US Financial Consumer Bureau: Ripple And XRP Can Boost Transparency In Banking Industry
Ripple has been boosting the XRP ecosystem a lot, and the firm has been also working hard to promote the mainstream adoption of the digital asset XRP as well.
Both entities have gained a lot of interest so far, and the trend is on the rise.
Ripple and XRP could boost transparency in the remittance industry
It’s been just revealed that officials at the Unites States Consumer Financial Protection Bureau (CFPB) think Ripple and XRP have the potential to boost transparency in the remittance industry.
A report that’s focused on international money transfers under the Electronic Fund Transfer Act, just revealed that the agency has been tracking emerging developments in the remittance market.
This also includes the growth of crypto companies such as Ripple. The notes state that XRP “can be used to effect a settlement of those transfers.”
The report continues and reveals that “To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.”
Ripple and SWIFT could benefit banks and credit unions
It’s been reported that the Bureau also believes that the expanded adoption of SWIFT’s gpi product or Ripple’s products could similarly allow banks and credit unions to know the final amount that recipients of the transfers will get before they are even sent.
Stuart Alderoty, general counsel at Ripple, tweeted the following message:
The Consumer Financial Protection Bureau believes that Ripple’s products could allow banks and credit unions to know the exact final amount that recipients of remittances will receive before they are sent. So do we!https://t.co/GTVQYf3wAM
— Stuart Alderoty (@s_alderoty) May 16, 2020
We suggest that you read the complete report in order to learn more details.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.