Heavy weight, from Peru, will use Ripples payment technology
Even if the Swell conference has brought a number of strong news for Ripple, the price of XRP does not want to react to it. At the conference, it was also known that one of the biggest banks will use in Peru XRP for payment processing.
The Banco Internacional del Peru, commonly known as the Interbank, well-known on was Swell that you are making the transition from Ripples payment system xCurrent to the XRP-based payment product called On-Demand Liquidity (ODL). Joisie Mantilla, the Blockchain-a specialist of the Interbank, announced this on the Swell conference of Ripple in Singapore, and continues to say (freely translated):
In Peru, we started using crypto-currencies to think about when you appeared for the first Time in the United States. The Bank has done an excellent job to attract talent, the focus is really on Innovation. And we have an innovation lab in the Bank.
We work as a Team that is allowed to fail, and different things should try out, and we have begun to work with xCurrent. And now, after a year of collaboration with xCurrent, we have decided this year to move forward and to use the crypto currency for our transactions.
On-Demand Liquidity, formerly known as xRapid, it was designed to Ripples native crypto-currency, XRP as a bridge between two Fiat-benefit currencies. Ripple reported that since the market introduction of the product in October 2018, 24 of the more than 300 customers for the use of ODL have decided. Mantilla says that the focus of the company was born on new technologies out of necessity, because Innovation in the cross-border payments infrastructure in Latin America is getting bigger and bigger (freely translated):
The need that we have found is that our two products, either corporate payments, or just Transfers that are out of date. We are no longer competitive in the market. There are so many Fintechs, especially from Brazil or the United States, aiming to Peru as one of your next steps to success.
According to the Corporate Financial Institute (CFI) is the Interbank is one of the largest banks in Peru. The company recorded a 2017 a total turnover of 2.9 billion US dollars and total assets of 41.3 billion US dollars. Ripple reported that 300 members are represented in the RippleNet. The positive response and the good results have led many companies to Ripples of payment systems and the pilot. Alexander Holmes, CEO of MoneyGram is thrilled of ODL, and will drive this further payment corridors in the next few months ODL (freely translated):
What I love about ODL is that we are in this technology at the front of it…. We are in the situation, billions of dollars in seconds to settle. The magic is really in it to connect to MoneyGram transactions with Ripple’s ODL.
Ripple has been working since June with MoneyGram that in over 194 countries around the world operates. MoneyGram operates an internal innovation lab that specializes in new technologies such as the Blockchain, to test and improve on the old System.
Featured Image: Wit Olszweski | Shutterstock
