Ripple adoption speeds up with South Korean Payment Remittance company, Sentbe
|- Bank of America has filed for a patent which proposes for an interbank communication tool.
- Ripple has also partnered up with South Korean Payment Remittance company, Sentbe through Moneygram.
Bank of America
According to a filing on Google Patents, Bank of America has filed for a patent for a settlement system citing the Ripple Ledger. This patent describes a system that uses distributed ledger technology (DLT) as an interbank communication tool. The planned system would allow real-time settlement with transactions being communicated using a shared, decentralized ledger which would be accessible by both the banks.
This shared network will verify the identity of the payer and the payee and enable communication between both the parties. The patent encompasses multiple illustrations that explicitly cite Ripple DLT. However, the patent does not mention Ripple's base asset and proposed settlement gateway asset XRP.
Sentbe
As has been previously reported by FXStreet, Ripple has entered into a monumental partnership with Moneygram. On July 19th, Moneygram integrated the South Korean payment remittance company Sentbe. This implies that now Ripple and Sentbe have also entered into a partnership.
Yahoo Finance said:
"The collaboration between Sentbe – which has accumulated billions of Korean Won worth of transactions as of July 2019 – and MoneyGram aligns with MoneyGram’s goal of providing consumers with an expanded range of digital money transfer options. Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance."
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.