Earthport opens distributed ledger gateway for bank clients
Earthport, an open global bank payment network, has enhanced its global gateway.
Earyhport has enhanced its global gateway by enabling real-time cross-border payments via distributed ledger protocol for use by banks.
The partnership between Earthport and Ripple Labs, the creator and a developer of the Ripple payment protocol and exchange network, was first announced in December 2014.
The upgraded gateway will allow banks to maintain their current technology and compliance regimes, while also providing them the benefits of the new real-time payment technology.
Earthport CEO Hank Uberoi said: “We are thrilled to expand our Payment Network and our mission to provide ‘fastest payments possible’ with easy access to Distributed Ledger so that our clients can realize its benefits, including immediate transaction settlement and reduced counterparty risk.
“We have experienced significant interest in this protocol and our clients are far along into the planning stage for initial testing.”
The Earthport Distributed Ledger Gateway transports the funds through the Ripple protocol to record the transaction and leverage its prefunded accounts to provide instant liquidity and the best FX rate. Then, the beneficiary receives the amount in near real-time.
In addition, Earthport allows banks to connect to the Ripple network without having to establish their own infrastructure.
This solution brings advanced AML monitoring, sanction screening, transaction monitoring and KYC tools to enable compliance control together with the power of distributed ledger.
Banks that still use legacy formats will be able to send and receive Ripple with Earthport managing format transformation.