- Global consulting firm Capco, references Ripple in its latest white paper
- Capco talks about RippleNet and its potential in international payment settlement
Capco is one of the word’s largest global consulting firms. The UK based technology consulting firm has referenced Ripple and its potential in its latest white paper titled, “Distributed Ledger Technology and Cross-Border Institutional Payments.”
In the paper, Capco analyzes the potential of blockchain banking within international finance. The firm places a special emphasis on Ripple and RippleNet.
Instead, the institutions could utilize a Stablecoin of choice, such as Ripple (XRP), or one developed in their consortium. According to Ripple,Distributed Ledger Technology and Cross-Border Institutional Payments White Paper (Page 4)
cross-border transactions using its system take under seven seconds to occur
The renowned consultancy firm describes the banking potential of a distributed ledger, especially in regards to cross-border payment settlement. Distributed ledgers allow institutions globally to synchronize data and transaction processing. This will allow banks to streamline cross-border operations. Capco furthers the notion by citing Ripple as a possible distributed ledger solution. Following this, Capco mentions Ripple’s settlement speed as well as its transparency. With financial institutions having to comply with strict regulations, blockchain transparency is ideal.
Capco is not alone in recognizing the potential of a distributed ledger. Bank of America recently talked about the potential of utilizing distributed ledgers to settle customer accounts.
Ripple’s flagship offering, RippleNet, offers financial institutions with on-demand-liquidity and the ability to settle payments almost instantly. Furthermore, RippleNet payments are cost-effective, mitigating the exorbitant fees when transferring funds abroad.
Outside of the JPM network, American Express and Santander Bank announced in 2017 that they would underpin their FX InternationalDistributed Ledger Technology and Cross-Border Institutional Payments White Paper (Page 6)
Payments platform by RippleNet
Capco also cites RippleNet as an example of blockchain implementation in banking. The paper mentions some of RippleNet’s extensive network of partners and customers as well as past implementations by American Express and Santander Bank. Following this, the paper continues to describe RippleNet and how blockchain settlement systems work.
As RippleNet’s list of customers continues to grow, platform usage has begun to take off. Furthermore, as renowned institutions like Capco bring greater awareness to RippleNet, adoption will only continue to increase.
Disclaimer: Content displayed on thecryptoassociate.com is not investment advice. Investors should do their own research before investing in digital assets or anything displayed on this site. The Crypto Associate does not recommend trading any sort of investment in cryptocurrencies and digital assets. The Crypto Associate is not responsible for any losses incurred due to the buying or selling of cryptocurrencies displayed on this site. All content is for informational purposes only. The Crypto Associate does not endorse, affiliate or represent any third-party links including advertisements. The Crypto Associate participates in affiliate marketing. Read the full disclaimer