The online world of business is undeniably changing. But, have we seen its full extent yet? Perhaps the answer lies with the blockchain technology. Some studies point out that with blockchain (like Ripple, and of course, other similar ones like Stellar or the ones that might come to the party) integration by the banks, they will be able to realize significant savings.
The banks will enjoy cost reductions not only in their payment processing as well as reconciliation alongside compliance and treasury operations.
DZ Bank AG Considering Ripple Interledger Protocol
DZ Bank is one of the most talked after bank in Germany. It is the second largest bank in the country by asset size as well as the central institution. The bank functions as both a central institution as well as corporate and investment bank.
Concerning potential Ripple Interledger protocol integration, the bank has listed a couple of slides in their recent report “blockchain(s) and potential impacts on reconciliation.” It is not rocket science to what that may mean just because the protocol is all about cross-border transactions.
“…..we are very confident that Germany will move as well ahead with #ripple“
see full clip from @BankXRP https://t.co/SWJ5NnouwT#xrp #ripplenet #ripplenews #xrpcommmunity #xRapid #xrpthestandard #xrparmy pic.twitter.com/sWJQd4MNvs
— ??????????⚡?? (@stuart_xrp) October 12, 2018
If at all it means DZ is considering to welcome Ripple Interledger protocol to their platform, it won’t do anything different but probably a smile to the bank users and of course, the Ripple community.
Transactions would be made easy and undoubtedly pretty faster than what users over there enjoy now. Precisely, the Ripple blockchain technology will rewire the world’s financial system improving the cost, without any doubt, alongside the speed of the transactions.
Has DZ Bank Been Testing Ripple?
Just like any other sensitive sector, integrating something new into the banking system without testing can be a grave mistake. However, suddenly DZ bank is here pointing to that direction. But where it gets pretty interesting is that there is another partner of Ripple (XRP) in Frankfurt – ReiseBank.
ReiseBank is a wholly owned subsidiary of DZ BANK ?https://t.co/CwF1ArlnOq
— ??????????⚡?? (@stuart_xrp) October 12, 2018
That may not seem interesting enough but the fact ReiseBank is a wholly owned subsidiary of DZ bank makes it more interesting. Recently Frank Boberach, ReiseBank head of product management, stated that they were happy to be among the first to have a demo of a Ripple transaction in the world.
The point probably is that DZ bank let their subsidiary-ReiseBank, take all the risks of testing Ripple Interledger Protocol and waited for the results. And perhaps if these results are conclusive, then DZ can go ahead and implement Ripple without taking any risk as well as wasting time doing the tests.
As for now, only time will tell what the future holds for the banks and the Ripple Interledger protocol. Probably the banks will be after each other on who has integrated Ripple blockchain first, and who knows at some point incorporating this blockchain project will be prestigious, and the banks will be coming upfront proudly saying, “we have Ripple too.”
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
[Photo, a snapshot taken out of the DZ bank report having two slides about Ripple Interledger Protocol. Source, ecb.europa.eu/http://paym/groups/pdf]
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