- In a new law, the US Consumer Protection Bureau for Finance named Ripple and XRP as potential game changers that could fundamentally transform the remittance market.
- The new package of measures is designed to protect US citizens and provide greater transparency among providers.
A few days ago, the US Consumer Protection Bureau for Finance (CFPB) launched a new amendment that will optimise and expand some of the measures listed in the Electronic Fund Transfer Act.
Under the new rules, citizens will only be able to enjoy optimum protection for international credit transfers if they are aware of the transaction costs, the amount that the recipient will receive, the current exchange rate and the date on which the transaction is successfully completed. Within this process, Ripple (XRP) is also listed as a potential game changer.
Ripple (XRP) can transform the remittance market
However, the CFPB not only enacts new laws, but also assists citizens and businesses in enforcing regulations in this area. Another important part is the in-depth analysis of the status quo of the financial market and its potential as well as the consideration of emerging players. The CFPB points out that the current market is developing rapidly and that transfer fees as well as transaction times continue to decrease.
In particular, Ripple and its blockchain technology as well as SWIFT will dominate the future market for international transfers according to the CFPB:
Examples include the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers.
The report describes that by further expanding a standardized solution, banks and credit cooperatives can develop a transparent payment solution that provides citizens with all the important requirements and one day even enable real-time transfers across national borders at low prices.
According to the report, the main options are an extended application of SWIFT’s gpi product or one of Ripple’s payment solutions. It is not specified in detail whether RippleNet or one of the products such as xRapid could be used. Already in May of this year, the CFPB honored Ripple, emphasizing the potential of the digital asset XRP:
[…] the continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payments messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect settlement of those transfers and drive adoption.
Ripple Ledger gets check function
A few days ago the Ripple Community voted on a new feature that will activate the XRP Ledger with a narrow majority. “XRP Checks” enables the issuing of digital checks that can be issued to any XRP address. The recipient can decide when to pick up the money and cash the cheque, just like with an analogue cheque.