Ripple, previously know as Ripple Labs, aims to upgrade the antiquated payment systems that are currently in place for financial corporations. Their goal is to provide the means for funds to be transferred quickly and securely whilst reducing the cost of going through intermediaries – their Internet of Value.
Meanwhile, Santander InnoVentures is demonstrating their intent to support fintech businesses, and joins the likes of IDG Capital Partners, Seagate Technology, AME Cloud Ventures and many others who have invested in Ripple. However, in addition to financial aid, Santander InnoVentures also offers business expertise, technical support and a range of advice for their beneficiaries on expanding their company.
Ripple and Santander believe they are both singing from the same hymn sheet. Ripple hopes this venture will move them closer to implementing their technology in the marketplace and have decided to progress from ‘Ripple Labs’ to ‘Ripple’ to reflect their progression from experimentation to delivery.
To upgrade payment systems, Ripple is attempting to address financial industry problems of scalability and transaction privacy with its implementation of the Interledger Protocol (ILP). Once ILP-enabled, financial institutions will be able process an unlimited number of transactions, transact privately, and denominate fees in their local currencies
Ripple sits on the Federal Reserve’s Faster Payments Task Force Steering Committee and is a member of the W3C’s Web Payments Interest Group.