Ripple has been making headlines a lot these days due to various achievements and efforts to boost the XRP ecosystem and to push the mainstream adoption of the digital asset as well.
A few days ago, Ripple’s Marcus Treacher criticized the renewed delay in the introduction of the IOS 20020 standard by SWIFT.
Ripple is working to overcome SWIFT’s flaws
SWIFT is the traditional financial system that banks and financial institutions have been using for decades. Over time, it became flawed and Ripple’s goal is to overcome the problems that the system has via its product, ODL.
The On-Demand Liquidity is powered by XRP and it can offer users instant, secure, and cheap cross-border transactions. The product was previously called xRapid.
According to the online publication Crypto News Flash, banks and other payment service providers have to expect higher costs as a result, because the implementation is further delayed.
You probably know by now that Ripple is all about helping shape the future of the cross-border payments, and the company joined an important consortium not too long ago.
Ripple joins the Faster Payments Council
Craig DeWitt announced on Twitter that he has joined the Faster Payments Council (FPC) as Ripple’s representative. It seems that he will be a member of the Cross Border Working Group to help shape the development of cross-border transactions.
Very excited to join the US Faster Payments Council’s Cross Border Working Group!
Some heavy hitters on this team… 💪
— Craig DeWitt (@CryptoCwby) May 20, 2020
The consortium already includes massive names such as SWIFT, Microsoft, Visa, Wells Fargo, the US Federal Reserve, JPMorgan, and Walmart.
In terms of pricing, today, XRP is trading in the green and the digital asset is priced at $0.200289 at the moment of writing this article.