- The Consumer Financial Protection Bureau (CFPB), an independent agency of the U.S government believes Ripple’s products can support cross-border payments.
- The ‘Remittance Transfers under the Electronic Fund Transfer Act’ report by CFPB reveals the agency has been tracking Ripple’s growth.
- The report adds that growing firms like Ripple offer payment messaging platforms besides virtual currency.
The Consumer Financial Protection Bureau (CFPB), an independent agency of the U.S government in a recent report has admitted the potency Ripple owns. This agency thinks that Ripple XRP is of use in enhancing transparency in the remittance industry. The Bureau of Consumer Financial Protection (CFPB) is assigned with the responsibility to protect consumers from misleading market practices. Alongside this, it provides consumers with relevant information in making financial decisions.
CFPB Report Reveals That The Agency Has Been Tracking Ripple’s Growth
The ‘Remittance Transfers under the Electronic Fund Transfer Act’ report by CFPB reveals the agency has been tracking Ripple’s growth. Thereby revealing that the Bureau has been keeping a track of the emerging developments in the remittance industry. Also, it is worth noting that the agency has acknowledged Ripple’s XRP role in the effective settlement of transfers.
In regard to the same, the report adds that growing firms like Ripple offer payment messaging platforms besides virtual currency. A payment messaging platform that supports cross-border money transfers. And on the other hand, Ripple offers XRP too, that can settle those particular transfers.
Ripple’s General Counsel Tweets Regarding The Same
Furthermore, the key mention of the report worth highlighting is what the Bureau believes about Ripple’s suite of products. It mentions in its report that these products can expand the capacity of major payment card networks’. Thereby, supporting cross-border payments as an overall outcome.
The Consumer Financial Protection Bureau believes that Ripple's products could allow banks and credit unions to know the exact final amount that recipients of remittances will receive before they are sent. So do we!https://t.co/GTVQYf3wAM
— Stuart Alderoty (@s_alderoty) May 16, 2020
In the same context, Stuart Alderoty, Ripple’s general counsel, took to Twitter on May 16. Alderoty tweeted that U.S Consumer Financial Protection Bureau CFPB has recognized the role Ripple’s products can play in increasing transparency in the remittance firms. He states that Ripple’s products allow banks and credit unions to know the final amount recipients can receive, before sending them.