Ripple’s enterprise blockchain and crypto solutions continue to spread to major financial firms through new partnerships. The company recently received approval in principle for its application for a major payment institution license in Singapore, a key market in the Asia-Pacific region. The payment solution is based on the Ripple On-Demand Liquidity (ODL) service, which uses the XRP token as a settlement bridge. Therefore, these partnerships are likely to have a long-term impact on the price of XRP going forward.
Over the past years, Ripple has partnered with many top financial institutions such as SBI Holdings, the Saudi Arabian Monetary Authority (SAMA), Banco Santander, Western Union, UAE Exchange, and American Express. Similarly, Bank of America executives recognized Ripple’s capabilities as a cross-border payment provider.
Bank Of America Recognizes Ripple Payment Solution
A recent report showed that Bank of America is recognizing the role of blockchain in real-time payments in Asia Pacific. Venkat E.S., Head of Treasury Products at the bank, noted that blockchain technology has played an important role in the digitization of trade documentation through smart contracts. He noted that Ripple’s work is a “possible exception” in payments, although it has a competitor in the form of SWIFT gpi. According to him, SWIFT gpi technology, which offers cross-border payments through banking networks, is preferable to Ripple solutions.
“In cross-border payments, Ripple’s work is a possible exception, its impact has been limited.”