Monetary Authority Of Singapore, Bank of England, and The Bank of Canada have published a report that gave a detail assessment of opportunities from the digital reformation of cross-border remittance using Distributed Ledger Technology (DLT), opening more opportunities for the deployment of Ripple’s viable Distributed Ledger Technology in the banking world.
The reports tagged “Cross-border interbank payments and settlements: Emerging opportunities for digital transformation”, provides alternative models having the possibilities of equipping the cross-border remittance.
In the jointly published and researched report, the age-long challenges of cross-border payments and settlements were profiled, and solutions that could increase the transparency and speed, while reducing the cost to a bearable minimum were proffered.
The report points how different models could be implemented from technical and non-technical end.
The first two models examined survive on the existing domestic interbank payment systems with the use of traditional technology, while the third models dig deep on the use of Wholesale Central Bank Digital Currency coupled with “its various applications through and its various applications through Distributed Ledger Technology”.
The three banks that focused on this research received supports from a group of financial institutions led by HSBC, and contributions came from Oversea-Chinese Banking Corporation (OCBC Bank), The Toronto-Dominion Bank (TD), United Overseas Bank (UOB) and Payments Canada.
The research survives on previous projects like Project Jasper managed by the Bank of Canada and Project Ubin from the Monetary Authority of Singapore.
No doubt, the study attest to the outstanding performances of DLT that is being used by Ripple and some other platforms.
Ripple’s DLT Adoption
Not long, Japanese financial giant SBI Holdings announced the launch of a payment application available on the iOS and Android devices. The payment application is proudly powered by Ripple’s distributed ledger technology (DLT).
The application branded as MoneyTap was showcased at the ongoing Singapore FinTech Festival 2018 where India’s Prime Minister Narendra Modi delivered a keynote address.
The projected is supported by Japan Banking Consortium, SBI Ripple Asia. The cross-border cost on the app is almost free.
A similar DLT-dependent app named One Pay FX was launched by Banco Santander few months back to service people in Spain, the U.K., Brazil, and Poland.