Earthport: building the Internet of Value in London and around the world. Photo: Sam Valadi
Ripple partner Earthport has announced the launch of an API that makes banks’ connection to Ripple for cross-border payments more convenient and accessible for smaller institutions.
This solution was developed for banks that want the benefit of the speed and certainty of the Ripple network, but must overcome the limitations of legacy technology or compliance issues with Earthport’s help.
Earthport’s team explained the benefits of the service in a statement earlier today:
“The extended service will simplify and accelerate the adoption and implementation of Distributed Ledger Technologies for the banking community – allowing banks to swiftly move into this new world of payments without additional heavy investment in infrastructure, compliance or operational requirements. This is achieved via full access to the Ripple ecosystem through a single contract, a single technical integration, and a single service relationship.”
Daniel Marovitz, President of Earthport, agreed with Ripple CEO Chris Larsen’s interview with Forbes magazine on the future use of distributed ledger technology in payments.
“Our view is that the real value [of blockchain technology] comes out in cross-border payments. With the addition of distributed ledger in our toolkit, users will be able to go to nearly instant payment. So rather than T+1 or same day, which is what happens in most markets, we will be able to do it within minutes.”
Clients can access a network of over 60 countries through Earthport’s API, which facilitates near-instant and cost-effective transfers in fiat currencies. Little by little, the Internet of Value is becoming a reality.
Read more here.