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A while back (January, 2017), 16 proposals from various payment providers were submitted to the Faster Payments Task Force and Ripple (XRP) made haste of the opportunity to pitch its fast, secure and cheap payment option. This task force was led by the Federal Reserve of the United States of America.
The Federal Reserve of the United States had seen (and probably is still working on) a need to keep up with the changing technologies for money transfers and did not want to be left behind.
Hence why it engaged technology stakeholders to guarantee the following goals:
- Increase speeds of payments in a cost effective manner
- Securely transfer any funds inside the U.S and globally
- Do so in an efficient manner that improves value to consumer and businesses
- Apply these payment methods internationally
- The payment system would have to be collectively identified and embraced by a broad array of payment participants, with material progress in implementing them
The Federal Reserve then had the following strategies to achieve these goals:
-Actively engage with stakeholders on initiatives designed to improve the U.S. payment system
- Identify effective approaches for implementing a safe, ubiquitous, faster payments capability in the United States (beginning in 2015)
- Work to reduce fraud risk and advance the safety, security and resiliency of the payment system (beginning in 2015)
- Achieve greater end-to-end efficiency for domestic and cross-border payments (2015 and beyond)
- Enhance Federal Reserve Bank payments, settlement and risk-management services (2015 and beyond)
How does Ripple (XRP) fit in?
Firstly, Ripple (XRP) transactions are secure on the blockchain. A quality highly appreciated by not only the U.S government, but also all global governments, banks and organizations. This fits in to the goals of the Federal Reserve to have more secure payment options that are free from fraud since they are all recorded on the Ripple ledger.
originally posted by: seasonal
a reply to: Nexttimemaybe
Do you have a understanding how Ripple's XRP is used?
The Fed would not have to own the XRP but for 3.5 seconds during the money transfer, and it matters not if they are .01 cents or $100 a piece. As the payment would only buy the payments amount worth of XRP.
originally posted by: Gazrok
a reply to: AMPTAH
Sadly, they are likely doing some small version of this for some off the books funding of deep blue projects.....
originally posted by: Gazrok
Time will tell. At least XRP is recovering nicely so far, from the crypto crash earlier. I was one of the schmucks who bought in at almost $2 though. (about $1.75)....