Ripples CTO, Robert Schwartz, and Senior Vice President of Product and Corporate Development, Asheesh Birla has both aired their views on the recent article published by Ripple. The top executives addressed issues concerning the article while stressing more on the recent digital payments and ODL related questions. They also answered questions that were put out by the majority of the Ripple customer base as regards the future of the newly launched XRP fund transfer technology.
Ripple majors in handling smaller payments directly
In the recent blog post by the world-famous firm, Asheesh Birla talked about the effects of the recent financial crisis that the world is undergoing as a result of the novel coronavirus pandemic. She noted that Ripple launched the ODL to help financial institutions complete transactions they need to make to other countries especially developing ones. The article also buttresses the fact that Ripple has decided to focus on low-value and high-frequency payments with the ODL technology. “We are continuing to focus on supporting low-value, high-frequency payments with ODL—though transaction volume may look different in this new world,” the SVP added.
The comment above seemed to have ruffled a few feathers in the XRP community as the majority of the members asked Ripple CTO, Robert Schwartz to explain what the SVP just said. The CTO noted without mincing words that Ripple is always interested in carrying out smaller transactions to their receivers instead of taking on huge transactions and having to eventually break it down. He noted that even though the firm was aware of the benefits attached to carrying out larger transactions, they always want to satisfy their clients hence the small scale transactions.
Schwartz further noted most of their current retail client base initially wasn’t sure of their ability to carry out small scale retail payments but after a trial, they were convinced that they had to capacity to carry it out. He noted that at a first glance at how the RippleNet and the ODL platform operated, one would think it would not be able to make retail payments but it has been tested and trusted.
Increase in XRP transactions a priority, Asheesh Birla says
The SVP noted that MoneyGram actively uses the ODL payment system and Ripple has refused to handle MGIs payment transactions. Birla said an increase in the number of transactions on the platforms is a priority as they are more important than an increase in the notional volume. Birla also noted that the future is for retail payments for the taking as demonstrated by visa and MasterCard.
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