As cross-border payments technology firm Earthport progresses towards linking banks to distributed ledgers, the company announced Tuesday (Jan. 12) the rollout of its Distributed Ledger Hub (DLH), a portal to link financial institutions to the distributed ledgers they’ll need to stay current with their international payment services.
[bctt tweet=”Earthport launches a portal to link financial institutions to distributed ledgers.”]
Earthport first announced last August that its Distributed Ledger Gateway will connect into Ripple; the company added that it would be connecting into other distributed ledgers in the future.
In late 2014, Earthport and Ripple (then Ripple Labs) inked an open source deal that saw Ripple’s payments settlement protocol integrated into Earthport’s payments portal, allowing Earthport customers to use Ripple’s cross-border payments technology.
DLH is accessed through the Distributed Ledger Gateway and provides banks with access to distributed ledger technology, a solution that Earthport said is part of its efforts to provide financial institutions with a way to benefit from cross-border payment technologies amid tightening finances.
According to the firm, DLH allows banks to access the technology without investing in internal infrastructure or other resource-heavy requirements. “This is achieved via full access to the Ripple ecosystem through a single contract, a single integration and a single service relationship,” Earthport stated in its announcement.
“It is our belief that there will be different ledgers that gain traction over time. Some will have regional affiliation and some may be more aligned by industry sector,” said Earthport CEO Hank Uberoi in a statement. “Banks will need to have access to a growing universe of different ledgers to serve their own clients, further complicating their technical roadmaps. Earthport, in consultation with its clients, will grow the Hub to encompass different ledgers as needed, all available via a single Earthport API.”
Banks using the service can use one portal to access Ripple services, as well as Earthport payment services that link to more than 60 countries. All transactions are conducted in fiat currency — a currency with no intrinsic value, which is used for the sole purpose of making a payment — the company added, without the use of cryptocurrencies.
Earthport operates its cross-border payments network on ACH infrastructure.
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