Banks have used for decades as the only way to send money abroad and due to the lack of competition, and the consumer was subjected to a myriad of hidden costs that made the entire process not available to ordinary customer. How well Ripple can reduce these costs? Spanish Bank BBVA claims that their experiments with the new system a success: according to the estimates of specialists, working with Ripple will cost 81% less than with traditional correspondence system.
BBVA has attracted low transaction cost, speed, reliability and traceability, and it could be for XRP as Banking BBVA Compass is a major player in the Spanish market. The coin will move around the network of banks and can extend its influence beyond Spain to Latin America, Mexico and the larger European community.
– Ripple is 81 per cent lower than the correspondent banking network used for decades to send global payments. In addition, the Ripple of the company can track their payments, says head of digital transformation at BBVA Investment Banking Alicia of Pertusa.
Pertusa confirms that BBVA is interested in innovations in cross-border payments, particularly given the expansion of influence in Europe, Mexico, USA and Latin America. The Bank is an active participant in several initiatives for cross-border payments (and in other areas where you can apply the blockchain). For example, last year the company began to implement a project with Ripple. Also, BBVA has conducted a series of tests with the blockchain consortia R3, Ethereum, and Hyperledger Enterprise Alliance.
Earlier, Fleetcor, MoneyGram and Western Union have successfully integrated and software xRapid. This significantly reduced the cost of international money transfers and reduced the transaction time to almost a few seconds. Experts expect that the Ripple BBVA cooperation will benefit both parties and the end consumer.
Note, at the time of writing the price per coin XRP is $ 0,46. The stock market remains in the red zone: exchange rate for bitcoin over the past day has decreased almost on 4%, the highest of the first five cryptonatica fell EOS — 12% per day.
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