Ripple Labs and Earthport have agreed to plug Ripple's real-time settlement protocol into Earthport's payments hub. This will allow Earthport's customers to be able to use Ripple's friction-free cross-border payments technology while operating within strict regulatory boundaries, according to a Finextra story.
"We constantly evaluate new technologies to reduce costs and delays associated with global bank payments for our clients, but require these innovations to meet our high, exacting standards for compliance," said Hank Uberoi, CEO of Earthport. "Ripple is a new technology and, once integrated in our payments service could bring benefits in efficiency and speed to global transfers. Earthport will apply its existing compliance framework, rule sets and secure payments network to any Earthport clients transacting using the Ripple protocol."
Earthport already had deals with two of the top five banks globally, plus four of the top 20 U.S. banks, the story said, adding that Ripple is aligned with two U.S. banks plus Fidor Bank in Germany.