Ripple and Accenture released a joint white paper with Accenture on the potential of our technology and the future of cross-border payments. As the banking industry continues to evaluate its options, Ripple’s core technology offers multisignature security for transaction validation.
When it comes to the adoption and integration of distributed ledger technology (DLT), it’s not practical to expect that all banks across the world would rapidly migrate into one specific network.
However, with the help of integration partners like Accenture, the potential of DLT can be fully realized. In a new joint whitepaper, titled, “The Journey to Real-Time Cross Border Commercial Payments using Distributed Ledger Technology,” Accenture defines a cross-border settlement scheme, providing a payment operating model framework with Ripple’s DLT as the core infrastructure.
Accenture enables DLT adoption success into bank payment and channel systems by controlling the degree of integration, moving deeper as the network and volumes grow. Although the organization recognizes that DLT has a long way to go before it is ready to support trillions of payments per year, it believes that banks can now form the base of a new cross-border commercial payments network at manageable volumes that could eventually reach that size.
Accenture concludes the whitepaper with this opportunistic message:
“The time is now for banks to collaborate to launch the foundation of a real-time, 24×7, transparent and efficient cross-border payments network. Carpe Diem — seize the moment! The moment is here. Ripple and its partner banks are seizing it.”
Download this joint whitepaper by clicking here.