Ripple is collaborating with a number of financial institutions with the main aim of lessening the abrasion in international payments, with the latest one being their partnership with Kotak Mahindra, one of the leading private sector banks in India. According to Emi Yoshikawa, Director of Joint Venture Partnerships at Ripple, the use of blockchain will ameliorate the fiscal infrastructure in the world today.
Yoshikawa also declared that ‘Interledger Protocol’ enables a conduit for payments to move across diverse ‘digital asset ledgers’ while isolating senders and receivers from the risk of disappointments from intermediaries. Yoshikawa is of the view that the key objective of the project is to connect financial institutions and fiscal services to one network whereby global payments can be done seamlessly.
Ripple makes use of XPR, the highly scalable virtual asset which is available on the Ripple network. This goes a long way in cutting down on expenditures as well as augmenting performance for high volume transfers. In many ways, Ripple is looking at the fiscal market from the standpoint of the end user. In this regard, the company has come up with the product called xRapid.
Upsetting The Current Financial Industry
On the question of whether Ripple has the capacity to upset the current fiscal industry, Yoshikawa asserts that the products the company has come up with are not just for the sake of reducing costs, but they are also meant for creating budding commercial prospects. Ripple also aims at offering improved entrance to fiscal services.
In her own views, Yoshikawa is of the idea that even though people think that blockchain is a threat to the current financial services, this may not necessarily be the case. This is because Ripple is assisting banks to improve their services, so that they can offer better services to their clientele.