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Fed Task Force Gives Ripple Vote of Confidence

There was good news coming out of Washington for Ripple (XRP) fans. After two years of work, the Federal Reserve’s Faster Payments Task Force has released its report on bringing faster payments to the United States.

The Report, authored after input by a group of over 300 stakeholders representing a wide range of participants in the payments eco-system, had praise for Ripple’s potential.

The key parts of the Report for Ripple were:

“Ripple enables FIs the ability to operate cross-border payments faster than the 2-4 days common today.”

“The solution bolsters the certainty of the cross-border payment experience by providing end-to-end transaction visibility to banks, as well as settlement confirmation.”

“Ripple enables more transparency in the total cost of a payment to the payee prior to authorization, if participating banks are willing to provide this transparency.”

The Report sets out ten action items to move the market forward, including a deeper focus on emerging technology, a work stream on cross-border payments and the formation of a governance group to support interoperability.

Ripple hopes to further contribute to these action items.

You can read a copy of the full report (part 1 and part 2).