Ripple: MasterCard Calls XRP a Bridge
Financial institutions identify XRP as a bridge currency for cross-border payments.
Quick overview
- Financial institutions recognize XRP as a bridge currency for enhancing cross-border payments.
- SBI Remit utilizes Ripple's XRP for efficient remittances, alongside other examples like MoneyGram and Stellar.
- Ripple promotes XRP to improve global fiat currency liquidity and reduce foreign exchange costs.
- MasterCard's report highlights the integration of blockchain technology in modern payment systems, lending credibility to XRP's use in remittances.
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Financial institutions identify XRP as a bridge currency for cross-border payments. MasterCard explained how digital assets and blockchain-based systems are being integrated to increase the effectiveness of cross-border transfers in the report “Blockchain technology fuels new remittances business cases.”.
SBI Remit uses Ripple’s XRP as a bridge currency to facilitate quick and economical remittances, It is grouped with examples from MoneyGram and Stellar, which suggests that more institutions are experimenting with cryptocurrency assets for remittance solutions.
Ripple has continuously promoted XRP as a bridge asset to help with global fiat currency liquidity. This model seeks to lower foreign exchange costs and the requirement for pre-funded accounts, especially for underserved corridors.
Major financial institutions accept blockchain infrastructure as a feasible component of contemporary payment systems, as evidenced by Ripple and XRP in a MasterCard report. SBI Remit, a remittance service based in Japan, has a long history and is well-documented in its use of XRP in payment corridors throughout Asia.
However, by associating this practical use case with a reputable worldwide payments leader, the mention in an official MasterCard document lends additional credibility. Using examples from various geographical and technological contexts, MasterCard’s report aims to illustrate the trends influencing the development of remittances.
It is commonly known that the Federal Reserve is interested in modernizing and accelerating domestic and international payments. According to reports, Ripple is a member of a BIS task force on cross-border payments, supporting BIS efforts to lower costs and improve interoperability in international money transfers. The Bank for International Settlements (BIS) is the central bank of central banks.
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