Ripple and CGI are pleased to announce the successful integration of Ripple’s distributed financial technology into CGI’s payments portfolio. CGI’s Ripple-enabled Intelligent Gateway is one of the first solutions in the industry to integrate Ripple technology. It works as a translation layer between a bank’s payment hub and Ripple; a turnkey solution that allows participants to transact directly with one another.
The Ripple-enabled Intelligent Gateway allows banks to send payments in real-time, across the globe. Tweet This
However, banks must consider the risks and complexity in adopting any new technology. This is why we are particularly excited to introduce Intelligent Gateway by CGI: it minimizes the need for a complex integration. This product makes access to Ripple as easy as flipping a switch. This ease of use de-risks the technology, shortens the time-to-value for the banks, and it gives them the business agility to pursue new revenue opportunities such as expanding to new corridors, or offering new types of payment product to their customers.
Today, payments are complicated by a lack of interoperability between networks. Cross-border settlement is slow, costly, opaque and difficult in many corridors. Even the most powerful banks cannot offer a consistent, high-quality cross-border payments service to their customers, because the infrastructure is so antiquated and the results are so unpredictable.
At a time when global cross-border volume is increasing at a rate almost 3 times faster than the global GDP, these conditions are unacceptable. New payment service providers have proliferated in the last few years, attempting to pick up the slack in cross-border transactions and meet customer demand. However, even with these new players, global financial infrastructure is struggling to facilitate real-time settlement for many reasons.
In order to meet customer demand, banks must contend with a changing regulatory and liquidity landscape. They are innovating to optimize their correspondent banking footprint, while upgrading their core technology to reduce costs and improve efficiency for processing payments.
Distributed financial technology can solve this complex set of problems by connecting and interoperating the world’s payment networks. Ripple’s enterprise-grade solutions enable the movement of value the same way that the internet world moves information today, creating a new Internet of Value. Our solutions are designed to not only address the challenges in cross-border payments for today, but also open up new business models and revenue streams for banks tomorrow.
The Ripple-enabled Intelligent Gateway allows banks to send payments in real-time to other banks across the globe. Using the flexibility of Ripple’s technology to interoperate with different payment systems, Intelligent Gateway gives banks the ability to reduce settlement time to a matter of seconds, provide end-to-end tracking of payments, increase their access to global corridors, all while reducing costs.
These advantages will have a direct effect on the payments experience at every level. Retail customers can send low-value payments, for the first time with complete certainty and traceability. Corporate customers can enjoy cost-effective, low-value disbursements, as well as more advanced treasury solutions and cash management products.
Intelligent Gateway is the beginning of a long and productive relationship with CGI. We are looking forward to many more joint success stories that bring benefits to our customers and make the Internet of Value a reality.
Read the announcement here.