Ripple Joins SWIFT and Microsoft in FPC to Alter the Future of Cross Border Payments

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Ripple decides to join the Faster Payments Consortium (FPC)

Although Marcus Treacher, Ripple’s Head of Global Strategic Accounts, has criticized the delay of introduction of the ISO 20020 standard by SWIFT, banks, and other payment service providers, Ripple has joined the Faster Payments Consortium (FPC).

This announcement was made by Craig DeWitt, Ripple’s director of products, on Twitter. Upon joining, DeWitt and by extension Ripple, would be part of the Cross Border working group to help develop cross border transactions.

In addition to Ripple, the FPC also includes well-known industry members such as SWIFT, Microsoft, Visa, Wells Fargo, and the US Federal Reserve. Prior to DeWitt, Ripple’s representative was Pat Thelen, Ripple’s VP for Strategic Alliances. He also was the first director of the FPC and a member of the board of directors.

Overview of FPC

The Faster Payment Council (FPC) was established in 2018. FPC members collaborate, research, and support each other, using each other’s resources. Additionally, the FPC also has many working groups, such as Education and Awareness for Cross Border Payments, Fraud Information Sharing, and a QR Code Interface.

In the context of the worldwide coronavirus epidemic, FPC has discussed a way of scanning QR codes for cross border payments With Ripple joining the FPC, the company can now access a robust investor network, which would further the adoption of XRP.

Ripple’s Chris Larsen Donates Funds helps Bay Area minimize the impact of Coronavirus

Ripple has donated over $1 million to the coronavirus emergency fund in the Bat Area, and $100,000 to the coronavirus emergency fund of the Silicon Valley Community Foundation.

Ripple co-founder Chris Larsen additionally donated at least $5 million to SF food banks. According to Ken Weber, Ripple’s Head of Social Impact, charity and community involvement requires participation from everyone, from taxpayers to private firms. These are excellent examples of how Ripple, its staff and its leadership support the community.

More specifically, in an attempt to alleviate financial burdens caused by the coronavirus, Ripple is waiving transaction fees for customers making cross border payments.