XRP Community Gets Excited about Ripple's Potential in The Federal Reserve's 'FedPayments' System

In a recent tweet uploaded by Bank XRP, a popular XRP and Ripple supporter shared a few videos with representatives of different companies and agencies talking about the payment industry.

In the first video, Dave Sapenaro, the First Vice President and COO of the Federal Reserve of St. Louis, said that there are hundreds of technology firms and millions of users connected to the payment system. He went on saying that there is no single firm in the US, including the FED, that can independently improve the payment system in the country.

This is why the Federal Reserve is searching for collaborators to participate in and join the FedPayments Improvement Community.

According to Connie Theien, Senior Vice President at the Federal Reserve Bank of Chicago said that this forum bringing the community creates an opportunity for real collaboration. This is similar to what Stan Stalnaker, Founding Director a Hub Culture, said. He mentioned that the country will be able to adapt more quickly to technological change.

Clearly, all the participants that are going to be discussing these payment issues do have different points of view on the industry and different interests. However, all of them will be trying to agree on a better future for the payment industry in the United States and for the long term.

As Mr. Sapenaro explains, this forums and events are very important for the industry since the payment sector evolves at very slow rates. The environment is very fragmented and it is not easy to go ahead with policies that suit all the needs.

Although the initiative sounds good for the payment industry, that could include virtual currencies and digital assets, there are some crypto enthusiasts that believe that this is just the FED trying to keep control on the payment industry.

The XRP community is also excited about this FedPayments Summit since Ripple is trying to promote different services and products all around the world that are aimed at improving payments. During 2018, Ripple was able to include new partners into its RippleNet network and expand its product offering launching new services such as xRapid.

Using XRP it is also possible to reduce transaction times and costs for companies around the world. This FedPayments Summit might be a good possibility for Ripple to show the services it offers and how it can improve the industry, and the XRP community will play an important role in showing these benefits.

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