Results of the Bank of England/Ripple Proof of Concept
The Bank of England (BoE) recently released its blueprint for its next generation real-time gross settlement system (RTGS), which will form the backbone of the UK’s payment infrastructure. One element of the vision set out in that blueprint was potentially adding synchronisation capabilities to its future RTGS system. This would enable payments in RTGS to be executed simultaneously with a movement of another asset. One potential usage of this capability could be cross-border payments, where movements in the sterling RTGS system could be synchronised with movements in another currency.
Through its Fintech Accelerator, the Bank selected Ripple earlier this year to test whether blockchain technology could enable this “Global RTGS” capability and today released summary results of the proof of concept (PoC).
The BoE’s PoC specifically looked at how Ripple’s solution could support the synchronisation of cash movements made using two simulated RTGS systems utilizing the open-source Interledger Protocol. The BoE says that “the PoC was a useful exercise to develop the Bank’s understanding of synchronisation and possible technical solutions.” In other words, Ripple’s solution showed promise in enabling RTGS systems which seamlessly support interoperability globally.
Brad Garlinghouse, CEO, Ripple, said: “We believe in an Internet of Value, where cross-border payments should move at the same speed as information – like photos or emails – moves on the Internet today. Critical to making that vision a reality is enabling real-time settlement across domestic systems. To that end, the Bank of England’s PoC with Ripple is a watershed moment. We applaud them for being one of the first central banks worldwide to look at how blockchain technology can power instant international payments.”
Read the Bank of England report on the project here.
Ripple - XRP Ledger Decentralizes Further With Expansion to 55 Validator Nodes
Today we are excited to announce that the XRP Ledger ecosystem has
expanded to 55 validator nodes, an increase of 120 percent since May.
These new validators include WorldLink, Telindus-Proximus Group, Bahnhof
(Swedish ISP) and AT TOKYO Corporation, and join a growing network of
leading companies and organizations currently validating transactions on
the XRP Ledger, including MicrosoftMassachusetts Institute of Technology (MIT) and CGI.
Last month, we shared our strategy to make the XRP Ledger more decentralized.
We are committed to continued diversification and decentralization of
the XRP Ledger validator ecosystem to further increase its resiliency
and robustness (you can learn more about validators, the servers that
confirm transactions on the ledger,here).
Ensuring our enterprise-ready public blockchain is as strong as
possible through additional validators is necessary to make XRP the
globally preferred digital asset for payments.
Mathew Pulickel, Senior Vice President, Emerging Technology at WorldLink, said: “We believe Ripple’s network will revolutionize commerce in the future and the way our customers do business, and that’s why we have chosen to run a validator node on the XRP Ledger. In the same way that communication and document sharing dramatically improved with email, Ripple and the digital asset XRP will have an equally impactful effect on the time and cost associated with cross-border payments.”
We also plan to add two third-party validators to the XRP Ledger’s Unique Node Lists (UNLs) in the coming months. UNLs are an important subset of trusted nodes that can validate transactions, vote on protocol changes via amendments and modify fees on ledger. While Bitcoin chooses validators solely on mining power, XRP Ledger validators are chosen based on performance, reliability, and security. This includes assessing a possible UNL against the following criteria:
- Server topology
- Server uptime, including 24-hour incident response capabilities
- Speed of server updates following new releases
- Network agreement rate
- Verification with Extended Validation Certificate
- Public Attestation via ripple.txt file or DNS TXT record
If your organization is interested in setting up a validator on the XRP Ledger, you can find more information here.
Ripple(XRP) Q2 2017 Markets Report
In order to continually improve the health of XRP markets globally, we will share regular updates on the state of the market including quarterly sales, commentary on previous quarter price movements and related company announcements.
In Q2, market participants purchased $21M directly from XRP II, LLC*, Ripple’s registered and licensed money service business (MSB). These buyers tend to be institutional in nature and their purchases include restrictions that help mitigate the risk of market instability due to large subsequent sales. Additionally, XRP II, LLC* sold $10.3M worth of XRP. These sales are executed daily as a small percentage of overall volume. For Q2, they represented 0.09% (9 basis points) of the total $11.06B traded.
Market Commentary: Things Have Changed
Q2 2017 was one of the most significant quarters to date for XRP markets. In fact, it might represent a sea change in XRP’s adoption and relevance in the space. Though it’s difficult to discern which of the many developments was most important, the most dramatic had to be XRP’s price increase. XRP finished the quarter at $0.263, a stunning QoQ increase of 1159% and YTD growth of 3977%. At its peak on May 17, XRP reached $0.394, up 6012% this year and 1787% this quarter. There were some indications in Q1 that the days of sub one cent prices for XRP were in the rearview mirror, but this type of paradigm shifting performance was certainly difficult to predict.
Recent Announcements and Market Adoption
There were a number of significant announcements and events which clearly contributed to XRP’s incredible second quarter.
The Q1 report stated that Ripple would communicate XRP developments more frequently and Q2 saw some very important announcements:
Each of these was instrumental in helping to drive XRP interest and volume in Q2. The market responded favorably to the escrow and decentralization announcements in particular. They both laid out clear plans for Ripple to address the top concerns about XRP, building the market’s trust in Ripple and XRP.
Blockchain Adoption on the Rise
From a broader perspective, a number of sovereign institutions and international corporations signaled an interest to adopt digital assets and blockchain-based solutions generally.
Taken together, the positive XRP-specific news and the generally favorable and embracing stance by established institutions were key catalysts of activity, not only in XRP markets, but in digital asset markets broadly.
Volume Growth: It’s Now Easier to Access XRP
As it pertains to XRP’s use case, the most compelling market evolution in the second quarter was the growth in volume generally, and of fiat volumes specifically. In Q1, XRP/BTC contributed to 85% of total daily volume. In Q2 that number dropped to 63%. In fact, XRP/FIAT volumes in Q2 were 21 times greater than XRP/BTC volumes in Q1. While some of this can be attributed to growth in USD and EUR pairs at Bitstamp and Kraken, the bulk of this transition was due to increased activity on Korean exchanges. On May 14th, Coinone became the first exchange to list KRW/XRP. Bithumb and Korbit followed suit shortly thereafter. Since then KRW has represented 52.1% of total daily volume, easily surpassing every other cross, including BTC.
Correlation to Bitcoin and Ethereum
As the quarter unfolded, there was a decided shift in XRP’s relationship to the rest of the digital asset space, particularly BTC and ETH. It is evident from the chart below, that as XRP began to rally in early May, it decoupled from ether and simultaneously began trading more closely with bitcoin. Now, all three assets experienced significant growth in Q2, but XRP led the way, driving correlations to nearly an annual low in late May, where things got truly interesting. As ETH finally began to rally, and XRP and BTC stabilized in early to mid-June, a clear divergence occurred. Likely due to its increased listings and off-ledger volume, XRP’s correlation to BTC steadily climbed to nearly 50% and simultaneously dropped to -40% against ETH. This makes sense since ETH’s rally began later, but the relationship change is stark and merits close attention, especially as it could impact how market participants structure their portfolios.
Volatility Lands with Relative Normality
Lastly, XRP’s price appreciation was, not surprisingly, accompanied by an increase in volatility. Q1 daily volatility averaged 8.87%, an elevated figure due mostly to a material uptick at the end of the quarter as XRP markets came to life. Q2 saw a continuation of that activity, and average 30-day rolling volatility peaked at 36.1% on April 20th. In June, however, markets came back to relative normality and volatility retraced to 8.03% to end the quarter, a good sign going forward. The digital asset space in general, because of its relative youth tends to skew volatile. With increased participation and requisite liquidity, that tendency should abate, another market development to monitor over the following months.
Last quarter left us with much to think about, and even more to do. We plan to focus on three areas of liquidity development as we drive XRP towards its natural position as the digital asset standard for international value transfer. We are looking into formalizing the lending program we mentioned in the Q4 report, building out our OTC markets by bolstering our broker/dealer networks, and finding more ways to provide greater transparency to markets. Most importantly, we are accelerating the pace of our investment in the XRP Ledger to build on its speed, uptime, and scalability, to ensure XRP is the most trusted enterprise-grade digital asset.
*XRP II, LLC is licensed to engage in Virtual Currency Business Activity by the New York State Department of Financial Services.
Ripple(XRP) - ICO=IPO: Why the SEC Is Right to Regulate Initial Coin Offerings
Digital assets like XRP and bitcoin and the blockchain technology behind them represent an incredibly exciting opportunity to accelerate the engine of commerce around the world. But we’re still in the early stages of development and, as often happens with financial innovations, it can take time for regulations to catch up.
Some have disregarded regulation entirely, believing that under the banner of new technology, they are exempt. This year alone, firms have raised $1.3 billion from initial coin offerings (ICOs), a type of blockchain crowdfunding for startups. But rather than delivering something to investors that can be used to exchange value on a specific economic platform, some of the tokens offered seem to have no inherent utility.
Instead, these ICOs were based on little more than a white paper and look much more like (not especially attractive) stock offerings. I have previously highlighted this practice as unsustainable, potentially deceptive and detrimental to the long-term growth of the digital asset market. So, I was happy to see the Securities and Exchange Commission (SEC) step into the ring this week to clarify that certain types of ICOs are actually securities.
The SEC’s report focused on DAO – one of the most controversial of the recent spate of ICOs – and painted a picture of a process that bore all the hallmarks of a stock offering:
“Investors who purchased DAO Tokens were investing in a common enterprise and reasonably expected to earn profits through that enterprise…”
It concluded that DAO Tokens are securities and its creators “broke the law by offering shares to the public without complying with applicable securities laws.”
I welcome this official clarification of what had become a gray area. My position will not be a surprise given Ripple’s history of actively engaging regulators and central banks as we have developed our solution for faster and more efficient cross-border payments.
We partner with many financial institutions, including the Bank of England and major global banks like Santander and Standard Chartered. Our Director of Regulatory Relations Ryan Zagone sits on the steering committee for the Federal Reserve’s Faster Payments Task Force, which recently released its action plan for improving payments in the U.S.
In contrast to ICO tokens, which in many cases exist as nothing more than ideas on paper and arbitrary balances on ledgers, digital assets with utility have the potential to transform global commerce for the better. But I can’t see how that will happen without input and buy-in from the major players in the world of finance and government regulators. When you believe in responsible innovation as we do, these partnerships are crucial to ensuring the successful growth of the digital assets market.
Quacks in the system
It’s surely no coincidence that ICO sounds a lot like IPO (initial public offering). Indeed, the developer of DAO said that purchasing DAO Tokens would entitle investors to “rewards” and likened it to “buying shares in a company and getting…dividends.”
I say, if it looks like a duck and quacks like a duck then let’s regulate it like a duck. The bill may already be in the mail for some of these companies. SEC regulations are there to protect both investors and the businesses offering stock. If, as I think is likely, deception is shown to have occurred in an ICO – now understood to be a security – the entrepreneurs involved will find themselves tied up in litigation for years to come.
I expect the SEC’s guidance to lead to a significant reduction in the pace of ICOs, as firms will need to undergo the same kind of thoughtful process of disclosure and transparency necessary for any securities offering. This culling of the herd should not affect utilitarian assets like XRP, which can be used by payment providers and banks to enable faster, more efficient cross-border payments. The SEC ruling implies that digital assets whose value is based on established use cases and not ambiguous promises, are distinguishable from ICO tokens.
Strong and stable
Even with an ICO cool-off, the overall digital asset market remains highly volatile at the moment with the Bitcoin community preparing for civil war over its inability to scale its transaction processing power to meet demand. Meanwhile, as the host of most of the recent ICOs, Ethereum will likely experience the most significant fallout from this SEC ruling.
By focusing on developing technology that reduces the friction and cost of cross-border payments and actively partnering with regulators and financial institutions, Ripple is a source of stability in a market with the potential to change the way value is exchanged. The SEC ruling is a crucial step in this evolution.
Digital assets and the blockchain technology that powers them may be new and innovative but I see no reason to discard decades’ worth of useful regulation that helps protect everyone.
Ripple’s Product Suite is Growing
Just a few years ago, Ripple opened its doors with a grand vision: to enable the Internet of Value (IoV) to move money like information moves today. We put the pedal to the metal and built a robust enterprise solution to make cross-border payments truly efficient for banks, payment providers and their customers, using advanced blockchain technology.
And now, Ripple’s growing global payments network has 90+ customers, 75+ commercial deployments in progress and a common set of payment standards governing all transactions on the network. We are working hand-in-hand with regulators across the world to show how blockchain can transform cross-border payments and, in effect, global commerce. XRP is quickly emerging as the best digital asset for payments. It makes us proud to see the innovation our customers are bringing to their respective markets in order to move the dial with their clients.
As the market and our customer base has evolved, I want to take the opportunity to articulate how our products are coming together (and growing) to support our one, single vision.
RippleNet: One frictionless experience to send money globally
Based on customer feedback, we’ve given our global payments network a name, RippleNet. This is not new – but simply an evolution of the growing network that has been building significant momentum. RippleNet is the world’s only enterprise blockchain solution for global payments.
How to Join or Use RippleNet
Our customers make up the network and I’m pleased to announce we have expanded our suite of offerings to help even more clients tap into RippleNet.
Processing Payments with xCurrent
xCurrent is the new name of our existing enterprise software solution that banks
and other financial institutions currently use to instantly send and
receive cross-border payments with end-to-end tracking and bidirectional
messaging across RippleNet. Recently, we added a Rulebook, developed in
partnership with the RippleNet Advisory Board to standardize all transactions across the network.
The Interledger Protocol (ILP) is the backbone of the solution and makes it possible for instant payments to be sent across a variety of different networks. It’s our belief that this is the only way to scale the global network for future demand.
Sourcing Liquidity with xRapid
xRapid is a new product currently being built for payment providers. As we’ve gone
out to market with xCurrent, we uncovered an untapped need for a
low-cost liquidity solution for emerging markets. xRapid uniquely uses
XRP to lower the liquidity costs of payments in emerging markets.
Product development is well underway and I look forward to sharing more
over the coming months.
Sending Payments with xVia
xVia is also a new product currently in development. xVia is for those who want to send international payments through a bank or payment provider on RippleNet. xVia offers a standard interface as a simple API that enables users to send global payments with transparency into payment status and attach rich payment information, like invoices.
Personally, I couldn’t be more excited about the potential that Ripple, together with our customers, is bringing to the payments space. We continue to work towards our vision of building the IoV. To that extent, our products are designed to provide a single frictionless experience to send payments globally.By,
The Genesis of Swell by Ripple
There’s no question – it’s building…
On the horizon, a revolution in the way the world moves money is building. The advent of blockchain initiated the swell but it’s the financial institutions and payment providers around the world who are applying the technology to solve customer dissatisfaction with global payments that are driving its crescendo.
These players recognize their massive opportunity with blockchain to serve escalating customer demands for instant, highly reliable, low-cost global payments and differentiate their businesses at a decisive moment in time.
For once the blockchain wave crests, there will be those on top and those crushed by it.
Our customers, members of RippleNet, have been asking us for the past year to create a forum for them to connect to other members to further grow the network, and to hear pointed industry commentary on the future implications of blockchain and digital assets.
Sibos is the place for the leaders in banking to come together. We’ve sponsored Sibos the past two years and are sponsoring again this year. But, we realized we couldn’t meet our customers’ requests and our event vision on the exhibitor floor in a booth.
Meet Swell by Ripple – featuring complementary programming to Sibos, an inside look into our industry perspective, and an opportunity for banks, their corporate customers and payment providers to meet in one place to advance the world of payments.
As we announced yesterday, Swell will be a gathering place for RippleNet members and prospects to learn from each other’s use cases and co-develop new services leveraging the power of blockchain. It’ll also feature thought-provoking speakers and content from banking, payments and technology to offer perspective on practical applications of blockchain and digital assets today. Swell also welcomes RippleNet customers and prospects not attending Sibos.
As our co-founder and executive chairman Chris Larsen says with regard to blockchain, “you can’t put the genie back in the bottle.” Blockchain is the future of payments. We’re excited for the opportunity to host our customers for productive discussions about how we can collectively build toward the Internet of Value, in which the world will be able to move money as easily as it moves information today.
Ripple - Decentralization Strategy Update
As Ripple progresses towards further decentralizing the XRP Ledger, we want to make server operators and members of the XRP Ledger community aware of a few upcoming changes to help ensure the reliability and stability of the network as it transitions to a distributed architecture with fully decentralized validators.
The XRP Ledger (formerly called the Ripple Consensus Ledger) was created in 2012, as a trust-based alternative to the proof-of-work consensus mechanism originated by Bitcoin. So far, most of that trust has relied upon validators owned and controlled by Ripple, the company leading development of the XRP Ledger.
Ripple chose deliberately to be the most trusted validator operator in the network during the initial stages of development of the XRP Ledger. This decision involved trade-offs to prioritize security and scalability ahead of decentralization.
Since inception, the XRP Ledger has closed over 33 million ledgers, processed over 600 million transactions amounting to more than $15 billion in transaction volume, with no major issues or network forks.
At present, the XRP Ledger can natively scale to 1,500 transactions per second. With Payment Channels, XRP can theoretically scale to tens of thousands of transactions per second—throughput levels comparable to VISA.
With the security, stability, and throughput of the XRP Ledger thoroughly proven, Ripple feels that now is the time for a crucial next step in decentralization, while continuing to improve all aspects of the XRP Ledger software.
To meet the growing needs of customers, and further increase resiliency and stability of the XRP Ledger, Ripple is in a great position to fully execute on its decentralization strategy, which has been an ongoing process since 2012.
Phase one includes the diversification of validators by identity, location, hardware and software, in an effort to further mitigate the risk of a single point of failure. At the time of the announcement, 25 validator nodes were running with 5 trusted validators owned and managed by Ripple. Currently, over 70 validator nodes are running globally. During this phase Ripple will be adding 16 more trusted validators, in preparation for phase two.
During the second phase, for every two of the most reliable, reputable, stable, secure and attested validators added to the recommended list of trusted nodes, one validator node currently controlled by Ripple will be removed, until no entity operates a majority of recommended trusted nodes on the XRP Ledger.
The validator operators on this recommended list of trusted nodes believe in the long term vision of XRP and want to participate in the consensus process, which involves voting on proposed amendments, modifying fees and validating transactions.
Before Ripple can progress to phase two, a few changes have to be made to ensure a safe transition.
With the upcoming 0.81.0 release, Ripple will transition its recommended validator list to a new hosted site. This involves a change in the default
rippledconfiguration file. The
[validators]field with its static list of trusted validators will be replaced with
[validator_list_sites]fields containing the key Ripple will use to sign its newly recommended validator list as well as the URLs where the dynamic list can be found. (Editor’s note: a previous version of this article incorrectly stated that the transition will take place in version 0.80.0.)
These changes will allow new validators to be safely added to the recommended validator list for phase two without requiring every
rippledoperator to manually update their configuration with each new addition.
It is important to note that, for operators who already use the recommended validator list, no further trust in Ripple is required during phase 1, despite the significant increase of validators under Ripple’s operational control. The validator list currently recommended by Ripple contains 5 validators operated by Ripple, and at the end of phase 1, the list will contain 16 such validators.
During phases 1 and 2, Ripple strongly recommends that operators use only the default Ripple-provided validator list. Consistent with this recommendation, the next scheduled release of
rippled, version 0.81.0, will ship with a default configuration file using that list by default.
During phase 2, Ripple will begin decommissioning one validator under its operational control for every two third-party validators that demonstrate a strong reputation for stability, security and reliability. Ripple will also be working with other entities to establish independent providers of validator lists.
Ripple remains committed to decentralizing the XRP Ledger and divesting itself of operational control. This multi-phase approach does that, but is intentionally conservative and has been devised with a single goal in mind: to ensure the reliability and stability of the network during the transition period to a fully decentralized and distributed architecture.
Ripple released rippled version 0.80.0
rippled0.80.0 release introduces several enhancements that improve the reliability, scalability and security of the XRP Ledger.
Highlights of this release include:
SortedDirectoriesamendment, which allows the entries stored within a page to be sorted, and corrects a technical flaw that could, in some edge cases, prevent an empty intermediate page from being deleted.
- Changes to the UNL and quorum rules
- Use a fixed size UNL if the total listed validators are below threshold
- Ensure a quorum of 0 cannot be configured
- Set a quorum to provide Byzantine fault tolerance until a threshold of total validators is exceeded, at which time the quorum is 80>#/li###
New and Updated Features
- Improve directory insertion and deletion (#2165#2106)
- Refactor Validations class into a generic version that can be adapted (#2084#2093)
- Make amendment blocked state thread-safe and simplify a constructor (#2207#2169)
- Refactor RangeSet (#2113)
- Fix an issue where
setAmendmentBlockedis only called when processing the
EnableAmendmenttransaction for the amendment (#2137#2212)
- Update for Node 6
- Update lodash dependency
- Migrate to yarn
- Update ws dependency to 3.3.1Remove unnecessary polyfills
- Fix lint errors (#786#808)
- Update ripple-keypairs dependency to 0.10.1
Ripple Hosts World’s Central Banks to Explore Next Generation of Payments
Ripple recently gathered over two dozen central banks from around the world to explore how new technologies enable the next generation of payments.
The Central Bank Summit on Blockchain, hosted at Carnegie Hall in New York City, gathered central banks’ senior leadership, payment strategy leads and oversight staff for a focused discussion on blockchain.
Ripple CEO Brad Garlinghouse hosted the event and said, “The Summit provided an opportunity to explore the full payments landscape: central banks’ domestic trials, Ripple’s growing cross-border network and interoperability across systems. Together, these form the beginning of an Internet of Value, where payments move as easily as the data across the internet.”
Internet of Value: enabling connectivity and interoperability
The Summit started with a presentation from the International Monetary Fund (IMF) on fintech’s potential to change market structure, opening new possibilities in payments.
With this context, the Summit explored central banks’ experiments with using blockchain for domestic payments. These domestic trials explored rebuilding existing systems, building new backup systems, and creating new features such as a central bank digital currency.
The research has furthered the understanding of blockchain — both the use cases for where it makes sense and where it doesn’t. The ultimate adoption of blockchain for domestic payments may not be universal. The optimal solution depends on the pain points and features needed in each market, which can vary greatly by country. With this realization, interoperability between systems — both centralized and distributed — became a key focus area and the impetus of Ripple’s own work on Interledger.
One place where the pain points are universal is in cross-border payments. Cross-border payments — which are fragmented in nature — are an excellent fit for blockchain technology. What’s more, the technology has been rapidly adopted in the market. Ripple shared how it has specialized blockchain for interbank payments, enabling cross-border functionality that is real-time with transparency into status and fees.
Ripple gave detailed presentations on how we use blockchain-based solutions to enable connectivity in payments. Ripple solutions connect the following:
- Banks with a growing network of over 100 financial institutions
- Payment systems, via a trial with Bank of England to connect RTGS systems
- Networks, through Mojaloop, a platform developed in partnership with The Gates Foundation to connect mobile money providers
Digital assets: The future of liquidity is here
The Summit’s presentations covered the future of seamless connectivity and interoperability, which led to the next critical component for payments: liquidity. To date, liquidity is achieved through pre-funded accounts with counterparties. Yet, that comes with costs and risks that limit reach to high-volume corridors.
The second half of the day explored the technological breakthrough of digital assets and their emerging use cases. For example, one use case that has presented great promise is using digital assets as a liquidity tool — this allows for global reach without pre-funding.
Ripple shared how the adoption of XRP to connect fiat currencies creates a new paradigm for liquidity, enabling greater reach at lower costs than previously possible. The Ripple team discussed our research on adoption models, cost savings, and key takeaways from our trials with banks.
Presentations also discussed other digital currency use cases including central banks’ experiments and the regulatory response to contain risk in ICOs.
Top takeaways for central banks
The key takeaway from the summit was that new technology is modernizing payments. There’s great potential and the Internet of Value is coming into view.
Garlinghouse concluded, “These blockchain conversations have been happening in isolation. The value of the Central Bank Summit was in exploring and connecting these efforts, as together they create the next generation of payments.”
The summit was the first of many forums that Ripple has hosted to connect banks to blockchain and digital asset luminaries, and we will continue to foster the conversation to improve the technology.
American Express Joins RippleNet – Giving Visibility and Speed to Global Commercial Payments
The movement to modernize the global payment system is quickly gaining momentum as another major global financial services company joins RippleNet.
American Express is the latest company to become a member of RippleNet, joining the ranks of Credit Agricole, Airwallex, Cuallix, and more.
American Express is joining Ripple’s blockchain network to provide real-time, business-to-business global payments that will ultimately enhance their customers’ experience.
Initially, American Express FX International Payments (FXIP) will partner with Santander UK to create a transaction channel between the U.S. and U.K. — a first and a boon for the corridor. The U.S. is the U.K.’s largest trading partner, creating an immediate need for frictionless commercial global payments in the U.K. market.
Partnering to deliver faster, better service
By leveraging the power of RippleNet, FXIP customers will see an immediate improvement in how they send money globally.
Compared with the traditional payment process, Ripple’s blockchain-enabled payments simplify connections with intermediaries and provide immediate end-to-end visibility into the transaction status and cost.
What’s more, FXIP’s use of RippleNet will maintain the level of security that American Express customers have come to know and expect.
“We’ve already seen evidence that blockchain technology is playing a transformational role in the way customers are served,” said Greg Keeley, executive vice president of global corporate payments at American Express.
“Not only does this partnership with Ripple help decrease the time it takes for international transactions to be processed, it can make our transactions more effective for our customers,” Keeley added.
Joining forces to avoid settling for less
FXIP’s partnership with Santander UK to send cross-border payments between the U.S and U.K will help American Express not only streamline commercial payments, but also establish a wider footprint in the U.K.
José Luis Calderón, Santander’s global head of transaction banking, said, “This blockchain solution opens up a new channel between the U.S. and the U.K. and presents a significant opportunity for payments globally.
“Collaborating with forward-thinking businesses has enabled us to deliver this cutting-edge, secure, friction-free payment solution and extend our ‘Simple, Personal, Fair’ philosophy to American Express and their customers.”
Ripple CEO Brad Garlinghouse agreed with Calderón’s statement stating, “Ripple is taking a huge step forward with American Express and Santander in solving the problems corporate customers experience with global payments.”
“Transfers that used to take days will be completed in real time, allowing money to move as fast as businesses move today. It’s just the beginning, and we look forward to growing this partnership to help other American Express FXIP customers.
Contact us to learn more about Ripple’s growing network, and how other companies are helping to create one frictionless experience to send money globally.
Ripple Welcomes New Chief Financial Officer Ron Will
In order to help the company continue to grow, Ripple has appointed Ron Will as the new chief financial officer.
Will offers a wealth of experience in the finance space. Will joins Ripple’s management team following nearly 30 years as a senior financial executive and investment banker. Will has successfully scaled established and early stage companies and he most recently served as CFO of TubeMogul, leading to their acquisition by Adobe this past year.
Read the following Q&A to learn what attracted Will to Ripple and what he hopes to achieve in his new role.
Ripple: What brought you to Ripple?
Ron Will: Blockchain technology and digital assets are a fascinating space, as well as the capital markets and corporate finance complexities and nuances around Ripple and XRP. But, most of all,
Ripple’s overall mission and vision resonate with me. I’ve worked in treasury and in financial institutions, and the ability to be at an early stage startup that’s reshaping how cross-border payments are executed is a once-in-a-lifetime opportunity.
I’ve seen, first-hand, the importance of a frictionless experience to move money globally — particularly eliminating the delays, lack of transparency and cost while working in coordination with financial institutions and regulators.
Ripple: What are you looking forward to the most?
RW: I’m looking forward to working with Ripple leadership and the rest of the team, which has an impressive bench of talent.
I’ve worked with a few members of the senior management team in the past. I have a high level of respect for Brad Garlinghouse and Eric van Miltenburg.
I’m also looking forward to the creative ways Ripple can use XRP to accelerate RippleNet. The fact that it’s the only enterprise-grade digital asset that’s best suited for institutional use, makes it a differentiator in the market.
Ripple: List some of your most notable achievements in your career?
RW: Over the course of my career, I’ve built multiple, successful finance teams at various startups — most notably at Yahoo! and BrightRoll.
BrightRoll was a classic startup — I started as CFO when they were around 100 employees and had the opportunity to build the team and infrastructure from the ground up.
We had to focus on everything from scale and infrastructure to what was the right resource allocation, KPIs, pricing, and fund raising. It was an extremely rewarding opportunity to be part of scaling the organization to over $200 million in revenue and nearly 500 people globally, and help negotiate the sale of the company for $640 million.
Prior to that, I served as a senior member of Yahoo!’s corporate finance and treasury group. I led capital markets activities and built out a world-class team in treasury operations, risk management and investment management.
I had the opportunity to work on over a dozen acquisitions, initiate one of the earliest and largest share repurchase programs in Silicon Valley, navigate a treasury group through the 2008 market downturn, as well as build out much of the foreign exchange hedging infrastructure.
Ripple: How will your role help Ripple transform global payments?
RW: When working with financial institutions, the expectations to deliver a great product and experience are much higher.Luckily, Ripple has already made significant investments in infrastructure, process and great personnel. Ripple has a demanding customer base, and I look forward to helping the team continue to raise the bar to deliver on the company mission — to remove friction from global payments.
Ripple also added a new member to the board of directors. Read about Ben Lawksy’s appointment.
Ripple Welcomes New Board Member Benjamin Lawsky
In addition to adding a new CFO, Ripple is proud to announce the appointment our newest board member, Benjamin Lawsky.
Lawsky, the former superintendent of financial services for the state of New York, has more than two decades of experience in both federal and state government. He’s also a luminary in the financial services and digital-asset space.
In fact, Lawsky created BitLicense — an industry-leading regulation for digital-asset businesses operating in the state of New York.
Additionally, Lawsky has served as an assistant U.S. attorney in the Southern District of New York, chief counsel to U.S. Senator Charles Schumer (D-NY), chief of staff for Governor Andrew Cuomo, as well as co-chair of Governor Cuomo’s Cyber Security Advisory Board.
Joining Ripple’s board of directors to accelerate innovation
As Ripple’s newest board member, Lawsky will play an integral role in helping financial institutions adopt XRP for institutional use, which in turn removes the friction from global payments.
“Ripple and its leadership are passionate about making our global financial system more efficient, more secure and more fair,” said Lawsky.
“I share those same goals and I’m thrilled and humbled to work side by side with their incredible team as they continue to pave the way for the growth and accelerating adoption of blockchain and digital assets in the years ahead.”
Read our press release to learn more about Benjamin Lawsky’s appointment.
Ripple-powered Instant Payment Services Now Live with Axis Bank, RAKBANK, & Standard Chartered
In today’s increasingly globalized world — where international supply chains as well as the number of overseas workers are growing — it’s imperative to have fast, transparent cross-border payments.
To meet this increasing demand for real-time payment services, Axis Bank (based in India), Standard Chartered (Singapore), and RAKBANK (United Arab Emirates) will now use RippleNet to send live, fast, frictionless cross-border payments.
These three major banks use Ripple’s leading enterprise-blockchain solution to power real-time, on-demand corporate payments from Standard Chartered to Axis Bank, and retail remittance payments from RAKBANK to Axis Bank beneficiaries. Now, live payments are completed in just minutes — with the certainty of settlement.
Live corporate payment services on RippleNet to serve customers better
For Standard Chartered and Axis Bank, the Ripple-powered corporate payment service will allow each bank to offer their business customers an enhanced payments experience, ultimately enabling their end-customers to manage their cash flow, costs, and float better.
By our estimates, there are between 200-300 large, international corporates with regional treasury hubs in Singapore. These corporates span industries including fast-moving consumer goods (FMCG) and retail.
Often these corporates manufacture their products in India before shipping them to Singapore for worldwide distribution. In fact, the Singapore-India trade corridor is worth $15 billion.
Ripple-enabled cross-border payments will help unlock this corridor on both sides for Standard Chartered and Axis Bank.
Live retail payment service in the world’s biggest remittance market
It’s also never been more important for retail remittances to be instant, efficient, and secure between the UAE and India. Retail remittances between the two countries are significant and growing, thanks to the large Indian workforce in the UAE.
These workers send a significant proportion of their salaries home every year — nearly $12.6 billion annually — which RAKBANK wants to support with faster, easier, and more transparent payments.
Individual retail remittance payments are usually lower in value, but higher in volume. Processing these over RippleNet will allow RAKBANK to offer their retail customers an easier, more affordable experience, helping them to increase their market share in this crowded and competitive space.
What leaders at Ripple and major banks have to say about using RippleNet
Marcus Treacher, Ripple’s global head of strategic accounts said: “Standard Chartered, Axis Bank, and RAKBANK recognize the evolving demands of their customers and are leaning in to better serve their needs today and into tomorrow as expectations for speed and transparency will only rise. This commercial service is a significant step toward helping corporates and migrant workers around the world unlock trillions of dollars in trapped working capital, accelerate global commerce, and send vital funds home as quickly as possible.”
Gautam Jain, global head of digitisation and client access, transaction Banking at Standard Chartered said: “The successful launch of our commercial cross-border payment service marks a significant milestone in the financial industry’s progress in applying distributed ledger technology for corporates. We are incredibly proud to be leading the way in this area. This affirms our commitment to digitisation and innovation as we continuously look at new way
Axis Bank President of Transaction Banking Himadri Chatterjee said: “While there have been significant innovations in domestic payments, cross-border remittance has seen limited developments. Using APIs and distributed ledger technology, there is an opportunity to radically change the way international payments are handled. We are excited with the potential the technology has to bring innovative services to the market and help us enhance value to our customers.”
Peter England, RAKBANK CEO, said: “We at RAKBANK believe in leveraging new technologies that constantly enhance our customer experience and by using Ripple’s Blockchain solution to power international payments, our customers can now send money home easily and in real time. Joining the Ripple network is in line with not only our Blockchain strategy, but it also allows us to expand our remittance footprint. This will help us scale our business and provide our customers with a first-class digital payments experience.”
Contact us to learn more about joining RippleNet.