Cross border transactions and its impact have earned a tremendous spike in interest over the past couple of months, and it now seems that all the buzz has come to some fruition. A recent lookup of DBS Bank’s website showed that Ripple had entered the local banking nomenclature.
The bank’s website mentions Ripple in the cross-border transactions section, calling the technology developed by the Brad Garlinghouse led Ripple as the ‘cheapest’ method for sending money across borders. The organization’s keen interest in the digital assets market was made evident when its website mentioned:
“Fintechs are also looking to disrupt cross-border payments. Most fintech solutions currently available are in the retail space and tend to focus on reducing foreign exchange spreads. Ripple is an example of a fintech looking to disrupt correspondent banking for cross-border payments at commercial scale.”
The statement on the website continues,
This official mention has been seen as a major leap in the field of finance, an ecosystem that has ignored crypto for its speculative behavior and the lack of a centralized governing party. DBS Bank is a major banking player in the South Asian landscape, a territory that has become a hotspot for new pathbreaking technologies.
Another factor that Ripple might consider a win is the fact that DBS’ website now highlights it to be faster than SWIFT; the traditional money transfer technology and Ripple’s biggest rival. The banking behemoth mentioned that even though SWIFT is the most common method of transfers, the lack of speed and customer understanding is a significant turn off for the clients. According to DBS:
“Because of these problems, which (as explained above) are purely commercial and not technical, and in response to competition from fintechs, SWIFT introduced a new program to improve bank behavior on cross-border payments called Global Payments Initiative (GPI) in 2015. GPI is primarily a rule book (creating visibility on float and opaque fees) combined with a technical platform that allows customers to track payments near real-time.”
The week oversaw another win for Ripple and XRP as Nasdaq’s new website, new.nasdaq.com, added XRP to its index. This addition comes on the back of XRP Liquid Index getting listed on the platform earlier, a feature that allowed the asset to interact with global financial data.
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