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.
Discuss this news on our Telegram Community. Subscribe to us on Google news and do follow us on Twitter @Blockmanity
Did you like the news you just read? Please leave a feedback to help us serve you better
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
Macro guru and Real Vision CEO Raoul Pal shone the spotlight on a rising layer-1…
As the technology landscape transforms at lightning speed, AI Companions has positioned itself as a…
Did you know that 85% of DeFi value is concentrated in six blockchains? DeFi is…
CLAPART - a groundbreaking RWA platform has launched its much-anticipated $CLP token IDO on Gempad…
Join us at BFC 2024 to explore the future of Web3. Use a special discount…
Catch all the updates with Altcoin Observer, official media partner of WebX Asia 2024. Gear…