Early this week, cryptocurrency company Ripple acquired a stake in a major money transfer company. As part of the deal, the transfer company agreed to incorporate Ripple's xRapid product, which utilizes the cryptocurrency XRP, in its cross-border payments process.
According to reports, Reykjavik-based Monerium ehf recently became the only blockchain company in the world so far that is licensed to operate as an electronic money company under the EU's E-money Directive. The Financial Supervisory Authority, which oversees financial services in Iceland, was the decision-maker behind this financial regulatory first.
The Italian Banking Association (ABI) has announced that it will be implementing distributed ledger technology to improve the transparency and frequency of interbank reconciliation. The country's banks could be using the technology as early as March 2020, per the ABI.
Finally, a multinational banking group is rolling out a solution that integrates "tokenization technology" to automate the accounts receivable process. Australian fintech company Identitii Limited developed the technology.
For more information, please refer to the following links:
- Ripple Takes $50 Million Stake in MoneyGram in Push to Deploy XRP
- Iceland Gets World's 1st E-Money Blockchain License
- Italy's banks to use DLT for reconciliations
- Global Banking Giant HSBC Launches Tokenization-Based Receivables System for India
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