A Proof-of-Concept (POC) conducted by SAP’s Banking Service Division for ATB Bank has been successful. The goal of the POC was to create a Realtime Cross-Border Remittance using Blockchain. To create the POC SAP had used the Ripple Blockchain.
In a post POC interview with Falk Rieker, SAP’s Global Head of Banking Services says that the Ripple technology is too important to ignore. The POC was done for ATB Financial to send money from Canada to Germany. According to Falk Rieker, the usual time taken for processing payments from Canada to Germany is 3 days, but on Ripple, it took them 20 sec.
SAP’s POC Software Architecture using Ripple & AWS
It took SAP team a total of 10 days to set up the entire POC and just 20 seconds to transfer the money.
Ripple’s Head of Regulatory Relations of Asia-Pacific, Sagar Sarbhai, hinted on a CNBC interview that xRapid can go live in a month.
xRapid is a realtime-settlement platform designed to provide real-time liquidity for international payments. It is backed by XRP tokens.
“I am very confident that in the next one month or so you will see some good news coming in where we launch the product live in production,” Sarbhai said.
According to Sarbhai, more than 120 banks and financial institutions are currently partnered with Ripple, using its blockchain-based product xCurrent. He also noted that the regulatory approach on cryptocurrency seems to be changing. Large financial institutions are starting to see the benefits of cryptocurrency.
Last week, Goldman Sach’s CFO confirmed that the firm is planning to launch a cryptocurrency trading desk soon, and is waiting for their first client.
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