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Paying across borders - Can distributed ledgers bring us closer together?


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https://blogs.worldbank.org/psd/paying-across-borders-can-distributed-ledgers-bring-us-closer-together?CID=FAM_TT_FinanceMarkets_EN_EXT&hootPostID=ec9780c4b19a7339aae2dc9e7e51a747

“In 2018, Ripple, a FinTech company, piloted xRapid, a DLT-based cross-border payments solution, along the very competitive U.S.-Mexico corridor. Financial institutions involved in the pilot saved 40%-70%  in foreign exchange costs, and the average payment times was  just over two minutes. The transfer of funds on xRapid took two to three seconds, with most of the processing time explained by domestic payment rails and intermediary digital asset exchanges.”

Edited by karlos
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https://blogs.worldbank.org/psd/paying-across-borders-can-distributed-ledgers-bring-us-closer-together?CID=FAM_TT_FinanceMarkets_EN_EXT&hootPostID=ec9780c4b19a7339aae2dc9e7e51a747 “In 2018, R

  • 4 weeks later...
2 hours ago, borntohypetothemoon said:

"most of the processing time explained by domestic payment rails and intermediary digital asset exchanges" - can't get this, what's this all about? 

it means xrp settles in ~3secs, so if/when a payment takes ~2mins, it's bc of the domestic rails like CHAPS (UK), SEPA (EU), FedWire (USA), etc and/or the time taken to send the xrp between exchanges, which have various hoops to go through for KYC/confirmation, withdrawal/deposit checks, etc

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