The Wikipedia defines Ripple as a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple. Also called the Ripple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). Released in 2012, Ripple purports to enable “secure, instant and nearly free global financial transactions of any size with no chargebacks.” It supports tokens represent ing fiat currency
, crypto currency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.
The network is decentralized and can operate without Ripple (enterprise), it cannot be shut down. Among The ones who validate RIPPLE are companies, internet service providers, and the Massachusetts Institute of Technology.
This San Francisco-based Company has primarily operated on introducing banks to The blockchain technology in order to provide one frictionless experience to send money globally using the block chain power.
This incredible venture-backed FinTech startup is now With offices in San Francisco, New York, London, Sydney, India, Singapore and Luxembourg
As The Ripple’s growing its global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets and facilitate instant global money transfers.
Banks and Partnerships
- Accenture (partner)
- Astropay – UK
- ATB Financial
- Australia and New Zealand Banking Group
- Bank of America
- BNP Paribas
- CBW Bank – US
- CGI Global
- CIBC ( The Canadian Imperial Bank Of Commerce)
- Commonwealth Bank of Australia –
- Cross River Bank – US
- DBS Bank
- NABD (National Bank Of AbuDhabi)
- Earthport – Over 60 Countries –
- Infocomm Development Authority of Singapore (IDA)
- National Bank of Abu Dhabi
- RBC Royal Bank
- Royal Bank of Canada
- Royal Bank of Scotland –
- Saldo.mx – Mexico & Latin America
- Santander Bank
- Shanghai Huarui – New Regional Bank in China
- Standard Chartered Bank
- Tasgroup –
- TD Bank Canada
- Western Union – Global, in almost every single country
- Westpac –
- Ripple has also been adopted by a number of banks including Spain’s BBVA (MC:BBVA), Royal Bank Of Canada (NYSE:RY), Bank of America (NYSE:BAC) and Standard Chartered (LON:STAN).also in INDIA with SBI , AXIS Bank ,YES Bank.
INDIA ,is a major developing economy that is undergoing a transformation into a digital society.The Digital India program, launched by the Indian Government in 2015, intends to transform India into a digitally empowered society and knowledge economy, notably by promoting cashless transactions and converting the country into a “less-cash society.”
Brad Garlinghouse, CEO of Ripple, said the new Mumbai office will allow the company to “respond to the rapidly-growing demand for frictionless payments by our current customers Axis Bank and YES Bank, as well as other banks and non-banks across the country.” In addition to working with Ripple for real-time cross-border payments, YES Bank, one of India’s largest private banks, is also using the Hyper ledger Fabric in a block chain-powered vendor financing solution.
Ripple ,being promising with Banks, is now developing and expanding into other products and services , with growing awareness and increasing interests in crypto currencies worldwide ands more and more investors and financial institutions gaining understanding forming Partnerships with …., This Latest Wave……AHA! This RIPPLE ……Sure is RISING!!!