Citi Treasury and Trade Solutions (Citi) has announced the extension of its long-standing partnership with key Ripple partner Volante Technologies, a global provider of payments and financial messaging solutions. The partnership would help CITI in the adoption of hugely popular ISO 20022 financial messaging standards across its global payments operations, as the new payment standard is fastly becoming the choice of payment messaging standard for major payment processors across the globe.
The news also comes as a major boost for Ripple and the XRP community as Volante is a key Ripple partner that makes use of Ripplenet for its popular VOIPay payment processing solution. Before the SEC lawsuit, Ripple has made quite progress in terms of cross-border remittance solution provider with its RippleNet technology with over 200 banking partners across the globe including Japanese giants SBI Holdings.
Ripple Can Still Redeem Itself Outside US as Fintech Frenzy Soars
Ripple and XRP’s future looks uncertain in the United States, the crypto company could still manage to continue its remittance technology solution business outside the US. Most of its key strategic partners outside the US have extended their support to Ripple suggesting that they need not worry as they would continue to use and their services. With a strong community standing behind the company and the recent push by countries for fintech technology incorporation
Ripple has so many partners with so many banks and financial institutions but stands alone in front of the SEC. The outcome moving forward will be a watershed moment for the crypto ecosystem. I for one hold strong and stand with Ripple. $xrp
— OceaN (@Ocean_4549) January 18, 2021
The raging coronavirus pandemic added with the crumbling financial infrastructure has raised the demand and need for incorporation of digital technology in the existing financial system. The United States has already green-lighted the use of blockchain and stablecoins by federal banks and the likes of Japan, South Korea, and many European countries would follow a similar suit.
Ripple despite its woes in the US could largely benefit from the world’s move towards fintech with its strong foothold in the Asian Pacific region, which also happens to be one of the key remittance corridors.