MasterCard Experiments With Ripple Technology for Cross-border B2B Payments
(As featured in Live Bitcoin News- June 4, 2017)
Written by: JP Buntinx
It is quite interesting to look how companies see different blockchain projects. A new PDF released by KPMG shows how MasterCard is looking to improve cross-border B2B payments. Apparently, they are doing so by using the Ripple payments blockchain solution. This is quite significant news, as it goes to show a lot of people feel Ripple has the right cards when it comes to future payments.
MasterCard Keeps Tabs on Ripple Payment Technology
Most people are well aware of how Ripple can be a valuable ally for traditional financial players. Especially when it comes to cross-border payments. Right now, existing solutions are both costly and take a long time to complete. Even in this day and age of digitization, there is no convenient way to transfer money quickly. MasterCard acknowledges this problem and they are actively looking for new solutions. Right now, the Ripple payments blockchain solution seems to be on their radar.
More specifically, the KPMG presentation in question mentions why MasterCars is doing this. The company is looking to improve remittances and cross-border B2B payments. More specifically, they feel blockchain-based payments and smart tags for predefined events are well worth looking into. This latter technology has become somewhat more prevalent in Europe and the US over the past few years. Major festivals use similar technology. However, MasterCard wants to improve the reimbursement experience and speed of funds received.
It is evident Ripple technology can be of great help in this regard. The project has proven to be quite powerful and frictionless. This is especially true when making cross-border payments. Not too long ago, Ripple demonstrated a payment solution which sent funds across seven different ledgers. Funds were converted between fiat, XRP, Ether, and back to fiat in quick succession. It is possible we will see a similar solution being developed by MasterCard in the future.
Granted, this news may not necessarily affect the XRP price anytime soon. However, it goes to show a lot is happening behind the scenes where Ripple is concerned. Partnerships in the financial world are invaluable. Developing such projects can take many years until they become available. Knowing MasterCard is interested is quite significant, to say the least. It will be interesting to see how this plays out moving forward.
Find the link to the full story below: http://www.livebitcoinnews.com/mastercard-experiments-ripple-technology-cross-border-b2b-payments/