It was recently revealed that Platio, which is a smart banking platform based in London, has decided to start a new partnership with Ripple. Unlike many revelations, this one came in a very simple way, no big announcements, it was just the answer to a tweet.
An XRP enthusiast from Twitter named Leonidas posted a question for the company regarding one of their previous announcements. According to his tweet, the white paper of the company talked a lot of Ripple, so he was wondering if the company actually would be using XRP for cross-border payments and whether the company had a partnership or not.
The answer of the Platio team was that they have a vendor agreement with Ripple and that the company will be integrating with Ripple’s xVia to transmit payment overseas.
The Platio White Paper
Platio’s original white paper stated that the Platio Ecosystem would be based on a seamlessly operated mobile and web interface that would be built on top of the EOS blockchain and would be able to host smooth interactions with the multi-layer system of the company.
It is also revealed that the platform of the company will be powered by the ERC 20 token PGAS, which will act as a central element on the platform and will integrate all of the features of the ecosystem together. The paper also reveals that the token used by the company will power the platform and serve as a utility token that can be used to pay for the internal fees.
On the part of “payments and remittances” of the white paper created by the company, it states that the company will use SWIFT/SEPA/Ripple payments to make cross-border transactions. However, the paper originally did not make it very clear whether it was just an idea or if there was an actual partnership with Ripple to do this.
Now, it was revealed that the company will use the xVia technology made by Ripple to enable cross-border payments. The CEO of the company, Dima Okhrimchuk, has briefly explained the mission of Platio for the media recently. He stated that Platio’s goal is to take the best features from the crypto and fiat financial systems and to use a smart banking system to reach global adoption.
He has also explained that the platform has unique products like Asset Guard, which will enable the users to set up accounts and not touch them for some time and Smart Escrows, which will hold funds so that the buyers are able to receive goods and services at the same time that they are protected from late or missing payments.