“R3 has begun testing Corda Settler’s payment engine with Ripple’s XRP. The combination of the Corda blockchain’s distributed ledger technology and Ripple’s remittance mechanism is likely to create many new business cases that were not possible before.”
Finds More Use Case
The testing would make use of Ripple’s native coin,
XRP. While this caused a wave of excitement among Ripple and XRP supporters, R3
has from the start maintained that its technology is capable of being connected
with a variety of networks, especially payment systems.
R3 is a global leader in developing enterprise
solutions based on the blockchain technology. Its Corda
“An application purpose-built to allow for payment obligations raised on the Corda blockchain platform to be made through any of the world’s payment systems, both traditional and blockchain-based.”
Richard Gendal Brown, the Chief Technology
Officer, R3, noted that adding XRP into the Corda Settler environment served to
show how Ripple and R3 have over time cultivated “influential crypto and
Brown went on saying that although Corda Settler will use a host of other cryptos, XRP being the first shows its widespread appreciation in transferring value.
Global Also Uses Corda Settler
Instimatch Global, a platform composed of institutional lenders and borrowers all over the world, also works with R3’s Corda Settler, consequently tapping into the power of XRP in its remittance network.
Apart from partnering with R3, Ripple has, in the past, been rumored to have partnered with SWIFT, a global firm facilitating transactions between traditional financial institutions. At the time, SWIFT had abandoned plans to continue developing its own blockchain platform. Coincidentally, at the same time, Ripple’s CEO, Brad Garlinghouse, replied to the speculations of a partnership indicating that it will be announced when something solid is in place.
It’s Brad’s reaction to the rumors that fueled
the speculation even more. Although these rumors remained to be rumors, a
partnership between Ripple and SWIFT would be beneficial to both firms.
For instance, Ripple would have benefited from
SWITF’s customer base, which has over 11,000 financial institutions while
SWIFT, on the other hand, would have benefited from Ripple’s remittance
technology based on blockchain technology.
Partnership Cannot Be Discounted
Fortunately, a partnership between SWIFT and Ripple may still be on the way. SWIFT has announced that it will allow firms focusing on blockchain technology to utilize its Global Payments Innovation (GPI) network when facilitating payments in real-time.
“We’ll also soon be enabling GPI payments on DLT-based trade platforms. Resolving the payment challenges DLT platforms face, we will enable GPI payments to be initiated within trade workflows, automatically passing them on to the banking system.”
SWIFT developed GPI to enhance traceability,
speed, and transparency of transactions by embedding a set of business rules on
its existing infrastructure.
One of the firms already connecting on SWIFT’s
GPI is R3, which is also using XRP on its Corda Settler payments network.