Ripple adoption speeds up with South Korean Payment Remittance company, Sentbe

Fibo Quantum

  • Bank of America has filed for a patent which proposes for an interbank communication tool.
  • Ripple has also partnered up with South Korean Payment Remittance company, Sentbe through Moneygram.

Bank of America

According to a filing on Google Patents, Bank of America has filed for a patent for a settlement system citing the Ripple Ledger. This patent describes a system that uses distributed ledger technology (DLT) as an interbank communication tool. The planned system would allow real-time settlement with transactions being communicated using a shared, decentralized ledger which would be accessible by both the banks. 

This shared network will verify the identity of the payer and the payee and enable communication between both the parties. The patent encompasses multiple illustrations that explicitly cite Ripple DLT. However, the patent does not mention Ripple’s base asset and proposed settlement gateway asset XRP. 

Sentbe

As has been previously reported by FXStreet, Ripple has entered into a monumental partnership with Moneygram. On July 19th, Moneygram integrated the South Korean payment remittance company Sentbe. This implies that now Ripple and Sentbe have also entered into a partnership. 

Yahoo Finance said:

“The collaboration between Sentbe – which has accumulated billions of Korean Won worth of transactions as of July 2019 – and MoneyGram aligns with MoneyGram’s goal of providing consumers with an expanded range of digital money transfer options. Sentbe is a financial technology startup based in South Korea, making cross-border person-to-person money transfer easier, faster, and cheaper through innovative technology. Licensed as a financial institution in South Korea, Sentbe strives to provide financial opportunity and equality through disrupting the inertia of traditional finance.”