Uphold CEO Says XRP Could be Used for Domestic Payments in the United States via ACH
The CEO of Uphold, JP Thieriot, talked about the financial system in the United States and how it can be enhanced using new technologies provided by crypto and blockchain-related companies. During a conversation at Thinking Crypto, he said that he believes that Ripple and XRP could play an important role in changing the financial system in the U.S.
Checkout my Interview with Uphold CEO JP Thieriot – We discuss the Greg Kidd Funding, XRP, xRapid Potential & New Products coming in 2019 – Also, JP's XRP Community request – https://t.co/xI1gWU3KrD #XRP #Ripple #XRPcommunity #xrparmy @UpholdInc @gregkidd @Ripple @bgarlinghouse
— Thinking Crypto (@ThinkingCrypto1) January 12, 2019
Ripple is a company that offers different financial services to financial and banking companies around the world. With its products, transfers are processed in a much easier and simple way than using old systems such as SWIFT.
Theriot mentioned that they are going to launch a new product called ‘Earn and Borrow’ and that they will be releasing more information about it during the next days and weeks.
He went on talking about how long it can take for a normal ACH transaction to be processed through the banking system in the United States. He compared it with the European equivalent SEPA saying that it is much more efficient the system that they have in Europe.
About it, he said:
“Another common thing that I find interesting is one around how slow it is for people to do an ACH transaction from their US bank account into Uphold where you know very annoyingly it can take up to eight or nine days and it has to do with the deficiency of the US ACH system.”
He went on explaining that XRP and Ripple could improve the current systems. They provide near-instant settlements and it could help the company perform cheaper transactions across borders. Additionally, he said that they’ve contemplated the use of Ripple’s solution xRapid for cross-border payments.
At the moment, there are several companies using xRapid and some others could soon start to work with XRP in the near future. Ripple also offers companies to have on-demand liquidity for their transactions to be processed using virtual currencies. It is not necessary for the company to invest and maintain Nostro and Vostro accounts in different countries around the world, everything can be easily performed using xRapid and XRP to source liquidity.
In the future, it might be possible to find for a solution to this issue by implementing Ripple solutions in the U.S. system. However, a Business Development Executive at Ripple informed that solving for delays for the FedACH is though.