- A report by Official Monetary and Financial Institution Forum (OMFIF) spotlights Ripple in its role for blockchain in banking.
- The OMFIF is a think tank focusing on central banking and economic policy.
The Official Monetary and Financial Institution Forum (OMFIF) recently published a new report titled, “The Role of Blockchain in Banking”. The report covers how banks can and are utilizing blockchain technology in banking.
The twenty-seven-page report talks about the benefits of blockchain in banking as well as potential applications using a distributed ledger (DLT).
In the report, OMFIF continually highlights and speaks of Ripple’s technology. The report also talks about Santander One Pay FX, a Ripple-powered payment transfer service.
The OMFIF report also dedicated a whole spotlight section to Ripple and its current payment ecosystem. The spotlight section provides a brief overview of Ripple’s role in blockchain banking.
Furthermore, the report notes that ISO2022 compatibility is crucial in cross-border payment technology adoption.
The system must be able to execute a transaction from its end and export it so that older systems – based on ISO2022 – can accept andOMFIF Report (Page 14)
authenticate the payment order
This coincidently comes as Ripple joins the ISO Global Standards Body on Cross-Border Payments. Ripple is the first member focused on Distributed Ledger Technology (DLT).
RippleNet is Ripple’s flagship offering. The platform offers over 300 institutions in 40+ countries, access to on-demand liquidity (ODL) as well as instant and low fee transactions. Ripple also plans to add RippleNet Home to the existing RippleNet platform. RippleNet Home will allow institutions to connect and partner with other institutions.
The report also classifies Ripple’s payment services as not in the “Dark Box.” Privacy coins can be used to fund illicit transactions but Ripple’s network is transparent and is already compliant with many international payment standards.
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