Recent discussions among experts suggest that banks may rapidly implement XRP-based payment systems following the necessary regulatory approvals.
Rapid Implementation of Payment Systems
According to data shared by crypto researcher SMQKE, financial institutions can adopt the XRP payment system fully within weeks once regulatory approval is granted. Typically, the integration process takes between two to three months, but in some cases, it can be completed in as little as three weeks.
Benefits of Ripple's System
Ripple’s system eliminates the need to pre-fund foreign accounts, significantly speeding up and reducing the cost of international transactions. Utilizing XRP as a bridge currency enables nearly instant transactions and fiat transfers within three seconds. This has piqued the interest of numerous institutions seeking modern payment solutions.
Ripple's Strategic Banking License
Recently, Ripple secured a banking license in the United States, simplifying the onboarding process for financial institutions. This regulatory status allows Ripple to provide direct banking services and reduces the need for third-party intermediaries. The firm has already established partnerships with various banks and payment providers across different countries.
With rapid implementation timelines and Ripple's readiness to adapt to increasing demand, XRP is poised to play a crucial role in modernizing international banking in the coming years.
