Ripple gets Instant Deposits from US Banks, Sets Sights on Asian Remittances Market

Americans tin now make instant deposits to Ripple from several US banks, according to a mail published in the company's blog.

Instant Deposits from US Banks

This announcement was made on August 22, and indicated a recent partnership between SnapSwap and Knox Payments.

SnapSwap Inc. is a Washington-based startup that develops gateway services for Ripple in the US and Europe. The company was founded in May 2022 by banker and entrepreneur Denis Kiselev, and co-founder and CTO Natalia Pavlova.

Knox Payments is a service that allows merchants to accept payments from their customer's depository financial institution accounts through ACH (Automated Clearing House) payments. ACH is an electronic network for financial transactions in the US, processing large volumes of credit and debit transactions in batches.

Knox Payments was launched in February 2022, after raising US$900,000 from undisclosed Virginia-based angel investors. In an interview with Venture Beat, Knox Payments' co-founder Tommy Nicholas stated:

"At present a business tin can put our push button on their website, and when people go to pay, they can cull to pay with their bank. Our thesis is around making this process fashion faster and reducing keystrokes. You tin get through an online checkout in three clicks. We just charge $0.18 per transactions over $two."

Through this partnership, United states of america Ripples users are now able to brand deposits to their Ripple accounts from banks Wells Fargo, Banking concern of America, Capital I, Capital I 360, USAA, TD Bank, US Bank, PNC or Chase, with a daily limit of United states$300.

SnapSwap introduced the new feature chosen Instant Deposit on August 21, according to a web log announcement. It added that SnapSwap was "currently working on adding other major US banks.'

Formerly OpenCoin, Ripple Labs developed the Ripple protocol, an open up-source, distributed payment protocol, which enables free and instant payments in any currency, including dollars, yen, euros, bitcoins and loyalty points.

According to the release:

"One of the primary early challenges faced by Ripple users has been getting value on the network, but as the ecosystem continues to evolve and expand, this process will just become more than seamless, and in the case of this latest SnapSwap evolution, a lot more instant."

There have been many exciting news from Ripple during the concluding couple months. In late-July, precious metal provider Gold Bullion International announced the opening of a alive gateway on the Ripple protocol besides equally the creation of new gold-backed cryptocurrency, XAU.

Before this month, Shift Payments appear its all-in-1 debit card, a product born from a partnership between Shift and SnapSwap's product SmartyCash. Shift's debit card is an innovative payment card that is integrated with both Coinbase and Ripple, and that enables payments in ripples, bitcoins, traditional money and loyalty points.

Ripple beyond the West

Just the Ripple event has spread out much further than just America and Europe. On August 25, Cointelegraph reached out to Bali-based entrepreneur Stephen DeMeulenaere, on a project he's been working on with Singapore-based entrepreneur Ric Shreves, The two entrepreneurs are determined to bring Ripple to Southeast Asia through the implementation of a Ripple gateway in Republic of indonesia.

In an electronic mail interview, DeMeulenaere explained the opportunities for Ripple regarding the Indonesian remittance market, which receives approximately The states$seven.5bn each twelvemonth, as well equally the regional coin transfer market inside the Association of southeast asian nations zone. He added:

"Transfers from America and Europe brand up the majority of remittance transfers to Republic of indonesia, and then this new agreement for Ripple is great news for creating new possibilities for opening up the remittance market."

The entrepreneur added that they've been in talk with the team at Ripple Labs, stating that "they've been very professional and supportive, and very well aware of the meaning opportunities a gateway for Indonesia would bring to the network".

Ripple Republic of indonesia hasn't gear up an official launch engagement equally they are even so in the process of acquiring the necessary permits, but they hope it will be by early 2022.