Praise for Ripple from the Dutch central bank

A quote from the Dutch Central Bank’s Payment Systems National Forum, which aims to improve the efficiency of retail payment systems in the Netherlands, describes Ripple as one of the tangible innovations that increase the efficiency of the payment system, resulting in higher speed, greater convenience and cost savings.

At the last meeting of the biannual forum, it was stated that the Ripple network protocol is an example of innovation that can contribute to this change by enabling banks to use this infrastructure to facilitate real-time payments.

Also, De Nederlandsche Bank (DNB), the central bank of the Netherlands, reported that Ripple’s Blockchain technology needs less computing capacity as well as being faster than Bitcoin.. The following statements were included in the continuation of the forum notes:

“Banks show increasing interest in the Ripple protocol. The integration of the payment protocol will allow banks’ customers to transfer any amount of money in any currency to other institutions using the protocol without the need for intermediaries.. this will save cost for banks. Currently, one German and two American banks are using the Ripple network, some other banks are also testing on Ripple. The banking industry’s use of the Ripple network in particular means that its use may increase rapidly in the near future.. It is important to monitor this development closely and take part in any steps that banks can take.”

Ripple has been continuing its cooperation in the international arena at an increasing pace lately.. The company was most recently working with Santander, one of the world’s largest banking institutions, to create an international money transfer application.. Ripple has major partnerships in Asia as well as Europe and America.