Ripple’s success in 2018 was quite evident despite the crypto market bear run that clouded most of the year. In a recent interview, the SVP of Ripple’s Customer Success, Marcus Treacher shed light on RippleNet’s market consumption to date.
He touched on the accessibility of this product during saying that a good number of the target market were able to leverage the service through their financial institutions.
Being the latest Ripple Drop episode, Marcus started by reflecting the company’s achievements in the past year. RippleNet was among those milestones that Marcus highlighted and said that the firm had made efforts to connect over 40 nations by developing a suitable network that can integrate financial institutions.
Basically, RippleNet is a network that financial services providers can integrate to communicate P2P with each other hence utilizing Ripple’s solution to payment services worldwide.
Marcus Treacher noted that the company formed a couple significant partnerships that facilitated RippleNet going live. Some of these stakeholders include large & small cap payment providers while banks have also played a big role.
Furthermore, Ripple established guidelines for RippleNet participants in the course of 2018. These set of rules that are meant to govern the financial institutions are identified under the ‘RippleNet community. According to Treacher, this approach gives the network participants a level playing field hence the opportunity to partner with others in the ecosystem based on their built Ripple networks. Marcus Treacher spoke highly of this milestone;
“When you do that kind of thing let’s ring it tipping point that’s what the flywheel starts to really turn and we’re seeing a great shift in how our customers are behaving in 2018”
What followed was a discussion on how Ripple’s services were being practically applied within the financial markets. Marcus mentioned Santander Bank whose main operations are in Europe, the SVP Customer service said that bank had developed One Pay FX. This avenue which is based on RippleNet has since enabled retail clients of Santander bank enjoy ease of using Ripple’s ecosystem in payments transfer.
Another issue that Marcus commented on was the uptake of Ripple by other consumers apart from Santander. On this, he said that there was a positive response although the team is currently focused on understanding Santander’s model for them to help other network participants develop efficient Apps. Marcus also noted other entities that had gone live with Ripple’s products;
“So, for example CIMB went live very recently with Ripple embedded in their speed […] transfigure in the UK has implemented Ripple within their payment app. What’s this doing it’s creating a true global network of blockchain powered payment capability and that’s starting to bring the internet of value to life”