Open global bank payment network Earthport has further enhanced its global gateway that facilitates real-time cross-border payments via distributed ledger protocol with the launch of Real Time Payments.
Unveiled in partnership with Ripple Labs, Real Time Payments complements Earthport suite of solution for cross-border transactions, which comprises Expedited Payments (Global ACH) and Faster Payments.
Earthport simplifies cross-border payments and provides unmatched transparency into the upfront cost and timescale for businesses making cross-border payments.
Its distributed ledger gateway is compliance-friendly and offers instant payments and liquidity, risk mitigation, transaction cost efficiencies and ease of adaptability.
Earthport sends funds through Ripple’s protocol to record the transaction and leverages its prefunded accounts to offer instant liquidity and the lowest FX rate. Funds thus reach the beneficiary in almost real-time.
The partnership also enables banks to connect to the Ripple network without the need to establish their own infrastructure. This results in excellent AML monitoring, sanction screening, transaction monitoring and KYC tools that provide compliance control along with the power of distributed ledger.
Hank Uberoi, CEO of Earthport, commented, “We are thrilled to expand our Payment Network and our mission to provide ‘fastest payments possible’ with easy access to Distributed Ledger so that our clients can realize its benefits, including immediate transaction settlement and reduced counterparty risk. We have experienced significant interest in this protocol and our clients are far along into the planning stage for initial testing.”
Distributed ledger is still at the evaluation stage but industry experts believe it holds a promise, with banks already looking into the opportunities that decentralized ledger-based solutions could offer. They just have to find a way to harness the advantages of distributed ledger, at the same time meet security, compliance and resilience.