US Consumer Financial Protection Bureau Highlights Ripple and XRP
In Brief
- US Consumer Financial Protection Bureau mentions Ripple and XRP.
- Ripple’s remittance products may help provide banks with additional transparency during the remittance process.
The US Consumer Protection Bureau is a United States government agency that oversees and enforces consumer protection. In a new document published Friday, the US Consumer Protection Bureau noted Ripple and its role in global remittance.
The 40-page report takes a look at the broader remittance landscape and substantial changes in the industry. The report explicitly highlights the upcoming role of cryptocurrency and remittance with Ripple and XRP.
…and (3) the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support crossborder money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers.
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Ripple’s remittance platform allows financial institutions to settle remittances at a substantially faster and cost-effective rate than traditional methods. Furthermore, the report notes that Ripple can help banks achieve greater transparency during remittance transfers.
The Bureau also believes that expanded adoption of SWIFT’s gpi product or Ripple’s suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.
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RippleNet
RippleNet is Ripple’s flagship offering. The platform allows financial institutions to leverage the distributed ledger to facilitate quick and cost-effective remittance. Ripple’s platform has seen steady growth throughout 2020. In recent months, several of Ripple’s on-demand-liquidity (ODL) corridors have been reaching all-time liquidity highs.
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