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Federal Reserve and Faster Payments (XRP)

xrp faster payments federal reserve

Thanks to @bankxrp for posting this last night.

Below you will find Ripple submission to the US Federal Register Notice just a couple months ago.  This submission was sent on December 13th of 2018.

You can find the full document below:

Federal Reserve Ripple Submission for Settlement of Faster Payments (XRP)

We are going to highlight some of the key points of this document but please read the full document it is only about 9 pages.

  1.  2015 the Federal Reserve issued strategies for improving the US payment system / 2017 the Federal Reserve was asked to develop a 24x7x365 settlement services for faster payments
  2. Federal Reserve set out to develop a 24x7x365 settlement service for faster payments and to develop a liquidity management tool to support this service
  3. Full payment information carried in each message sent

 

Key Response from Ripple:

-For the US to remain internationally competitive and drive payment innovation, it is important that new systems are exploring and adopting the latest technology.

-The Interledger Protocol is an open-source solution designed to synchronize transactions across ledgers, enabling interoperability across domestic or cross-border systems.

-New systems should explore leveraging digital assets as a liquidity or settlement tool, especially for cross-border transactions.

 

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