We have heard so much about Stellar (XLM) and IBM partnership, and with a new debut branded the blockchain world wire, more and more tales is expected to surface. While expectation is high on the innovation, crypto verse has gone agog thinking the idea will take down Ripple (XRP) completely.
For those who are not aware, the aim of Stellar-dependent IBM Worldwide Wire payment system is to remove the function of banking intermediaries to international payment options, thereby lowering the cost and at the same time the transaction speed. Evident of the above, one would easily say that their target is the same as Ripple’s blockchain payment protocol.
Going by IBM’s available document, digital assets are to be used as substitute for cross-border payments. Once everything is fine, Fintechs can deploy World Wire APIs which will make it possible for Fiat currency to be converted into digital currencies.
It is worthy to note that IBM is not the only platform working on seamless across border payment, the likes of Alibaba’s Ant Financial, GMO, and even Swift are working on ideas in semblance with World Wire.
Above have made several observers point that these cross-border payment technologies, once deployed may have effect on Ripple.
Owing to this, I have looked around to see if Ripple (XRP) has anything worthwhile to counter IBM-Stellar World Wire and other innovations dished out recently by different companies.
Ripple-Western Union: Few Things To knows
There are indications Western Union, a respected global remittance giant may be looking forward to using the XRP for cross border remittance. The firm according to available info is discussing with Ripple Labs, the body behind the digital currency.
Bitcoin Magazine revealed that a statement made by Western Unions Director of Global Corporate Communications Kristin Kelly, pointed that the financial company may be planning to use XRP for cross-border remittance. Kelly confirmed that there is a discussion on ground with Ripple, but it’s not time to comment on that.
Earleir this year, Western Union confirmed it partnered with Ripple to test a blockchain protocol making use of XRP for cross border remittance.
If the partnership deal between the two firms as confirmed, it is going to be a major boost for Ripple and XRP. Western Union has been in the world of remittance for over 160 years.
The company is touted as one of the operator of the largest transfer networks across the globe. It serves around 200 countries and territories, and has over 500,000 agents (including banks). The mightiness of this firm is enough to reduce the ego of World Wire.
Mojaaloop: Ripple (XRP) and Bill and Melinda Gate Software
A whole lot of people do forget that Ripple and Bill & Melinda Gates Foundation are working together to increase people’s access to digital fund in developing countries. While this has been on since 2016,
Mojaloop is an open source payment software developed to tackle this problem. The technology uses Interledger protocol to service people. It is an effort of Ripple, Dwolla, ModusBox, Crosslake Technologies and Software Group.
At the moment, Mojaloop is not using XRP, there is possibility it opens companies to the use of the digital currency.
xRapid To Service Around 10 Million Filipinos
The news that xRapid partnered three different exchanges is all in the air. However, Today’s Gazette revealed that the partnership will make remittance easier for nothing less than 10 Million oversea Filipino workers.
Note that this is just the beginning of xRapid’s potential. There is possibility it services extends to more people in South America and beyond.
Santander OnePay FX Uses Ripple’s xCurrent
The launch of Santander One Pay FX is a big development in the life of Ripple. Although the app is still not dependent of XRP, it has, however, shown the potential of Ripple tools.
This app will make companies trust any tool from Ripple i.e xRapid, since there is no known case of One Pay FX failing its customers since it was unveiled.
Unlike other remittance tool, One Pay FX performs immediate cross border settlement within Europe. It available for retail customers in Poland, Brazil, UK, and Spain.
Conclusion: Ripple has been in the fintech industry before this time. The company has enough banks to its partnership credit.
When things go well, they may deploy xRapid which will in turn us XRP for payment. When this happen, IBM-Stellar (XLM) may not have the potential to take down Ripple (XRP).
Disclaimer: Our writers invest in cryptocurrencies and it is possible the author of this article has investment in any of the digital currencies discussed. Some times author's presented information may be laced with opinions. Treat articles as mere information and not as financial advice.