Posted on

U.S. Bank Hires From A Ripple (XRP) Partner, Will They Integrate?

US Bank

U.S. Bank announced a few hours ago that it has hired Derek White, a former employee at BBVA, one of Ripple’s leading partners. The hiring of White could see US Bank adopt Ripple technologies and XRP for cross-border transactions.

White to Lead US Bank’s Digital Team

On April 15, US Bank revealed that it had hired Derek White to lead its new combined digital team. White is experienced in the digital space and to that end he will be in charge of innovation, development, digital products, agile initiatives, and omni-channel for the US Bank.

“U.S. Bank announced today that the company has hired veteran digital leader and innovator, Derek White, as chief digital officer responsible for leading the company’s newly combined digital team. White will report to U.S. Bank chairman, president and CEO Andy Cecere and be a member of the company’s Managing Committee.”

The global finance space is under a
necessary transformation, and U.S. Bank is bringing in someone who championed
such causes in two global banks. White is a former employee of Spain’s BBVA,
where he was in charge of designing, creating, and releasing digital products
and services.

Read: Privacy Meets Ripple’s (XRP)
InterLedger and Coil

Before BBVA, he worked at Barclays
for more than a decade. There, he held several leadership positions, including
the head of the digital team and many more. The CEO of US Bank Andy Cecere
expressed excitement at this latest development. While the bank praised White
for his role in digital developments in the banking sector, they strongly believe
that his team would make it easier for their customers to carry out operations.

“Derek is an outstanding leader with a proven global track record as a digital innovator in the banking industry. He and his team will be instrumental in deepening our commitment to provide our retail and institutional customers with the capabilities that make it easier and better to bank with U.S. Bank”

White’s Appointment A Good Thing for Ripple

The selection of White by US Bank is
good news for Ripple and XRP.  As it is,
Ripple has been releasing solutions that make cross-border remittance easy for
banks and other financial institutions across the globe.

And good news is that White played a
crucial part in the partnership between BBVA and Ripple two years ago. In 2017,
BBVA completed their first real-life implementation of an international
money transaction using Ripple’s technology.

Then,
Global Head of Strategic Accounts at Ripple, Marcus Treacher said:

 “While others are content to merely experiment with blockchain, BBVA is working with us to move real money and in doing so, will establish the future new level of service for their customers.

The transaction was carried out on
Ripple’s Distributed Ledger Technology (DLT), allowing the bank to transfer
funds from Spain to Mexico within seconds. White was heading the BBVA technical
team at the time, and his relationship with Ripple could see him adopt the
technologies at US Bank.

Over the past few years, Ripple had
rolled out a few payment solutions including RippleNet, xRapid, xCurrent, and
xVia. xCurrent is the enterprise solution by Ripple that allows banks to carry
out cross-border payments with end-to-end tracking instantly. It has become a
favorite amongst banks due to the fast transaction times and the legal clarity
involved in every transfer.

Another popular Ripple product is
xRapid which debuted last year. The product also makes it possible for
financial companies to carry out cross-border transactions faster and cheaper.
Another option is xVia which “is for
corporates, payment providers and banks who want to send payments across
various networks using a standard interface
” that seems to be gaining more
customers. Its ability to reduce transaction fees and boost transfer speed are
the reasons why xVia has become popular.

Ripple’s primary mission is to become
the number one remittance platform in the world. While it aims to help banks
and financial institutions carry out faster and cheaper transactions, it is
doing so by using blockchain technology.

Also Read: Demand For Ripple Inc
Solutions Simply Too High in Asia-Pacific

The adoption of Ripple’s technologies
could also lead to the massive adoption of XRP, the native coin of the blockchain.
Although XRP is not compulsory. It remains an option, and some banks are
already making use of this liquidity tool, saving millions.

Therefore, the appointment of White
by US Banks could see Ripple adoption in the bank very soon. If that happens,
Ripple and XRP will experience more adoption in the United States.

The post U.S. Bank Hires From A Ripple (XRP) Partner, Will They Integrate? appeared first on Ethereum World News.

Posted on

U.S. Bank Hires a Former Ripple (XRP) Partner, Will They Integrate?

US Bank

U.S. Bank announced a few hours ago that it has hired Derek White, a former employee at BBVA, one of Ripple’s leading partners. The hiring of White could see US Bank adopt Ripple technologies and XRP for cross-border transactions.

White to Lead US Bank’s Digital Team

On April 15, US Bank revealed that it had hired Derek White to lead its new combined digital team. White is experienced in the digital space and to that end he will be in charge of innovation, development, digital products, agile initiatives, and omni-channel for the US Bank.

“U.S. Bank announced today that the company has hired veteran digital leader and innovator, Derek White, as chief digital officer responsible for leading the company’s newly combined digital team. White will report to U.S. Bank chairman, president and CEO Andy Cecere and be a member of the company’s Managing Committee.”

The global finance space is under a
necessary transformation, and U.S. Bank is bringing in someone who championed
such causes in two global banks. White is a former employee of Spain’s BBVA,
where he was in charge of designing, creating, and releasing digital products
and services.

Read: Privacy Meets Ripple’s (XRP)
InterLedger and Coil

Before BBVA, he worked at Barclays
for more than a decade. There, he held several leadership positions, including
the head of the digital team and many more. The CEO of US Bank Andy Cecere
expressed excitement at this latest development. While the bank praised White
for his role in digital developments in the banking sector, they strongly believe
that his team would make it easier for their customers to carry out operations.

“Derek is an outstanding leader with a proven global track record as a digital innovator in the banking industry. He and his team will be instrumental in deepening our commitment to provide our retail and institutional customers with the capabilities that make it easier and better to bank with U.S. Bank”

White’s Appointment A Good Thing for Ripple

The selection of White by US Bank is
good news for Ripple and XRP.  As it is,
Ripple has been releasing solutions that make cross-border remittance easy for
banks and other financial institutions across the globe.

And good news is that White played a
crucial part in the partnership between BBVA and Ripple two years ago. In 2017,
BBVA completed their first real-life implementation of an international
money transaction using Ripple’s technology.

Then,
Global Head of Strategic Accounts at Ripple, Marcus Treacher said:

 “While others are content to merely experiment with blockchain, BBVA is working with us to move real money and in doing so, will establish the future new level of service for their customers.

The transaction was carried out on
Ripple’s Distributed Ledger Technology (DLT), allowing the bank to transfer
funds from Spain to Mexico within seconds. White was heading the BBVA technical
team at the time, and his relationship with Ripple could see him adopt the
technologies at US Bank.

Over the past few years, Ripple had
rolled out a few payment solutions including RippleNet, xRapid, xCurrent, and
xVia. xCurrent is the enterprise solution by Ripple that allows banks to carry
out cross-border payments with end-to-end tracking instantly. It has become a
favorite amongst banks due to the fast transaction times and the legal clarity
involved in every transfer.

Another popular Ripple product is
xRapid which debuted last year. The product also makes it possible for
financial companies to carry out cross-border transactions faster and cheaper.
Another option is xVia which “is for
corporates, payment providers and banks who want to send payments across
various networks using a standard interface
” that seems to be gaining more
customers. Its ability to reduce transaction fees and boost transfer speed are
the reasons why xVia has become popular.

Ripple’s primary mission is to become
the number one remittance platform in the world. While it aims to help banks
and financial institutions carry out faster and cheaper transactions, it is
doing so by using blockchain technology.

Also Read: Demand For Ripple Inc
Solutions Simply Too High in Asia-Pacific

The adoption of Ripple’s technologies
could also lead to the massive adoption of XRP, the native coin of the blockchain.
Although XRP is not compulsory. It remains an option, and some banks are
already making use of this liquidity tool, saving millions.

Therefore, the appointment of White
by US Banks could see Ripple adoption in the bank very soon. If that happens,
Ripple and XRP will experience more adoption in the United States.

The post U.S. Bank Hires a Former Ripple (XRP) Partner, Will They Integrate? appeared first on Ethereum World News.

Posted on

Ripple Beating The Banks, But Centralization Concerns Remain

Anyone that has made an international bank transfer will feel the frustration of waiting for at least a day and paying far more than should be necessary for something that can be done with a click of a button. Ripple is bridging that gap with RippleNet which offers SMEs a competitive edge for global payments.

The San Francisco based blockchain firm has taken to its blog to proclaim that “the world’s payments infrastructure hasn’t changed since the heady days of disco, nearly four decades ago.” Business operations are unnecessarily hindered by today’s archaic banking system built upon decades old infrastructure.

Businesses today need to plan for days of delays while banks and payment providers self-fund multi-currency accounts and pass the costs and over inflated foreign exchange rates and transaction fees onto their customers. A significant percentage can be lost sending money from one country to another going through a number of different currencies, the only ones profiting are the banks.

According to the company RippleNet speeds up transactions, reduces costs, and introduces a level of certainty to global payments;

“Using RippleNet, banks and payment providers can reimagine a payment from invoice to confirmed settlement for their clients. Just one small change, like the ability to drag-and-drop invoices as part of a RippleNet powered transaction, can have many benefits: it saves time with pre-populated fields, automatically confirms recipients for accuracy, and obtains real-time quotes.”

Smaller transactions in emerging markets such as Brazil, India, and China will benefit more from an international cross-border payments platform that doesn’t take days or cost a hefty slice of the remittance. According to the World Bank global remittance payments will grow by 3.4% or roughly $466 billion this year.

Ripple is currently at the forefront of the industry and has partnered with over a hundred banks and payments providers across the globe. It claims that it “connects all parties in a global transaction through a single seamless, frictionless experience. Built for the Internet age, Ripple delivers access, speed, certainty and savings.”

While this may be a service long overdue, crypto aficionados and cypherpunks claim that Ripple is as centralized as a bank and will still profit from these transactions. The company, however, argues the opposite claiming that the XRP Ledger ‘is based on an inherently decentralized, democratic, consensus mechanism’.

The key thing to note here is that Ripple is the company with products such as RippleNet, xRapid and xCurrent while XRP is the ledger working on blockchain principles used by other cryptocurrencies. The bigger thing to note here is that the company, or its executives, holds a massive proportion of these tokens which can enter or leave the market as and when they see fit and consequently have a huge influence on price.

Girl in a jacket

loading…

Posted on

Ripple Chief Technology Officer: Getting Volume On RippleNet is Top Priority

David Schwartz – the current Chief Technology Officer CTO [former Chief Cryptographer] for the startup that provides better solutions for cross-border payments Ripple did an interview with Asheesh Birla – Ripple Senior Vice President of Product. The questions were made by the Ripple [its XRP Token] community and enthusiasts over Twitter.

Ripple – David Schwartz

Keeping in mind that news which are related to the crypto-firm Ripple fly in daily, it is obvious that investors, traders, followers want to know what are the priorities and most important tasks that the team has set in front of them. According to Mr. Schwartz the most important matter to take care of is getting more volume in RippleNet. Accordingly, getting more payment corridors by which the transaction flow will increase and its tech implementation will take place.

“I think having that transaction flow as candidates to be bridged with XRP is tremendously important to the company. Also, xRapid, actually doing the bridging of payments with XRP”

Even that Ripple is known for signing many partnerships during the last years counting hundreds according to its CEO Brad Garlinghouse, David Schwartz thinks there is still need for more which of course will turn out positive.

The next major factor to work on is decentralization as Mr. Schwartz highlighted out, and explained why it does matter when asked.

 I’ve had people tell me “Well, banks don’t care if something is decentralized; they trust each other, don’t they?”. Well, not only they do not trust each other, but imagine if you are trying to build on that ecosystem… if you are trying to compete with a company that’s spent billions of dollars on its liquidity solution, are you going to want to spend billions of dollars? And the other problem is that things that are based on trust don’t really scale… However, if you have a system that doesn’t require trust, you can interoperate with everybody by just firing up your own instance.

He continued adding that with a decentralized system there is no need for anybody to manage it on daily, or a governance body which would intermediate the engine. Which is why a decentralized platform that can govern and run by itself is needed.

The following questions were directed to Senior Vice President of Product, especially about Ripple’s product xRapid. As we all just want to know the best part, a twitterati asket when it is going to be in production. Birla noted:

“Right now, we are really working hard on getting the experience right for xRapid… We’ve seen really positive results with the pilot so far. There’s no set time for production just yet… We hope to have it by this year. I would say that the pilots were really good learning both for us and our customers”

As many do know, the partnership with Western Union had its ups and downs. Birla explained that for WU to see the full potential of xRapid and take advantage of the financial transaction solution, they have to set all their volume under xRapid. That is because they already set costs and optimized liquidity flows. However, according to the senior vice president of product, the team has set under radar startups and firms that are competing with Western Union and hoist them with their tech.

loading…