Nine-Month Financial Report Released by SBI Holdings, Praising Ripple and XRP Technologies
SBI Holdings is a major finance company in the traditional industry, and it regularly publishes reports on the state of the various changes in the finance world. In the nine-month financial report that came out today, which concluded on December 31st, one of the biggest points made is Ripple’s technological process in cross-border payments.
As the report continues on this matter, they studied how Ripple (XRP) and the R3 blockchain consortium. These two contribute to the efforts to create a global standard for financial operations concerning trade finance and international payments.
One of the sections, which is titled “Business Area Separation of Ripple and R3,” discussed Ripple as a platform “specializing in international remittance.” R3, however, focuses on creating and building projects that
“are not limited to the financial industry by using smart contract-based technology.”
SBI brings attention to the fact that XRP was selected as the first crypto asset to be supported by their platform, Corda Settler. The decentralized application makes it possible for global payments systems to settle payment obligations within the Corda blockchain. This service is enabled for both blockchain and traditional payments.
Along with the reports on the fintech developments, SBI sheds like on their blockchain initiative, which is the S coin platform. In September, it was trialed for retail payments, though it has not been added to Corda yet. Once Corda Settler is integrated, use of the S coin will be streamlined and available to use around the world.