Ripple has collaborated with DXC Technology to scale XRP payment among international banking networks. The integration links Ripple’s payment system, which leverages XRP and RLUSD, with the Hogan core banking platform from DXC.
Hogan maintains in excess of $5 trillion in deposits and more than 300 million bank accounts worldwide. As such, this move helps to integrate the firm’s payment system into a large part of the banking system.
DXC Partnership Will Integrate Ripple Payments Into Banking System
According to the press release, the partnership allows banks to make payments on the blockchain using digital assets such as XRP without replacing existing systems. DXC noted that the initiative will integrate Ripple’s digital asset custody and payments technology into a large-scale banking environment.
This aims to provide Hogan clients with a streamlined path to deliver digital custody and payment capabilities. Notably, this move will also help integrate XRP into the heart of banking, as Ripple leverages the altcoin for its payment services.
DXC explained that the collaboration enables financial institutions to bridge legacy finance with enterprise blockchain-based solutions without disrupting core banking infrastructure. In this case, the XRP Ledger is likely the blockchain in focus, as it is what Ripple uses to process transactions.
This partnership comes just days after Ripple invested $150 million in LMAX Group to boost institutional adoption of its RLUSD stablecoin. RLUSD will become a key collateral asset within LMAX Group’s leading institutional FX trading infrastructure.
Meanwhile, the crypto firm also partnered with UC Berkeley to boost institutional use on XRPL. This came as the firm’s university blockchain research team launched a new initiative called the Digital Asset Xcelerator (UDAX).
A Move That Could Scale XRP Payments
Ripple’s North American Vice President and Managing Director, Joanie Xie, stated that the alliance brings blockchain payments into a real banking application. Organizations can implement XRP payments on a larger scale.
This growth also aligned with other regulatory developments, notably the UK granting Ripple regulatory approval. The integration also covers digital asset custody and tokenized assets.
Sandeep Bhanote, DXC’s Global Head and General Manager of Financial Services, added that the partnership provides banks with access to digital assets without requiring them to modify their fundamental frameworks.
Market observers also shared their opinions on the development. Harper, a blockchain analyst, stated that the partnership could open up actual use cases of tokenization. He gave examples of tokenized tickets, instant refunds, and automated rewards.
According to Andrew, an XRP-focused market analyst, installing Ripple infrastructure within core systems would bring XRP one step closer to being used in bank treasury operations. He said that there is clarity in regulation, and additional integrations are driving XRP to play a neutral liquidity role in institutional finance.
Source: https://coingape.com/ripple-partners-with-dxc-to-integrate-xrp-payments-into-5-trillion-banking-network/
