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FlashFX continues to push cross border transactions to the Philippines as Ripple’s tech comes to the forefront

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Ripple has been a prime candidate in facilitating other organizations with their cross border payment demands, and the company has gone far and beyond to expand its services to multiple regions. The effects of their developments are now being felt in those countries as FlashFX recently launched a mainstream advertisement for the service.

The company’s advertisement talks about sending money to the Philippines using Ripple and its proprietary technology, xRapid. FlashFX had first begun utilizing the cryptocurrency company’s services back in 2016 when they announced that the tie-up would improve the foreign exchange climate in Australia. FlashFX promised to deliver transparency, real-time settlement, transactional control to the user while at the same time cutting basic transfer costs.

Nicolas Steiger, CEO of FlashFX, had said:

“We are excited to be part of the evolution in international payments processing. It’s about time that consumers and businesses saw a meaningful change in how money is sent across borders. The service provides an alternative for Australians who want to send a payment faster and cheaper than banks currently provide.”

This time around, Steiger had noted that there was no doubt Ripple’s solution was the key to the future of cross border payments as it provides on-demand liquidity using a digital asset.

FlashFX considers Australia as a hotspot for cross border transactions because the Australian Transaction Reports and Analysis Centre had claimed that the country processes $50 billion a year in cross border payments. Native companies have also taken significant strides in making cross border transactions a hit and Coins.ph; a Philippine start-up has had taken a big one in April.

Coins.ph had partnered with banking giant Western Union to enhance its cross-border payments platform. The partnership would integrate Coins.ph’se-mobile wallet into its cross-border payments platform. This would enable Coins.ph customers in the Philippines to receive Western Union transactions.

Users in the community stated that new technologies would be the ones that will bring about revolutionary changes in the financial ecosystem rather than traditional methods. FlashFX is the second major company after MoneyGram that Ripple has partnered with to provide ODL. The strategic integration also resulted in Ripple’s ODL being included in MoneyGram’s current payment solutions.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple fans rejoice as SBI Holdings to help the Japanese Bank integrate with MoneyTap

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Ripple has made partnerships and tie-ups with institutions a key point of focus, and when the partners themselves create new networks, the concept of cross border transactions with digital assets also spreads. Recent reports now claim that SBI Holdings, the Japanese banking conglomerate, has now decided to launch a capital and business alliance with Fukushima Bank.

SBI has stated that they are promoting various initiatives to contribute to region-specific growth through the activation of regional financial institutions. SBI added:

“As part of this project, we will make efforts to enhance the profitability of regional financial institutions and increase their corporate value by making the most of the products, services, know-how, etc. possessed by our group companies and our investee companies. In addition, we will promote initiatives to more actively support the operation of regional financial institutions through direct investment from the Company or its subsidiaries.”

As part of the partnership, SBI will assist Fukushima Bank to integrate with MoneyTap. The Japan Bank Consortium had first released MoneyTap back in March with an aim to allow customers of the bank to settle transactions instantly, all time around. SBI Ripple Asia leads the consortium, with a total member count of 61 banks. Takashi Okita, CEO of SBI Ripple Asia had earlier stated:

“We are proud to leverage Ripple’s blockchain technology through our new mobile app, MoneyTap, to improve the payment infrastructure in Japan. Together with the trust, reliability, and reach of the bank consortium, we can remove friction from payments and create a faster, safer, and more efficient domestic payments experience for our customers.”

With the latest tie-up, Fukushima Bank customers will join stores with SBI Money Plaza Co.Lrd. strengthening of financial products brokerage with SBI Securities Co.Ltd. The alliance will also focus on the strengthening of Fukushima Bank’s profitability through the entrustment of assets under management by the Group’s asset -management business.

SBI also released its holdings list with the company revealing the types and number of shares to be underwritten to be 5 million. The underwriting price was 222 yen per share, with the total investment being 1110 million yen, with the ratio of voting rights after investment being 17.91 percent.

With the latest partnership, MoneyTap, which uses Ripple cross border technology, aims to spread blockchain technology and cryptocurrencies across the globe. Ripple’s xRapid looks like the key to revolutionize the remittances market with digital assets.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Here is why Peru bank switched from Ripple’s xCurrent to xRapid

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Ripple and its native cryptocurrency technologies have always been considered to create an ecosystem for fast racking cross border transactions. The efforts made by the San Fransisco based company has also resulted in several other organizations jumping on its roster, resulting in the formation of one of the largest partner chains in the digital assets space.

During the ongoing Ripple Swell Conference, several of these partnerships came to light after Ripple’s partners spoke about why they switched technologies. One of the biggest highlights was an official from a bank in Peru, talking about the institution’s switch from xCurrent to xRapid On-Demand Liquidity [ODL].

The banking official stated that the digital assets first gave confidence when multiple countries started considering the industry as a legitimate mode of transactions. According to the banking official:

“We have always worked towards creating a better environment for our users and we give ourselves the room to learn and improve over our mistakes. We initially worked with xCurrent and dedicated the use of crypto for larger sections of the community. We decided to work with Ripple so that we can bring in better business while at the same time create a better user experience.”

Ripple’s xCurrent and xRapid

xCurrent is Ripple’s answer to its main competitor SWIFT’s established messaging system. The technology allows for quick settlement during cross border transactions while at the same time requiring Nostro-Vostro accounts to be held by participating banks.

xRapid is the next step after implementing xCurrent on a particular system. xRapid ODL utilized Ripple’s native cryptocurrency XRP as a bridge asset between multiple support currencies, thus eliminating the need for the aforementioned Nostro-Vostro accounts. The main advantage of using xRapid is that it creates larger savings for banks.

The Peruvian banking official added that by adopting new technologies, banks would be able to expand into regions earlier thought of as impossible. According to her:

“By taking a chance with other companies and newer technologies, it will give us a better edge to stay competitive in the current financial market.”

Several organizations have praised XRP and Ripple with CoinField CEO Bob Ras, claiming that XRP may soon become a global reserve currency. The Canadian exchange had recently built their Sologenic software on top of the XRPL, and Ras reasoned why:

“XRP has proven to be the fastest & cost-efficient blockchain network in the industry. In the meanwhile, XRP ledger provides all the tools to create a financial ecosystem for a modern era.”

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Western Union doesn’t need Ripple when they have Earthport

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Western Union, one of the world’s leading payment service providers, has been in talks with Ripple over some time. Last weekend, a prominent crypto analyst mentioned on Twitter that, WU doesn’t need to integrate Ripple when they are using Earthport. And, his claim seems to hold substantial weight.

Before we move any further with the story, it’s worth noting that Western Union has been doing a test with Ripple and a couple of months back WU CEO, Hikmet Ersek said that they are still working with Ripple and learning from it.

Ripple has influenced a lot of financial institutions with its revolutionizing technology. Moneygram’s adoption has added significant value to the American Fintech firm. With several top banks using Ripple’s services, Western Union has always been interested in integrating Ripple, and it tested Ripple’s product (xRapid).

Officials from the blockchain firm mentioned regarding a potential collaboration with the money transfer giant, it said:

“We continue to test different products with Western Union. We are excited about this new partnership and our participation in a pilot implementation of xRapid. As many know by now, the xRapid product uses XRP in settlement flows.”

The world thought that Western Union is going to integrate Ripple, but things changed when WU CEO in the recent Brainstorm Finance 2019 conference changed his tone and said that they are providing the service even cheaper than Ripple (almost five times low). Ersek made sense, and he was logical. However, he didn’t neglect that they have stopped working with Ripple as he added:

“I’m open, any cost savings, any innovation. I’m there. We can sign a deal tomorrow.”

Despite all these uncertain circumstances, the thing to notice is that Western Union is using Earthport, a Fintech firm being regulated under the UK’s Financial Conduct Authority (FCA). Earthport is currently providing cross-border services across 88 countries.

https://twitter.com/naylor_vail/status/1172844236212973570

A brief look into Earthport makes things very interesting. Back in 2015, it partnered with Ripple, and in 2016, the fintech firm announced its Distributed Ledger Hub. It then made the first cross-border payment transaction through the Santander bank UK (again a Ripple partner), which made it the first DLT service to be provided to a UK bank for the cross-border transaction.

Now Western Union is using Earthport, which indirectly leads it to Ripple, and makes a connection between them substantially. However, who knows in the coming time Western Union may settle down with Ripple directly, and end up in a potential partnership just like Moneygram.

If Western Union goes on to announce a collaboration with Ripple in the future, it would be a massive breakthrough for the blockchain firm. Having the two biggest money transfer giants in the pocket could lead it to the pathway of new heights in the remittance world.

In case Western Union announces to stay away from Ripple, it would not have a massive impact on the Fintech firm, as it is still popular among banking world and almost all top banks and financial institutions are using its products in some manner.

Moreover, as the blockchain technology grows and makes waves into the masses, Ripple will more likely bring innovations in the industry. And that is where it has the edge over all the firms providing cross-border services. In the end, blockchain technology is the one that will make a difference.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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XRP Liquidity Index surpasses all-time high at Bitso as Ripple coin crosses BTC in MXN volume

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Yesterday, the founder of Bitso, a Ripple’s xRapid powered crypto exchange based in Mexico, confirmed that XRP liquidity index had surpassed all-time highs.

A prominent XRP community member on Twitter, Xrpcenter first shared this news and later on Bitso founder, Daniel Vogel confirmed that xRapid is flowing nicely through Bitso, and has surpassed the maximum level of liquidity of all time. Bitso has been a critical player at helping with XRPL decentralization and implementing XRP products.

xRapid

Ripple’s xRapid is one of the most prominent products of the blockchain firm that uses XRP as a core for making transactions. So far, xRapid has made a massive impact, and its utility is growing swiftly. Previously officials from Ripple have confirmed that more than 20 financial institutions are using xRapid. With Bitso being one of them, xRapid is positioning very well in the market. As its adoption is increasing day by day, it will have a significant impact on both Ripple and XRP.

The most friendly and promoted exchange for Ripple (XRP)

Bitso has been primarily supported, and the XRP community has responded very well. Bitso allows trading XRP at a low fee and quick transfer alternative for moving funds. XRP surpassed BTC as the most traded fiat pair on the xRapid-enabled Bitso exchange. However, as we write this, BTC/MXN have again jumped back to the 1st spot as XRP/MXN trading volume has just fallen behind BTC/MXN.

As the crypto industry continues to develop and grow, Ripple keeps stamping its authority and is attracting more investors with every day that passes. Ripple is working hard to solve real-world solutions to outdated systems, and that shows itself by seeing how much they are working with regulators and banks.

Ripple’s product is being used at various institutions, and the banking world has already admired it. Crypto analysts believe that the growth of xRapid will give a significant push to XRP in coming time.

Crypto industry is still new, and patience is needed in this game. This is once in a lifetime opportunity for the investors. Remember many didn’t believe in Bitcoin at first and made the mistake of not buying BTC when it first showed up. So, investors need to be aware of this aspect and do not make that same mistake again. Taking Ripple’s tech and team into consideration, Holding XRP is the option to go with.

Bitcoin overall is still dominant, but things are steadily changing, and Ripple’s XRP seems to be going in the right direction. Although it’s only one corridor, it starts somewhere; previously surpassing ETH in the market has shown that XRP has the potential to get bigger.

Yes, BTC is still by far the leader in terms of liquidity and widespread adoption, but the XRP community needs to believe in their ‘choice’ and stay patient. At least that what we think as things stand.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple in focus: Q4 2019 would be wild for XRP, here is why

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Ripple is heading in the right direction as we are getting closer towards the Q4 of 2019. The implementations of specified plans set by Ripple shows that they are getting closer to their target. There are three phases in which all the progress of Ripple matters; crawl, walk, and run.

Humans or any other thing that learns to crawl at first, and after a few years they learn and have enough capability to walk, and once they are old and strong enough, they start running. Just following this natural phenomenon, Ripple is achieving its goals step by step.

CRAWL

Ripple has achieved almost all the targets set in the crawling phase. The key objectives were:

  • Establish relations with financial institutions and governments
  • Work with regulators for regulatory clarity
  • Establish payment corridors
  • Create partnerships governments, financial institutions, and NGOs
  • Central banks contract escrowed for XRP
  • Onboard financial institutions to use XRP

Ripple has successfully collaborated with governments and top financial institutions worldwide. The core objective is to gain popularity and work with different governments and regulations.

So far, Ripple seems to have achieved everything smoothly and looks more keen to grow its ecosystem further.  Recently, RippleNet partnered with Xendpay in which it will act as a payment corridor across five different countries of Asia.

WALK

In a recent tweet by an XRP user in which he mentioned that he chatted with Ripple’s CEO, Brad Garlinghouse. Brad mentioned that they have entered the walking phase. Let’s have a look at what the key objectives of the walking phase involve;

  • The transition of xCurrent users to xCurrent 4.0
  • Start new xCurrent on xCurrent 4.0
  • Transition xCurrent users to xRapid
  • Continue the time release of escrowed XRP

Transitioning of xCurrent to xCurrent 4.0 has been happening throughout this year. It’s already in the news that the banks in India are now using xCurrent 4.0. Moreover, all the financial institutions and partners of Ripple are upgrading to xRapid and transitioning xCurrent users to xRapid.

And the time release of escrowed XRP has been continued throughout this year. So, Brad is pretty much right that currently we are going through the walk phase and transitioning into jog phase, and soon Ripple will be in the next stage of the run.

RUN (Ripple looks all set for it)

The reason that Ripple will soon be in the run phase is because of its potential collaboration with SBI; more importantly, its recent partnership with Moneygram that will set a new standard for Ripple. Moneygram will act as the XRP hub center for all the financial institutions to be able to use liquidity from the money transfer giant.

Moneygram would be a pivotal component to XRP, and by the end of this year, i.e., Q4, we could see most of the financial institutions using XRP (xRapid) on-chain for cross-border remittance payments. This will have a massive impact on XRP in the market and can boost up its value very quickly.

As per the plan, there will be some international bank to bank payments via XRP. Moreover, XRP would also be used to bridge the walled gardens through the inner ledger protocol by the end of 2019. So, these are some key developments that can happen in the meanwhile that could really push the price of Ripple’s native token.

Some other developments that are going to happen in the Run phase are the following:

  • XRP used globally for retail purchases
  • IMF adopts XRP for e-SDR
  • The global unbanked population uses XRP
  • Increase in RippleNet efficiency with the rise in XRP value
  • The U.S. and other states use XRP to back fiat and pay the debt
  • XRP emerges as a supranational currency
  • XRP serving as the world reserve currency

Ripple has some huge plans and is all set to revolutionize the world economic system. With such progress, investors would really show great interest in XRP. For those holders who are being impatient should hold with their assets because something big is coming your way and XRP would touch the skies. When? No one knows, nothing is guaranteed in the world of crypto.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple official verifies xRapid’s extensive use; claims it to function as ILP connector in the coming year

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Ripple vows to expand, and we can see its exclusive usage across financial firms seriously influencing the modern payment system. A couple of years back, it was predicted that Ripple would be the future of the payment world. But it seems that Ripple product xRapid has achieved this target already.

The Senior VP of Product Management at Ripple, Asheesh Birla proclaimed that Ripple’s famous banking service xRapid has reached optimum traffic thus far after a stream of customers flowed into the network.

Known for its low-cost liquidity, Ripple’s xRapid is a service that is made for payment providers and other financial organizations. xRapid helps to minimize the liquidity costs and at the same time, enhances the customer experience. As we know that payments made into new markets often require high liquidity costs, but xRapid has an edge over that as it does not offer such capital requirements.

The key to the service of xRapid is the use of XRP that provides on-demand liquidity. This works effectively and efficiently while making real-time payments by reducing costs. Especially for enterprise usage, xRapid has been a success as more and more financial enterprises have adopted it in recent times. The major elements of Ripple’s xRapid that make it successful are its scalability and liquidity.

In a Twitter streak, Bisla replying to a user said,

“hands full with xRapid customers, right now focused on that.”

When he was asked about that whether xRapid would function as ILP connector or not, he mentioned that it does function as an ILP connector, but they would specifically look up to this and make it fully functional by the start of next year.

Basically, an ILP (InterLedger Protocol) connector is a core workpiece that addresses different network hosts and then works as a security section for the payments across those autonomous ledgers. The real-time application of an ILP connector is to present solutions to the digital crypto ledgers to make secure and prosperous payments. In advance, it makes sure that there is no fault between the connection of sender and receiver.

Ripple has driven utterly into the crypto space as things have just begun to settle down. There is a line of customers that have shown trust in Ripple and are adopting its services.

Recently, Moneygram made a partnership with Ripple to use xRapid services for payment method. Moneygram being the second-largest payment platform in the world, has assured that there will be a new wave of customers that would certainly enter into the Ripple ecosystem sooner than many might be thinking.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Korean remittance service CROSS runs on Ripple; a boost for XRP real life use cases 

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Ripple is the first open payment network in the world which is run by the Ripple Labs. The system is expanding across the globe with its adoption by different financial firms, banks, and exchanges.

The blockchain firm has grown as a promising remittance firm providing service for cross-border transactions. Now, another instant remittance firm, CROSS, has adopted Ripple technology.

About Ripple’s New Instant Payments Partner CROSS

Not too long ago, a new remittance service started in Korea named ‘CROSS.’ It is a global remittance network that provides users with an easy platform to make cross-border transactions.

Using Ripple’s technology makes it send money at fast speed. It provides high security with low transaction fees. Moreover, the key aspect is that it is licensed by the government in compliance with the newly amended Foreign Exchange Act which makes it a reliable network.

At the moment, CROSS (crossenf.com) provides service to several countries including Thailand, Philippines, India, Vietnam, Malaysia. The service will be available in China and Singapore in the coming days. The main objective is to provide service across Southeast Asia, where customers would be able to send money to friends and family.

Using Ripple

CROSS uses Ripple’s technology which allows payments of any size to move rapidly with a secure ecosystem. Ripple has an ideal system for remittance payments, which is one of its key features and this makes it more suitable for networks like CROSS.

https://twitter.com/pollawit2515/status/1154954676149731329

Ripple provides with two major services, xCurrent, and xRapid. xCurrent uses RippleNet, whereas, xRapid uses XRP as a medium of exchange. With the crypto industry revolutionizing the financial (banking) systems, Ripple is ahead from many other systems currently used in the world. That is the main reason why financial systems are adopting Ripple for payment method.

It is good for Ripple as it will have a positive impact on its growth across the Southeast Asian region. The world is moving towards the adoption of a new payment system and Ripple seems to capture this industry with its stupendous technology.

A Boost for XRP

XRP is a core subject to Ripple, as the blockchain firm uses XRP service (xRapid) for the payment method. Ripple’s growth is always key for XRP’s success and its adoption. This is a real boost for XRP real-life use cases, where customers from the emerging markets have a new opportunity to interact with Ripple’s XRP.

XRP is the third-largest crypto in the world and with Ripple assistance, it’s future in the market looks good. Such small developments play a key role in long-term progress. At the time of writing, XRP trades at a price of $0.31029 after going down by 2.56% in the last 24 hours.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.

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Ripple’s XRP price is about to explode. Here’s why

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Ripple’s XRP is one of the leading cryptocurrencies in the world. It holds the third sport by market capitalization, so it’s bigger than any digital asset you’ve ever heard about except for Bitcoin and Ethereum. Besides its sheer size in capitalization, XRP was the most profitable coin in the market for two consecutive years, 2017 and 2018, which is quite remarkable in itself. Just think about it. This coin can return record profits in the best year the crypto market ever had, but also in the worst year. How’s that for reliability?

Things are about to get even better for XRP holders and in this article, we’ll explain to you why.

We start with XRP’s primary use case, which is to eliminate friction in settling international payments between banks. That’s one of the reasons that will drive XRP’s value up in the future. As more banks adopt Ripple’s blockchain, software platforms, and cryptocurrency to carry out this task, they will be using XRP as a mediating coin to settle all their cross-border commitments. That will increase demand for the token dramatically, and markets are all about supply and demand. The more the market asks for an asset, the more valuable it becomes.

Misconceptions about xCurrent vs xRapid

Some of Ripple’s critics like to say that Ripple’s banking partners won’t use xRapid (the platform that settles payments using XRP) because they’re using xCurrent already.

That’s wrong at several different levels.

First of all, Ripple has many strategic partners in the banking and remittances industry. More than 200 hundred all over the world and the list keeps growing. But hardly any of them is actually using xCurrent at all. Not at a production stage at least.

Most of Ripple’s partners have agreed to test the technology and run pilot programs to find out what the advantages in the new technology are and to figure out how to integrate it into its daily business activities. Only a handful of partners are really using Ripple’s technology (and token) at the production stage, and that’s an important fact to understand.

The main difference between xCurrent an xRapid is that xRapid uses the XRP token as a mediating currency between parties. That increases liquidity, speed, and reliability in transfers. xCurrent, on the other hand, is more of a messaging platform that doesn’t really solve the transfer of value problem within the platform. The crucial fact here is that using one doesn’t exclude the other.

And just as vital is this: xRapid is faster, cheaper, more reliable. So as banks try it out and use it, they’re likely to choose the better option, even if they know and like the other one. So there’s no reason to believe that xCurrent users will never adopt xRapid. Saying that they will stick with xCurrent assumes that banks will choose the slower, more expensive option. Only somebody who doesn’t know that banks are always trying to save money could believe that.

Final thoughts

XRP will take off for sure. Not in hours or days, maybe. But this is a project with excellent fundamentals, use cases, and it’s already been the world’s best performing digital coin. It could repeat the feat this year and many times over.

So don’t buy any of the overhype but keep an eye out for XRP. You won’t regret it. That’s what we think as things stand.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.