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Ripple Partners Multinational IT Giant further drives the expansion

Ripple payment solutions are actively used by a wide range of new fintech companies and international payment firms of different sizes. One of the main factors that at the moment is actively driving the popularity of Ripple products is their great interest on the part of the large global financial institutions and the national banks of different countries.

The company is expanding its customer base by establishing multiple partnerships with several companies that wish to join RippleNet and enjoy the benefits of other advanced solutions developed by Ripple. And it is said that all these gradual movements can make Ripple’s solutions closer to general adoption.

Association with TCS

Recently, it has been known that the global IT giant, Tata Consultancy Service (TCS), a part of the Tata Group, is now added to the list of Ripple partners. This Indian multinational IT service provider based in Mumbai has mentioned that its Quartz blockchain solution now works with RippleNet.

TCS quartz block chain solution is designed to be used in a wide range of areas and industries, including payments, settlement, commercial financing, information exchange, electronic governance, supply chain, medical care, digital identities and others .

According to the company, Quartz can be described as an API that can guarantee connection to existing accounting payment infrastructures and blockchain platforms.

Thanks to this solution, companies can implement the settlement of remittances practically instantaneously and introduce lower currency conversion rates. As a result, companies that apply this solution get instant tracking of transactions and greater liquidity.

Given the specificity of this solution, Quartz can work not only with Ripple® RippleNet, but also execute xRapid that uses XRP as the base currency to transfer funds. It also means that such cooperation can be quite beneficial to the market status of XRP.

It is also expected that by adding TCS to its customer base, Ripple will have the opportunity to increase the number of its customers by a large margin.

At present, TCS payment solutions, called BaNCS, are implemented in more than 450 facilities worldwide and have more than one billion active users. TCS will bring to RippleNet such important customers as General Electric, Citibank UK and Microsoft.

Donation of $ 25 million

But this great news is not the only reason to talk about Ripple today. According to the information disclosed, Chris Larsen, co-founder of Ripple, and his wife Lyna Lam have contributed $ 25 million in XRP tokens to the Business School of San Francisco State University (SFSU).

The donation was made through RippleWorks, a private foundation that aims to provide practical support to the most prominent social entrepreneurs. It is said that these funds will be allocated to support students who are interested in studying the global business and fintech ecosystems.

The measure is in line with Ripple’s formal social impact program called “Ripple for Good” launched last year. The company has decided to invest in projects focused on education and financial inclusion.

Previously, Ripple had already donated to several universities in order to support education in the field of blockchain and cryptocurrencies.


Also published on Medium.

Published inFintech

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