- Ripple is one of the largest banks and financial organizations in the world.
- An XRP enthusiast by the name of STUARTXRP tweeted that the UK’s fourth largest bank in assets is the Royal Bank of Scotland.
- The Chief Authoritative Official of the Royal Bank of Scotland (RBS) revealed that the bank is dealing with a proof-of-idea leveraging the Ripple innovation.
The cross-border payment company, Ripple, is one of the largest banks and financial organizations in the world. Anyway, it’s no surprise to them XRP Community that the fourth largest bank in the United Kingdom (UK), the Royal Bank of Scotland, is one of Ripple’s most distinctive clients.
In a tweet from an XRP enthusiast who goes by the name STUARTXRP, it tweeted that the fourth largest bank in the UK in assets is the Royal Bank of Scotland. The bank has a Ripple customer who has total assets of £ 694.2 billion.
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A recent report also speaks of the top FinTech Organizations in 2019. This report considers Ripple to be one of the few handfuls blockchain-based technologies that have been hugely successful with financial companies around the world. These include Santander and the Royal Bank of Scotland.
On June 18, 2015, the Chief Authoritative Official of the Royal Bank of Scotland (RBS) revealed that the bank was dealing with a proof-of-idea using the Ripple innovation. This is part of its £ 3.5 billion innovative patches.
He expressed that after the IT disappointment, RBS had asked Ripple for increased flexibility and a mechanized bank move.
He went on with the deck discussing the bank’s arrangements to reduce complexity by supporting IT frameworks, retrofitting inheritance techniques, reducing the number of vendors, and interest in Ripple innovations for automated bank transfers.
A year ago, on June 24th, 2019, a seminar was held under the name Technology & Innovation Seminar. It said that NatWest and the Royal Bank of Scotland worked with Ripple. They aim to build a rich advancement ecosystem for installment payments or subsidies.
He also said that the RBS group used Ripple Labs’ open source payment and remittance network to add various forms of cryptographic money to FXMicropay management.
He also added that the RBS group studied each probability using the Ripple payment convention. The open dataset will help replace the current Bank and Swift base. This happened outside of the core functionality of the trading platform that was presented at the Deloitte Advanced Hackathon.
The Chief Administrative Officer also said their group believes that digital forms of money like Bitcoin and blockchain levels like Ripple rise, there would be a colossal disruption in the capital markets. In conclusion, he said that when these events occur, they must do everything in their will to adapt to this change.