Most people are well aware of what Ripple is trying to achieve. Addressing the many issues and flaws in the banking sector is a major challenge. So far, the company has done well, resulting in major partnerships all over the world. It also appears a Ripple video is found on the Federal Reserve’s Faster Payments site. This video is part of a submission for the Capability showcase. It is quite interesting to see such an institution feature this type of project.
Even though the Ripple video has only been viewed a few thousand times, it is a significant feat. Having the company showcased on the Fed’s Faster Payments site is rather significant. It is evident even the Federal Reserve acknowledges something needs to be done to improve the payment structure. High fees, slow transfers, and a cumbersome infrastructure all need to be addressed in the years to come. Several service providers are working toward this same goal as we speak.
Ripple is Listed on Fed’s Faster Payments Site
What makes Ripple stand out is how the company effectively provides real-time cross-border transactions. This can be achieved by linking transfers to their native XRP asset. Having money transferred in mere seconds to the other side of the world is a major development. No other service provider comes even close to this degree of functionality at an affordable rate. That doesn’t mean other providers won’t compete for the same prize, though.
According to the listing, Ripple is addressing a lot of different criteria. More specifically, the company focuses on cross-border functionality, multiple use cases, fast approval and clearing, and payment finality. All of this achieved through their COnsensus ledger, which is slowly getting more decentralized as we speak. While it may not rival Bitcoin in terms of decentralization anytime soon, things are certainly heading in the right direction.
The bigger question is whether or not this video will have a positive impact on Ripple and XRP. The presentation has been on the site for quite some time now. It’s rather surprising to learn not too many people knew about it, until now. It does not appear Ripple would be in the Fed’s best interest, though, as they are a direct competitor of sorts. Then again, things will need to change in the financial sector sooner or later. All things considered, this demo video is a major validation of what the company is trying to provide to the rest of the world.
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