Ripple partner, IBIS Management Associates has incorporated RippleNet adapter into its major payment processing platform, SWISSRoute.
This means that financial institutions would be able to access the RippleNet blockchain network in their bid to process cross border transactions, via SWISSRoute.
According to IBIS, its SWISSRoute would be automated and financial institutions will not need any SWIFT proprietary hardware or software to connect to their network.
The platform is however built on secure cloud-based technology and banks can connect through a single secure channel.
Meanwhile, partners and clients of this network are expected to be on the look-out as it will be rolled out in weeks to come.
The firm further ascertained that the inclusion of RippleNet is of major advantage to its clients, as it would enable frictionless international transactions within a secure environment.
IBIS has always maintained a stance of developing payment systems which utilize blockchain technology.
Also, RippleNet integration with its popular SWISSRoute payment platform is a huge deal for Ripple.
IBS has a strong presence in the Caribbean and counts banks like Commonwealth Bank, Bank of Belize, and Bank of Montserrat as its customers.
The incorporation of RippleNet to its SWISSRoute platform would increase the number of transactions that would take place on the Ripple blockchain.
In addition, RippleNet would provide a quick ecosystem for transactions to be confirmed at super low negotiation fees.
Ripple Solutions Gain Adoption In The Financial Sector
Since its launch, Ripple has focused most of its efforts towards securing strategic partnerships with financial firms. The blockchain platform has over 100 partners in its RippleNet ecosystem which has grown to include institutions from other sectors.
These partnerships have greatly boosted the number of dealings on the RippleNet with the blockchain platform recently recording 11X the number of ODLtransactions in the 1H of 2020 when compared to 2019.
Ripple is said to be the only blockchain firm to make the top 100 best workplaces for innovations which are a giant milestone that has contributed effortlessly to the growth which transpired in its ecosystem in the past year.