Xpring MD Dan Aranda, in a talk with Clem Chambers, spoke about the relationship Ripple has with payment providers.
While talking about XRP as a digital asset, he spoke about the various on-ramps into the digital asset. These ramps are services such as exchanges, which allow the XRP token to be converted into dollars, euros and others. He said:
“When we’re working with MoneyGram that that’s a normal kind of very traditional like vendor relationship like we are selling them a piece of software to do cross-border payments…we’re not really offering consulting, it’s more we’re building solutions on a protocol. So think about Google on top of the Internet, you’re building software services that make the underlying protocol usable for functional economic use cases”
Aranda stated that he and Ripple are “fundamental believers in the importance of payments”. He went on to speak about how there is no existing consolidated payment system, instead, it is right now simulated through “layers” such as Visa, Mastercard and Swift. He said:
“We thought that a decentralized architecture of blockchain technology and these public ledgers could really help kind of interoperate a lot of these different systems.”
He said that Ripple has signed around 120 financial institutions around the world at the time and that they are gaining one bank per week for production contracts.
The cost savings for the bank while using Ripple’s products was also spoken about. Banks want to get past the hard cost of cross-border payments and “pass those savings on”, said Aranda. He said:
“I don’t think the real value proposition and the business case for adopting crypto based solution is going to come around cost savings. I think that’s part of it but I think there’s been a lot of focus that I think is a bit wasted on how much can these technologies really kind of remove costs or improve processes. I think it’s about growth it’s about revenue potential”
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