Ripple partner Earthport has announced the launch of an API that makes banks’ connection to Ripple for cross-border payments more convenient and accessible for smaller institutions.
Hank Uberoi, CEO, Earthport, commented:
“It is our belief that there may be different ledgers that gain traction over time – some will have a regional affiliation, and some may be more aligned by industry sector. Banks will need to have access to a growing universe of different ledgers to serve their own clients, further complicating their technical roadmaps. Earthport, in consultation with its clients, will grow the Hub to encompass different ledgers as needed, all available via a single Earthport API.”
Earthport, the leading payment network for cross-border transactions, known for its operation of a large global ACH infrastructure, today announces further expansion of its growing capabilities with the launch of its Distributed Ledger Hub (DLH). The DLH is a service accessed through Earthport’s Distributed Ledger Gateway, announced in August of 2015, that will provide full connectivity into Ripple, including private Ripple instances, Ripple market makers, and in time, other Distributed Ledgers.
Building on Earthport’s Distributed Ledger Gateway, the new Hub will offer a solution for banks which are increasingly challenged with the competing constraints of lower budgets and the need to keep up with radical changes in technology. Through DLH, Earthport’s clients can gain access to the full benefits of Distributed Ledger Technology at minimal effort and cost through a single API; a global first for the industry.
The extended service will simplify and accelerate the adoption and implementation of Distributed Ledger Technologies for the banking community – allowing banks to swiftly move into this new world of payments without additional heavy investment in infrastructure, compliance or operational requirements. This is achieved via full access to the Ripple ecosystem through a single contract, a single technical integration, and a single service relationship.
In addition to Ripple, through the same API, clients can access all payment methods offered by Earthport in over 60 countries in a fast and highly cost effective manner, following the same rigorous compliance processes used in all Earthport transactions. Earthport’s services in the DLH are conducted entirely in Fiat currency with no use of crypto currencies.
This development aligns directly with Earthport’s core mission to provide access to as many countries, currencies, accounts and payment types as possible through a single API.