Becoming more and more obvious that Ripple is the future of cross-border payment. Several banks around the world have already started to use the Ripple, and the trend continues to grow. In February, Santander announced that they will use XCurrent for payments to Europe and the United States.
However, one of the biggest news is that Bank of America can be prepared to use Ripple in the future. According to a post on Reddit, at the bottom of the development Bank of America, it was stated that Ripple provides the ability to reduce the complexity of integration enabled by partners to standardize protocols and formats of the data and eliminate errors using the technology of the blockchain and legerov.
– It provides pilots to make more efficient cross-currency payments due to the shortening of payment term, to address many levels of costs and greater transparency compared to FX – also stated in a post on Reddit.
In addition to using XRP, this post may mean that Bank of America prepare to deploy Ripple as a replacement to the SWIFT system.
However, even before this deal happens, it becomes increasingly obvious that the Ripple become the new standard in the field of cross-border banking transactions. As soon as all the major banks will start to use it, other banks will have no choice but to accept it. If that happens, Ripple will be able to solve the problem of 20 trillion dollars.
So why is the rate of Ripple does not increase in connection with all the good news? This is largely due to the influence of bitcoin in the cryptocurrency market. If exchange rate for bitcoin is growing, growing and other currencies. However, the General Director of the Rippled brad Garlinghouse I am sure that over time, the dominance of bitcoin will.
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