Ripple has been working towards developing its technology and promoting its native crypto, XRP, for years now, managing to get many powerful financial institutions to use its tech. However, the general public still deals with problems related to payments and money transfers. While others expect innovation from developers to solve their problems, Twitter user, @autoweetafk, suggested an interesting idea for XRPL Labs developer, Wietse Wind.
The user spoke about SEPA, the Single Euro Payment Area (SEPA), that was introduced to harmonize cashless payments and to make cross-border electronic payments inexpensive. @autoweetafk suggested,
“Just imagine if you could SEPA using Ripple Tech to the exchange and buy in minutes instead of having to wait days. Don’t even get me started on weekends.”
Even though SEPA reduced transaction times, users claim it still takes a couple of hours to days for the same. Even though the suggested idea is somewhat along the lines of Wind’s XRParrot, the user asked Wind,
“Wietse needs to get a banking license so we can get a proper XRP derived bank.”
Wind was prompt with his reply and delivered a piece of good news to the user and the XRP community,
“Working on that ???? Got a interesting meeting next week ???? Really looking forward to it!”
While Ripple tries to impress major institutions with its technologies like xCurrent and xRapid, XRPL Labs member Wietse Wind is also working towards tech that would allow the community to make swift transfers. When asked about the need to access people’s bank accounts, Wind said there was no need to access an external bank account “if we have licenses to issue (XRPL bridged) bank accounts to our users ???? — That’s what we’re after.”
Wind plans on building a bank to hold, send and receive EUR on XRP ledger, ILP, and the SEPA network. If Wind acquires this license, the user would be able to conduct transactions on the ledger and other networks, with other currencies being added over time.