The World Bank is praising distributed ledgers and calling out Ripple’s xRapid as a potentially transformational technology.
A new post written by members of the Better Than Cash Alliance and the World Bank’s senior financial sector specialist Marco Nicoli calls traditional business to business remittances “slow and opaque”, requiring intermediaries that often lead to higher costs and slow transfer times.
These deficiencies are leaving the door wide open for emerging technologies.
The report specifically praises Ripple’s xRapid as a real-world solution that’s being “actively tested” in the market.
The post also highlights incumbents’ attempts to improve their transfer costs and speed, pointing to JP Morgan Coin and Swift’s distributed ledger Proof-of-concept (PoC) as two examples.
As for whether distributed ledgers will dominate cross-border payments in the long run, the World Bank says that remains an open question.
You can check out the full post here.