Ripple Labs is sharing its open-source transaction protocol with Earthport to offer real-time cross-border bank payments to the global company’s hub of payment and clearing institutions.
Earthport’s new offering will place the Ripple protocol alongside its payments network and platform, bringing a wider choice to payments and clearing institutions on its payments network. Earthport also works with major banking partners like Bank of America, Barclays and BBVA.
For Ripple, the partnership will provide access to a broader pool of potential customers who already maintain a robust standard of compliance with anti-money laundering and know-your-customer regulations.
Ripple is an Internet protocol that interconnects all the world’s disparate financial systems to enable the secure transfer of funds in any currency in real time, which the company calls ‘an Internet for money’.
“Traditional cross-border payments are inefficient today because both the technology and compliance frameworks underpinning them were built country by country decades ago,” said Chris Larsen, co-founder and CEO of Ripple Labs, the developer of the Ripple protocol. “The Earthport and Ripple partnership brings together the leading global payments and technology infrastructures to immediately transform and modernise the global payments industry.”
During the past few months, the cryptocurrency startup has made deals with US banks that seemed interested open-source transaction technologies because of the need for more cost-efficient access to global money channels, Coindesk reported. But the company sees adoption of protocols such as Ripple’s as a slow process, because of the slow moving nature of existing financial institutions.
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