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European Central Bank launching its allegedly Ripple powered instant payment service next month

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Ripple
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After the long-awaited system in the market, finally, clients who enjoy transacting money using the digital platform can now rejoice after the alleged Ripple partner and Pan European infrastructure, Target Instant payment settlement is expected to go live next month, November 2018.

The European Central Bank is the leading financial institution for European countries administering monetary policies in the European block, which is comprised of 19 EU member states. The Euro is currently one of the strongest currency in the world.

The great news came from Equens world Line, a pioneer with the primary objective to deal with instant payment and money transaction operations. Giving the story on their tweeter account, they informed the followers on how they were going to go live in next month and continued to advise the followers on the expectations, and how the innovation is going to revolutionize Europe when it comes to technology.

The primary purpose of Target instant payment settlement will be to create an instant payment system all over Europe using the central bank as a channel to regulate the transfer of settlements enabling the transmission of digital money across the border and Europe as a whole. And as ‘instant payment settlement’ term is attached to the service, multiple anonymous sources have reported that they have turned to Ripple blockchain.

Some of the benefits of the system will include no minimum wait during the transaction process, available transaction settlement all over the clock for its customers hence clients can access their finances throughout and make payments with ease of any delay. The surprising fact about the instant payment system is that it allows the currency to be settled in the bank at any time creating an all-time all access system.

The will also be an elimination of time wastage between the client and the bank as the financial system money transactions will be updated instantly avoiding any credit risks among the clients (another hint of Ripple involvement, right?

That’s exactly what the blockchain project has been pushing to do to banks). In addition to that, all the service providers could now be happy as they will be reachable without actually opening an account with TIPS. Hence one can be a non-member and still operate using the settlement system.

Consequently, the instant money payment settlement scheme will allow the movement of currency from one financial provider platform to the other without the need of any clearing services. These clearing services could be the main reason why there was a delay in the transaction in the traditional system payment systems. This system is an improvement from other conventional methods that one had to do the clearing before the settlement takes place.

After the announcement, some people were very excited and took to Twitter for replying to the great news. Understandably, some followers thought that it was Ripple instant payment system.

The euro system decided to incorporate TIPS due to its fantastic experience to incorporate payment settlement and matches its object that is to enable innovation and extension regarding technology to the European countries. Even if Ripple is not involved in this case, the fact that the central bank is regulating the system is a big win for the cryptocurrency sector as now more people will be willing to transact money globally without fear of insecurity.

The leading institutions that are going to benefit from this move in December are the credit institutions that ate implemented and situated in the European economic region or outside the area provided that they operate through an institution run by the European economic region and all national central banks of the European Union.

Although it will use euro for settlement, this will be one of the most significant milestones that could ever happen in euros technology concerning the world of digital currency. The involvement of Ripple blockchain is yet to be confirmed, but the nodes match quite well.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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AZ FundChain Offers a Compelling Alternative to Traditional Crowdfunding

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AZ FundChain
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Although many tokens have collapsed during the ongoing altcoin apocalypse, the future remains bright for applications with real world usage.  Because of the ongoing bear market and limited trading opportunities, analyzing businesses with the potential to experience real world adoption should be the priority.  Part of that analysis should include looking at industries that need improvement.  During my analysis, one area that quickly popped up is the field of traditional crowdfunding and money circles.  And, as it turns out, AZ FundChain application offers a compelling alternative.

Problems with Traditional Crowdfunding

President Obama’s JOBS Act essentially laid the ground work for crowdfunding.  This legislation was passed in 2012 and included a provision for large groups of anonymous investors to fund startups.  It essentially gets around the dreaded “qualified investor” requirement that created a barrier for so many potential participants.  Crowdfunding is a great way for non-traditional businesses to raise funds for operating capital.  It certainly beats having to beg a bank for a loan, or, even worse, a loan shark.

But, as the common cliché goes, no good deed goes unpunished.  Traditional crowdfunding and money circles certainly have their fair share of problems.  The biggest problem is trust.  There are essentially very little checks and balances when it comes to how these companies will use the money that is raised.  Companies can promise the world but may not deliver…

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Why no one should be using banks

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why no one should be using banks
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If government is the devil, the bank is a demon.

It’s not your money anymore.

The moment you put your money on your bank account it becomes the property of the bank. Legally speaking you have just lend your money for minuscule interest. And since the money is not your, terms do apply, so you cannot withdraw all of them in one day, if the amount is high.

Government will know everything

Today banks are obligated to tell the authorities everything they know about you, including how much money you have, how you got it and where you spend it. The golden age of bank secrecy is over. Of course if you are a law abiding citizen, you might think that you have nothing to hide, but it’s not about hiding stuff. It’s about basic human right, and rightness for private life. The government should not be allowed to watch you.

Banks ask too many stupid questions

It’s your money, you rightfully earned them, but still you need to explain to the bank where you got it from and be shamed by them. The funny part is that after long and painful due diligence process the bank may still decline in providing service for you.

They can legally suspend your account or even steal your money

Laws are not made to protect people, they are made to protect the…

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Neteller to Launch a Crypto Exchange

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Neteller
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The way to make sure that the cryptocurrency momentum continues and that cryptocurrency credibility occurs is when big companies begin offering services based around cryptocurrency and other features of blockchain. This was certainly the case when Neteller recently announced it will offer a cryptocurrency exchange service in addition to its digital wallet services. The company announced that the 28 currencies compatible with the fiat wallet were able to buy, sell, and hold cryptocurrencies – including Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, and Litecoin. It makes sense to begin with Bitcoin and Ethereum as they are seen as the originators of what cryptocurrency and blockchain can do and also the future of how blockchain can be used, despite news that Ripple may be set to topple them all. Neteller’s move into cryptocurrency shows it has its sights set on a bright future of cryptocurrency and making it more accessible. But where do they stand now?

Neteller and Cryptocurrency

Neteller are optimistic about the exchange features of the digital wallet, claiming that they plan to add more cryptocurrencies in the near future. Neteller’s benefit is the ease at which one can begin their cryptocurrency trading journey. Not only do a range of banks offer services to fund the wallets and exchanges, but so do a variety of online payment options. This helps remove the barrier to entry that exists in…

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