Ripple News Today – Ever since Ripple was created, it has had one goal; to reinvent the international remittance sector using decentralised ledger technology. Over the years, Ripple has come up with innovative tech that would bring it closer to accomplishing this goal. This includes xRapid, xCurrent, xVia and of course, XRP. The company’s entire campaign is based on the premise that the traditional banking system is flawed and outdated. Ripple proposes an option that would not just cut out the intermediaries during cross-border remittance but also reduce cost. It has been working hard to convince banks to adopt its protocols and use XRP. Well, Visa and other rulers of the international remittance sector aren’t ready to give up without a fight. Is an increase in competition going to ruin Ripple?
Ripple News Today – XRP News Today – Visa Is One Out Of Many Prospective XRP Killers
Visa is one of the leading providers of international remittance services. Last year, there were speculations that the company may be considering using Ripple’s blockchain to offer more efficient services in its cross-border remittance business. However, according to the latest reports, Visa has launched a new remittance network that is specifically meant to make it easier for financial institutions to manage international payments for corporate clients swiftly and efficiently. Just like Ripple’s xRapid, this new network is going to facilitate direct bank-to-beneficiary transactions cutting of the intermediaries.
Visa did not use Ripple’s technology for this project. Rather it was launched in collaboration with IBM, Bottomline, and FIS. Right now, this network is active in more than 30 countries and the company has stated that it intends to expand its payment corridors to reach at least 90 countries before the end of 2019.
The network, which is referred to as Visa B2B Connect uses a digital identity feature. So, it tokenises business information from clients assigning them to unique identifiers. What this means is that businesses will be able to perform transactions between each other without revealing details like the bank account numbers and other banking details.
XRP News Today – Ripple News Today – XRP Price Prediction 2019 – Is There Hope For Ripple?
Visa has been one of the dominating institutions in the remittance sector. This fact can’t be disputed. Without the integration of decentralized ledger technology, the company was able to reach mass adoption and build a good reputation for itself. Now, it has added elements of DLT to this network giving it an edge over its competitors. Regarding this network, the general manager at IBM said;
“This is a unique example of how blockchain-based architecture can help transform B2B value chains by facilitating secure and transparent transactions globally,” said Marie Wieck, general manager at IBM Blockchain.
No doubt, this new network is going to increase the competition for XRP. Let’s not forget that the long term survival of XRP depends a great deal on the survival of xRapid. If xRapid is kicked out of business by competitors like Visa and JPMorgan, things are going to get messy. Ripple would need to up its game and increase its pace of signing financial institutions up to use xRapid. If it is to survive in the space.
What do you think about the XRP news today? Will this increase in competition from Visa lead to the slow and painful death of Ripple? Share your thoughts in the comment section below.