Ripple has published its comments on the Federal Reserve Strategy report for improving the US payment system that was issued today. The company welcomes the Fed’s conclusion that the country’s payment infrastructure is due for an upgrade and believes it already has the solution.
Ripple, an open-source payment and currency exchange platform, participated in the call for feedback on the Payment System Improvement Public Consultation Paper released by the Federal Reserve in 2013. Ripple supports transactions both in fiat and cryptocurrencies.
The Fed report’s authors acknowledge that the growth of technology is changing the financial industry and forcing regulators to respond with appropriate changes in order to make things more convenient and secure for customers.
“Many payment stakeholders are now independently initiating actions to discuss payment system improvements with one another—especially the prospect of increasing end-to-end payment speed and security. We believe these developments illustrate a rare confluence of factors that create favorable conditions for change,”
Ripple sees a potential solution to this in its own technology, namely the payment protocol designed by Ripple Labs. “Having analyzed the Fed’s consultation papers over the past two years, we believe Ripple comprehensively achieves many of the desired outcomes outlined by the Fed (page 8-15) along with addressing many of the existing weaknesses highlighted (page 34),” the company's blogpost says.