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The San Francisco based blockchain startup has more than 100 institutions using its RippleNet payment network “The technology we have, and the vision we have, is proven," Marcus Treacher, Ripple's global head of strategic accounts tells American Banker. "We've gone from theory to hard-nosed production, and that's a big event.”; the two way protocol allows for banks on both sides of the transaction to verify funds and fees. Source.
Ripple is a leading innovator in the current internet of value market also currently involved with the Federal Reserve's payments task force initiatives; the firm has enhanced its XRP product suite and rebranded it as RippleNet; their blog post provides more details on RippleNet's product offerings. Source
Ripple has announced the appointment of a new CEO; Brad Garlinghouse, previously president and chief operating officer, will take over the role as of January 1, 2017; Garlinghouse will replace Chris Larsen who will become Executive Chairman of the Board of Directors; the fintech blockchain payments company has been significantly expanding in 2016 with its network now including 15 of the top 50 global banks; much of the company's growth has been attributed to Larsen who will now take more of a strategic adviser role. Source
Blockchain consortium R3 and 22 partner banks are working to build a real time cross border payments solution on Corda; the project started last year and the banks are actively providing feedback; this is occurring while R3 and former partner Ripple are involved in a legal dispute over a previous agreement. Source.
Regional remittance firm UAE Exchange partners with Ripple to facilitate instant international money transfers; UAE Exchange serves 31 countries and has over 800 offices in the Middle East region; Ripple uses their Ripple Consensus Ledger to link international firms and facilitate real-time money transfers; CryptoCoinsNews reports that UAE Exchange Group CEO Promoth Manghat stated to Arabian Business, "UAE Exchange has been investing significantly in blockchain technology, we are in the process of tying up a deal with distributed ledger startup Ripple, for real-time cross border payments."; this is the second regional financial firm to enlist Ripple, National Bank of Abu Dhabi partnered with Ripple in February. Source
Ripple has struck partnerships with MUFG, BBVA, SEB, Akbank, Yes Bank, Axis Bank, SBI Remit, Star One Credit Union, EZ Forex and Cambridge FX; these new partnerships show Ripple's reach as they range from Japan, India, Canada and the US; banks were a big part of this new group, as Ripple vice president of product, Asheesh Birla, explained to CoinDesk: "The reason that we chose to work with banks is that they are experts in local regulation. A lot of them have that pull and understand the regulatory environment and we built our product in such a way that it fits within the different regulatory schemes around the world." Source
SBI Ripple Asia this summer announced plans for a Japanese blockchain development consortia; now, it says interest from banks has been so high that they are launching in November 2016 with 47 member banks, as opposed to an originally planned launch in March 2017 with 30 banks; the participants will be working first on a proof of concept for real-time remittance and cross-border payments; participants include Mizuho, Bank of Yokohama and SBI Sumishin Net Bank. Source
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