Global liquidity has long been a problem for cross-border payments in all regions across the world, especially in South Eastern nations. This has resulted in high transaction fees, inefficient transaction processes, and longer transaction confirmation time.
However, Ripple, in preparation for its 2018 conference scheduled to take place on Monday in San Francisco, has launched a new technology for global financial institutions to boost transaction confirmation time and reduce transaction fees.
According to reports, the new tech is dubbed “multi-hop,” and will allow financial institutions on the Ripple blockchain to send funds at a relatively lower fee while creating more room for liquidity.
Siam Commercial Bank (SCB), the first bank in Thailand, will be the first financial institution on RippleNet to test the“Multi-hop” technology for frictionless settlements.
Boosting Cross-border Financial Transactions
Multi-hop will enable financial institutions that use the Ripple blockchain for cross-border settlement, especially SCB to receive and forward payment transactions without a bilateral relationship between the originator and beneficiary institutions.
“With multi-hop, financial institutions can connect directly to SCB, which can settle and payout across the region without exchanging currencies multiple times and adding heavy fees,” part of the publication reads.
More Tech From Ripple
According to reports, Ripple released ripple 1.1.0, which makes it possible for users to authorize a particular address to send payment across while denying the same right to other addresses. The whole idea behind this is to comply with future financial regulations.
This goes to show how Ripple thinks about the future with its innovativeness, and its strong intent to take over the global banking industry while remaining compliant to financial regulations.
Ripple’s 2018 Swell Event
Ripple is on track with its biggest event dubbed “SWELL 2018,” a two days conference. The event will host key policymakers and other big players in the financial industry from around the world.
Some of the keynote speakers expected to be at this event include Bill Clinton, Gene Sperling, former U.S national executive council director, Ripple CEO Brad Garlinghouse and many more.
Considering Ripple’s XRP continuous battle for market cap supremacy with Ether on the CMC ranking, do you think XRP will be able to overtake Ethereum and retain the second position for a long period after SWELL 2018?