Is Ripple Out of The Game? U.S Fed Reserve Strategizes on How to Create a Faster Payment Solution for U.S Banks

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Ripple News Today – Ripple, whose commerce is developed on proffering financial institutions with a set-up to enable international payments and currency trades, has continuously been a more likely partner to governments and regulators than most other key blockchain projects and cryptocurrencies. Yearning to improve rather than unsettle the actions of the financial industry, the company has been all about the significance of a precise policy agenda for the banks to completely earn the fruits of blockchain-powered innovation.

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The regulatory shove against Libra, Facebook’s newly declared cryptocurrency, has prompted Ripple’s resolve to openly take on a pro-market-regulation stance. As reported by Ripple News update. The last lap of July saw the company’s management issue an open letter to the United States Congress imploring legislators to discern between the industry players and “not paint us with a broad brush,” but to encourage rulings that identify essential variances between several actors in the industry.

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Ripple has become a widely recognized cross-border payment solution provider, its function in fee settlement has been recognized and is presently utilized in numerous countries.

The distinctive factor that sets Ripple apart from other blockchain projects is that it works with customary financial institutions rather than as a competitor that is out to substitute the current system as cryptocurrency projects have been noticed by traders.

The U.S Federal Reserve just declared it will be creating a faster payment system, FedNow, which will permit a faster payment between American Banks. The service is proposed to simplify not only domestic payment but cross-border payments. The Federal Reserve appears to have taken the challenge posed by cryptocurrency pertaining faster payment scheme. According to an official statement on the project’s website, the resolution to develop an immediate gross payment network for Fed banks became essential owing to public views on the involvement of the Fed in payment services.

The publication read, “The FedNow Service is intended to advance public policy goals for faster payments and to help support the modernization of the nation’s payment capabilities. To accomplish these goals, the FedNow Service will enable financial institutions’ provision of end-to-end faster payment services and, in combination with private-sector real-time payment services, provide infrastructure to promote ubiquitous, safe and efficient faster payments in the United States.”

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Though, with the Fed on the brink of launching its payment system, Ripple may be facing though rivalry, particularly because its payment network Ripplenet uses a cryptocurrency XRP for liquidity, which has not been consented yet by the Government.

Going by the recent Ripple update, it is obvious that the platform already had the scheme in mind, because a Twitter account created in 2014 committed to faster payments, enhanced competence project although the Fed has been silent about the issue of payments. The absolute verdict to develop such a payment system as FedNow is a dream come true.

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