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Ripple and SAP collaborate on international settlements using the blockchain

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Ripple

Banks like ATB Financial Bank Canda and ReiseBank AG Germany have been using Ripple blockchain since 2016 already.

Sometime in September, Enterprise Software maker SAP organized a chat on Twitter to explain to its users the workings of blockchain technology. The conversation focused on basic information on how blockchain could be used to improve business operations and processes, making several industries more efficient by optimizing transaction efficiency.

In the process of sharing information with their clients, SAP made known nuggets of revelations that users were quick to latch onto: SAP was testing and looking into integrating with Ripple’s default virtual currency, XRP.

The news came from SAP’s Product Marketing Consultant, Sarah Austin who doubles as an entrepreneur and content creator and has been featured in the Forbes under 30 lists. Sarah started working at SAP in 2012.

Today, it comes as no surprise that SAP is warming up and venturing into blockchain technology. As a market leader and a legend in the field of enterprise application software in the enterprise world, the German multinational company is happy to announce their collaboration with the virtual fintech company Ripple and two financial institutions in their quest to demonstrate how banks can improve their efficiency in conducting cross-border settlements by using blockchain technology.

Working in harmony, SAP and Ripple teams partnered with ATB Financial in designing and developing a proof-of-concept prototype that is based on blockchain technology. The proof-of-concept prototype was used to transfer a test CAD 1,000 US dollars settlement from ATB Financial to ReiseBank.

Going by the SAP media briefing, the settlement, that would have characteristically taken more than three business days to process due to the processes that include reconciling accounts and settling with the counterparty bank was executed end-to-end in a record time of about 10 seconds.

The use of cryptocurrency and blockchain technology for quick, cheap, and efficient international settlements is nothing new. What is making this whole process interesting is the involvement of SAP.

With over 70,000 employees, 310,000 corporate clients globally and an estimated annual revenue of over 20 billion Euros, SAP is the world’s third principal independent software manufacturer based on market cap. The company has long been considered as the embodiment of European quality that has a robust, no-nonsense enterprise computing for large companies.

The Bridge Between Ripple’s Network and SAP, xVia

According to the definition availed by Ripple.com, xVia is one of the Ripple products tailor-made for corporates, financial institutions, banks, and settlement providers who want to transfer money across several platforms using a standard interface.

The product’s easy to understand API requires no software installation and allows users to seamlessly transfer settlements worldwide with transparency into the settlement status and with relevant information, like an invoice, attached to the payment.

Ripple’s Network

Ripple’s network which is also known as RippleNet is a decentralized global system of payment providers, financial institutions, and banks that use Ripple’s distributed financial technology. Ripple’s distributed financial technology provides real-time clearing, messaging, and settlement of monetary payments.

Enterprise Resource Planning (ERP)

ERP is a software that deals with business processes and management that allows a company to use a network of integrated applications to manage the organization and assists in automating some back-office functions that are related to technology, human resources, and services.

Oracle ERP Cloud solutions and SAP are some of the well-known examples of ERP software.

xVia as a Bridge

Being API based, xVia can be used to link these ERP software solutions such as SAP to Ripple’s network. xVia can be embedded into banks or relevant ERPs, or any application build by software providers. The everyday activities can then be driven through xVia’s API connection and then later to Ripple’s network allowing seamless software settlements solutions at one go.

In computer programming terms, an API can be defined as a set of clearly defined approaches of communication between various software components.

In summary, xVia can connect companies and firms that operate with ERP software solutions on Ripple’s Network.

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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.

Image courtesy of Rawpixel/PixaBay

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property loans for foreigners in Singapore

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