This month’s news highlights

 5. Juni 2020      

In our Quick News section this Friday you can find out some of the most important news of the month related to Ripple.

U.S. Consumer Protection Agency recognized Ripple’s remittance potential
Starting with the Ripple highlights, we find that the US Office of Consumer Financial Protection (CFPB) has recognized Ripple’s role in cross-border transfers. As shown by a recent rule on remittance transfers.

According to the document, the CFPB has been investigating new trends in the remittance market.

One such development is „the continued growth and expansion of partnerships“ of digital asset companies like Ripple, the agency said.

CFPB also noted that XRP can be used to effect the settlement of cross-border money transfers.

It added that the company’s product suite could: „allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.

Coil: „Ripple (XRP) and WordPress are integrated

XRP becomes a member of ISO 20022
Continuing with this month’s news highlights, Ripple has become a member of the ISO 20022 standards body. This is driving new data standards for payments and data messaging among global financial institutions.

The company claims to be the first member of the group to focus on distributed general ledger (DLT) technology. It includes several international commercial and central banks along with payment processing entities such as SWIFT and Visa.

The ISO 20022 standards propose a single standardised approach to methodology, to enable communication and interoperability between all global financial organisations.

While the long-term goal is convergence into a single set of standards, in the meantime, several existing legacy standards need to coexist and share information.

Furthermore, it should be stressed that ISO takes common data points from the models of the different institutions and groups them in a standardized format, which can be shared between the systems.

Chris Larsen of Ripple: Cryptomonies were born to improve the global financial system

XPR payment settlements are about to arrive at ATMs in Japan
Following the news from Ripple,

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partner and investor, SBI Holdings, announced plans to integrate Ripple’s payment settlement procedures into ATMs in Japan.

The news was revealed in SBI’s latest financial report. In it, a plan to integrate MoneyTap is announced. The Ripple-powered settlement platform, with ATMs operated by several banks across Japan.

The integration is intended to make it easier for consumers to access funds at ATMs, regardless of their bank affiliation.

MoneyTap was launched in October 2019 on iOS and Android. It facilitates instant money transfers via a QR code or phone number.

In addition, in September 2019, Ripple board member Yoshitaka Kitao stated that the company planned to use XRP for remittances in the future.