New European Parliamentary Research Service Report Mentions Ripple
Summary
- A new report by the STOA unit of the European Parliamentary Research Service mentions Ripple.
- Ripple and SWIFT are large players in the global remittance market.
A new report by the Scientific Foresight Unit (STOA) of the European Parliamentary Research Service titled, Blockchain for supply chains and international trade, mentions Ripple and it’s role in cross-border remittance. The report cites RippleNet’s current implementations including ReiseBank Germany and ABT Canada.
Furthermore, the report mentions Ripple’s RippleNet and SWIFT, both large players in the global remittance market.
For instance, RippleNet (Ripple’s cross-border payments software for banks) is seen as an alternative to SWIFT, allowing thus payment providers and banks to settle cross-border payments within Ripple’s network.
Blockchain for supply chains and international trade Page 83
Society for Worldwide Interbank Financial Telecommunications (SWIFT) is one of the most established players in the global remittance market. Ripple’s RippleNet aims to disrupt the remittance market with its RippleNet platform.
During a recent Block Stars podcast episode, Chris Larsen (Co-founder of Ripple) talked about the potential uses cases for Ripple as an alternative to SWIFT.
XRP can be a replacement for that inefficient (SWIFT) system (…). In many ways, maybe 80% of what they were doing was just fine, did not have to change. But there was this one key component of cross-border payments which was fundamentally broken because they were dependent on a system built in the 70s – SWIFT and this asynchronous Swift correspondent banking system, which is just a nightmare.
Chris Larsen (Co-founder of Ripple)
RippleNet
RippleNet is Ripple’s flagship offering. The platform allows financial institutions to leverage distributed ledger technology (DLT) to source on-demand-liquidity (ODL) and settle cross-border remittances nearly instantly.
Furthermore, the platform has seen immense growth in 2020 as coronavirus has forced financial institutions to go digital. The platform also caters to financial institutions that require liquidity during off-hours and bank holidays. Since RippleNet is decentralized it is not constrained by traditional banking hours and days.
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