Tag: RippleNet

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Ripple (XRP) – Ripple Plans To Secure Its Position In The Indian Remittance Market

A recent post on Ripple’s website explores the ways in which the company intends to get into Indian remittance market. Ripple appreciates how significant remittance payments have become in India since in recent years India has become the world’ s leading recipient of remittance payments, Ripple said, with $69 billion arriving in India via remittance payments services in 2017 only. The move could also benefit the Ripple (XRP) but not just yet.

The facts are clear. Indian financial institutions are a critical center both for the citizens of their country and for the global economy.

Ripple

Aiming to integrate into Indian remittance market fully, Ripple employs RippleNet in association with Kotak Mahindra Bank, a countrywide bank with over 1,300 offices. This alliance will permit Kotak to leverage the strengths of xCurrent to support more effective and quicker remittance settlements.

Kotak will use xCurrent for the instant disbursement of remittances to the country. The bank’s customers will be able to settle cross-border payments with end-to-end tracking while reducing payment times from days to minutes, all at a lower cost.

Ripple

Ripple with its RippleNet will secure its position within the Indian remittance market with the partnership with Kotak – Ripple (XRP) might emerge in India, soon

Kotak follows on the steps of other leading banks in the region which adopted RippleNet. Axis Bank began running on xCurrent in November 2017, while IndusInd reported that it would team up with the RippleNet network in February 2018.

That is just another illustration of how Ripple operates to generate partnerships with mainstream banking institutions. It is evident that Ripple has developed a technology that can genuinely upgrade the capabilities of a lot of banks, not just for the actual banks but for the banks’ clients, too. By doing so, Ripple blockchain and technology will create a solid brand reputation, which in turn will increase the likelihood of Ripple (XRP) adoption over time.

Although Kotak is not going to be keen on using Ripple (XRP) payments at this time, as new technologies become available within its systems, Ripple (XRP) could make its entrance into India’s mainstream banking system any time soon.

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Crypto

RippleNet Secures Its Position In The Middle East With Two More Partnerships

Ripple presence in the Middle East is more secure than ever with two new partnerships Ripple has recently signed with two main Kuwaiti banks. In the last months, Ripple dealt with banks from Saudi Arabia and the United Arabian Emirates, movements that showed the increasing interest the Middle East presented for the RippleNet transactions platforms.

More specifically, in 2017, UAE-based RAK Bank (National Bank of Ras Al-Khaimah) accepted RippleNet for immediate and safe cross-border payments, especially for transfers to India’s Axis Bank. This partnership triggered another one, as well, and Ripple (XRP) was accepted by the UAE Exchange.

More recently, in April, BankDhofar, a bank based in Oman, accepted the Ripple’s blockchain network, the so-called RippleNet, thus becoming the first financial institution in the country (Oman) to accept the blockchain technology operated by Ripple.

Immediately after that partnership, a period of silence began and everybody thought that the Middle East is done with Ripple and the company will focus on another region.

RippleNet accepted by two main Kuwaiti banks

But the Middle East is like it is addicted to RippleNet and everybody wants it. Recently, Kuwait Finance House (KFH) reported they signed a deal with Ripple and joined RippleNet. KFH is the first Kuwaiti bank to join RippleNet and the first Islamic bank to adopt a cryptocurrency’s blockchain for running transactions.

Now, in another sudden announcement, the National Bank of Kuwait (NBK) has hinted that adopted RippleNet, too, becoming the first Kuwaiti bank to adopt the platform for faster and cheaper cross-border payments.

The Middle East countries depend on RippleNet for conducting transactions because they are willing to evolve in terms of financial services in order to offer their residents faster and, more importantly, cheaper cross-border transactions.

As for the Ripple (XRP), the massive RippleNet’s adoption in the Middle East will also assist the cryptocurrency which will become more stable. As we speak, XRP is traded at $0.67, after decreasing by about 1.10% in the last 24 hours.

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Ripple (XRP) Awaits 5 New Partnerships – Ripple Is Consolidating Its Position In Asia And The EU

In accordance with the most recent press releases, Ripple (XRP) is earning more acceptance in Asia and within the EU as a pile of news talk about 5 financial companies which will deal with Ripple, accepting the use of the crypto’s xVia API to build a well-established and secure environment for cross-border transaction via the RippleNet.

FairFX, RationalFX, Exchange4Free, UniPAY, and MoneyMatch are called as the 5 companies which will sign up for Ripple (XRP) payments platforms.

These companies will test RippleNet and its xVia API during the next days, aiming to provide cheaper and instantaneous cross-border transactions for their clients.

The team behind Ripple (XRP) is continuously developing its payments platform

While Ripple (XRP) is earning more and more acceptance, worldwide, the team behind it makes the financial sector strive for Ripple’s platforms even more, as it is bringing new updates and innovations, day after day.

All of these customers run into the same problem: building bespoke connections to banks and networks all over the world. It’s expensive and time-consuming. xVia enables them to grow their overall market share by reaching new customers in new markets, easier than ever before

Asheesh Birla, Ripple’s Senior VP for the product

The future is bright for Ripple (XRP)

At the moment of this article, XRP is trading at $0.82, recording a slight 0.26% increase in the last 24 hours.

However, besides these 5 companies, which are new to Ripple and its platforms, the Canada-based Zip Remit and the Brazil-based Beetech, also payments processors, announced their plans to adopt Ripple (XRP) xVia API to use the RippleNet for cheaper and faster transactions.

Ripple (XRP) is gaining more and more and dealing with more financial institutions, week after week, which makes us believe the statement made by Brad Garlinghouse, the CEO of Ripple, that Ripple will be the partner of more than 50% of the world’s banks, in the next five years.

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