Money 20/20: How Banks Can Leverage Distributed Financial Technology

money-2020

Ripple co-founder and CEO Chris Larsen at Money 20/20

Last week, Ripple was at Money 20/20 in Las Vegas, where co-founder and CEO Chris Larsen participated in a panel focused on specific use cases of distributed ledger technology.

The panel, Financial Applications of Distributed Ledger Technology: Case Studies & Approaches, was moderated by CoinDesk CEO Jeremy Bonney and included:

money 2020 panelists

Some highlights from the panel:

Experience is the best way to learn.

Chris: One of the things we found working with banks like TD and RBC is that we learned a ton around issues in terms of what you need around two-way communication, for example, really in the weeds stuff—and that’s what makes the difference between this technology being useful or too broad.

There’s huge room for improvement when it comes to cross-border payments.

Jenny: TD Bank is one of the largest banks in North America and what’s unique about our bank is that we have huge cross-border needs. We have as many branches in the U.S. as we do in Canada. So we looked at Ripple. They were really the only play 16 months ago that was thinking about the world beyond Bitcoin.

The technology needs to address specific bank use cases.

Adam: Bitcoin didn’t really solve a problem for banks. It wasn’t that they were afraid or antagonistic, it just wasn’t designed to solve a problem that financial institutions deal with on a daily basis.

One benefit is interoperability.

Eddy: We looked at Ripple and saw a great fit to create a more standardized protocol, where among banks around the world, we can have an easy way of having interoperability, create efficiencies and creating even different business models.

Watch the full video: