XRP’s growth prospects.
As the use of digital payment methods accelerates, the Bank of America has recently identified the transformative potential of Ripple’s blockchain technology in the payment industry. This recognition was followed by Ripple’s recent in-principle approval for its ‘Major Payments Institution License’ in Singapore, a key market in the Asia-Pacific region.
In the context of cross-border payments, Ripple has been on a strategic alliance spree with leading financial institutions including SBI Holdings, Saudi Arabian Monetary Authority(SAMA), Banco Santander, Western Union, UAE Exchange, and American Express. Such integrations could potentially amplify the market value of Ripple’s native token, XRP.
Unveiling the Potential of Ripple’s Blockchain
Venkat ES, the Head of Treasury Products at the Bank of America, elucidated on the exceptional influence of Ripple’s blockchain in the payments space. The bank recognizes the capacity of Ripple’s blockchain in driving real-time payments across the Asia Pacific region. It is also acknowledged for digitizing trade documentation via smart contracts.
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Venkat noted Ripple’s work as a ‘possible exception’ in the payment space, competing against SWIFT gpi – a technology that facilitates cross-border payments across banking networks. Although the latter is currently favored, Ripple’s potential in transforming the payment landscape cannot be understated.
As Ripple continues to advance, there’s a projected boost in the value of XRP by the end of the last quarter of 2023. This would be conditioned by a favorable summary judgement in Ripple’s ongoing lawsuit with the U.S. Securities and Exchange Commission (SEC). Should this occur, it would further validate the transformative role of Ripple in the financial industry, paving the way for a more digitized and efficient payment infrastructure.
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