Centralized platform Ripple has joined the Faster Payment Council (FPC) task force alongside SWIFT and Microsoft. The alliance between these industry giants aims to guarantee the development and innovation of cross-border payments. That allow the user experience to be considerably improved.
On May 20, Craig DeWitt, Ripple's Product Director, announced the alliance through his account. Twitter. Where she noted that she had joined Faster Payment Council (FPC) as a representative of the cryptographic platform. And that he would begin to be part of the consortium's work team. Which will be in charge of carrying out studies and research that allow optimal development in cross-border operations.
The alliance allows members of Ripple, SWIFT y Microsoft be able to access the latest research developed by the company. In addition to access to the data obtained and the trend analyzes in each of the studies carried out.
In the post published by Craig he expressed:
Very excited to join the US Faster Payments Council Cross-Border Working Group! Some heavy hitters on this team… Ensure Americans can pay anyone, anywhere, anytime.
Likewise, the FPC payments consortium's work team already includes several industry “heavyweights,” as Craig noted. This group includes representatives of the largest companies in the world, such as: Visa, Wells Fargo, JPMorgan, Walmart, the United States Federal Reserve, among others. Additionally, prior to Craig's joining by Ripple, Ripple's Vice President for Strategic Partnerships, Pat Thelen, was also part of the team. However, it is not yet clear whether Thelen will remain a member of FPC for another year.
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Strategic alliance between industry majors
Ripple It is a centralized cryptographic platform designed so that banking and financial entities can carry out transactions using the properties of blockchain technology. This platform has its own token called XRP. Since its launch in 2012, Ripple has innovated the industry as one of the crypto networks focused on improving the cross-border transaction systems of banks and other entities. That facilitate the carrying out of financial operations throughout the world.
Likewise, the giants SWIFT y Microsoft They are companies focused on providing technological services to financial entities and users in general. In this sense, SWIFT is an organization that has an entire international network that communicates with banks and financial institutions around the world. And it provides a system that allows banks to have private and separate accounts in each of the countries where they operate. Likewise, Microsoft is the technological multinational that develops and provides specialized software to any type of company for data management and other services.
For its part, the payment consortium Faster Payment Council (FPC) It is an organization that unifies the most important companies in the industry. Maintaining the focus and vision of providing the necessary tools that allow users to carry out financial operations from anywhere in the world in a transparent and secure manner.
Key objectives of the alliance with FPC
With current technological advances, more and more companies and companies are seeking to provide a unique experience to the end users of their services. Therefore, the alliance between Ripple, SWIFT and Microsoft with FPC seeks to achieve this objective. Taking advantage of all the potential of new technologies in development, such as blockchain.
A few decades ago, it may have been difficult to imagine making cross-border payments quickly and securely. But today, thanks to technological advances, all this is possible. And the best thing is that they can be done at any time, to anyone and from anywhere in the world, in just a few moments.
Thus, the unified work that these companies will develop will allow users to carry out peer-to-peer (p2p) transactions immediately and economically. With the possibility, of course, of transferring any type of currency or crypto asset between the parties.
The FPC offers its collaborators the opportunity to develop research and studies that focus on the creation of resources and applications to shape the future of cross-border payments. Likewise, within this consortium, participating members will be able to be part of different working groups, focused on educating and raising awareness in society about the advantages and benefits of cross-border transactions, as well as imparting key knowledge that prevents fraud, among others.
Ripple's involvement after criticizing SWIFT
Just a few days ago, Marcus Treacher, Vice President of Customer Support at Ripple, made a strong review to SWIFT. Arguing that the company's delay in implementing the ISO 20020 will bring with it serious problems and costs for banks and other financial institutions.
The ISO 20020 standard establishes a global standard for the electronic exchange of data between banking entities and financial institutions. Through which better quality cross-border payments can be established for all users. Adapting to new needs and emerging approaches in society. With the advantage that anyone can use this standard and implement it in any network they need.
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