Ripple, a silicon-valley based fintech company, specifically a distributed ledger start-up, has been elected to fill 1 out of the 16 seats in the Federal Reserve’s Faster Payments Task Force, a US regulator’s flagship of payments modernization, in June 2015.
The company is mainly utilizing distributed financial technology, built around an open and neutral protocol, to enable banks using different ledgers send real-time global payments across networks. The technology is secured by cryptography, where transactions flow end-to-end immutably with information backed-up redundantly. Moreover, it is designed to fit within a bank’s existing infrastructure, so that banks are the biggest potential customer and beneficiary for the company.
The key features of Ripple Networks include “direct bank-to-bank settlement with no central operator, capacity to process the world’s cross-border payments volume, complete transaction privacy for each financial institution, PII data stays behind each bank’s firewall, integration with existing systems and standards, ability to connect traditional and emerging financial networks”. The company already gained customers that are from 9 countries and 1/3 out of world top 50 banks for all these high-performance services, with one of its most important features–lower processing costs, as a huge plus .
Source: https://ripple.com/