Ripple Labs Inc. has been recognized as an innovative payment service provider that offers one of the best technologies for cross-border payments. This acknowledgment of Ripple’s capabilities comes from trusted cloud payment service provider, Volante Technologies. During a Euro Banking Association (EBADay) event, Volante Technologies’ Chief Marketing Officer Vinay Prabhakar highlighted the benefits of cloud payment processing and endorsed Ripple as a game changer in the payment ecosystem. This endorsement has attracted attention from the XRP community, with influential member MrMan sharing the news on Twitter.
The EBADay event is a prominent gathering organized by the Euro Banking Association in collaboration with local service providers and top payment and banking officials. It features discussions on emerging trends and advancements in the payments and transaction banking landscape, attracting participants from Europe and other nations. Volante Technologies, a regular face at the event, recognizes cloud payment processing as a crucial driver of innovation and flexibility for financial institutions, particularly in terms of cost reduction. The inclusion of Ripple technology and Global Payments Innovation (GPI) in their strategy aims to attract more opportunities for Payment Service Providers (PSPs).
This endorsement of Ripple technology follows an acknowledgment from the International Monetary Fund (IMF) regarding Ripple and XRP as key components in the pursuit of efficient cross-border settlement. The IMF’s stance on XRP led to the launch of the XC Platform, a global platform designed to encourage Central Bank Digital Currency (CBDC) interoperability across borders. Ripple has also been working with various central banks, including the Central Bank of Montenegro and top banking institutions in India, to implement their CBDCs using Ripple technology. These partnerships and collaborations showcase Ripple’s global recognition and its potential to transform cross-border transactions.
Furthermore, the Monetary Authority of Singapore (MAS) granted Ripple in-principle approval of the Major Payments Institution Licence application. With this license, Ripple is authorized to provide digital payment token products and services in the region. This approval positions Ripple as a major player in the billion-dollar market arena in Singapore.
The recognition of Ripple’s technology and its potential for the trillion-dollar CBDC and payments market worldwide cannot be overstated. Governments and central banks are actively exploring the development of their CBDCs with interoperability in mind. Ripple’s XRP addresses the liquidity issue that arises with these CBDCs, making it a viable solution for cross-border transactions. The widespread adoption and recognition of Ripple’s technology by central banks and governments globally signify its importance in revolutionizing the payments industry.
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