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Ripple: XUMM banking app gets massive update and improvements

  • The chief developer of XRPL Labs, Wietse Wind, has announced that the XUMM banking app has received a massive update with over 60 changes.
  • XUMM is a decentralized app that is intended to replace classic online banking and expand it with cryptocurrencies such as XRP.

In March this year, the banking app XUMM successfully entered the beta phase with over 26,000 downloads right now. XRP Labs has developed the app, which will offer the same services as traditional online banking without the need to use intermediaries or middlemen and earn money by arranging transactions.

XUMM receives 60 changes

Chief developer Wietse Wind announced on Twitter a few hours ago that XUMM has received a “massive update” with over 60 different changes and improvements. In the next 1 or 2 days more internal tests will be done before the new version 0.5.1 will be released next week.

In the current version it is possible for the first time to send, receive and manage XRP. Wind points out, however, that it is still a beta version and therefore use it at your own risk. XRP will be used as a bridge currency for all future transactions to convert a sender’s Fiat currency into the recipient’s new Fiat currency.

With version 0.6.0, a further beta version will follow, which will contain further important updates before version 1.0 is released, probably in the fourth quarter of 2020. There will also be a pro version, which will offer additional features. In addition, automatic KYC processes will be integrated so that XUMM can be used in all countries worldwide while complying with local laws.

Another major advance will be the integration of PayID. PayID is a free and open standard that is intended to increase interoperability between payment networks. PayID will replace complex and long account numbers with simple short names, making it much easier to send and receive transactions. To drive the introduction of PayID, Ripple recently joined the Open Payments Coalition.

Another feature that is also to be implemented by Q4 2020 are XRP Checks. This feature allows the recipient to reject a transaction if it comes from an unknown sender. Furthermore, the transaction can be scheduled so that the payment is only released for the recipient at a certain time.

New payment corridors to be developed

In a recent interview, Marcus Treacher, Senior Vice President of Customer Success at Ripple, explained that Ripple’s expansion has continued despite the coronavirus. In the coming months, new payment corridors will be opened in Asia Pacific and Africa. The On-Demand Liquidity (ODL) payment service developed by Ripple will be used to process cross-border transactions quickly and cost-effectively.

Furthermore, a pilot project is currently running with partner SBI, with the results of which all parties are completely satisfied. The XRP based platform is expected to go live at the end of the year and will continue to support the adaptation of XRP with relevant commercial banks in Japan.

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About Author

Collin Brown

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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