Ripple Partners with Earthport to Provide Smoother Avenue for International Transfers

Ripple has partnered with Earthport, the largest open network for global bank Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, enabling the network to use its protocol for transfers.

Earthport, regulated by the UK's Financial Conduct Authority under the Payment Service Regulations 2009, services financial institutions in 60 countries. It is traded on the Alternative Investment Market (AIM) on the London Stock Exchange.

The partnership will give Earthport an alternative avenue to make international transfers, one which is expected to reduce costs and delays. Said Chris Larsen, co-founder and CEO of Ripple Labs:

"Traditional cross-border payments are inefficient today because both the technology and compliance frameworks underpinning them were built country by country decades ago. The Earthport and Ripple partnership brings together the leading global payments and technology infrastructures to immediately transform and modernise the global payments industry."

Ripple had previously partnered with a number of banks for supporting interbank transfers, including Fidor Bank in Germany and two single-branch banks in the US.

Ripple's latest move effectively allows its protocol to operate under the blessing of Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term. In a sense, it is a classic example of players in the crypto industry attaining regulatory approval through the "back door." It is somewhat comparable to a Bitcoin business becoming publicly traded through a reverse takeover of a shell company, or Atlas ATS partnering with the National Stock Exchange in a bid for regulated bitcoin trading.

Ripple's XRP currency is trading 1.26% higher during the past 24 hours, apparently not impacted by the development.