Volante Technologies wired its payments software to Ripple's network, opening a direct channel for banks to settle transactions across borders in real time. The software company built the Ripple inter
Volante Technologies wired its payments software to Ripple's network, opening a direct channel for banks to settle transactions across borders in real time. The software company built the Ripple interface into its VolPay product line, which helps financial institutions access various clearing and settlement mechanisms without replacing their existing systems.
Volante built this after its customers expressed interest in Ripple. Neil Clarke manages market engagement at the company. He said: "The world of payments is rapidly evolving and Volante's role is to help ensure that our customers can quickly benefit from the adoption of emerging technologies across the payments space as and when they require it. We commend Ripple on their innovative approach to bringing down cost and driving up choice for financial institutions and we look forward to helping more organizations connect to Ripple."
Banks across the globe have started adopting Ripple. Three of Australia's major four banks—Westpac, ANZ, and Commonwealth Bank—have tested it. Westpac ran a trial with low-value international payments to two countries to see whether the Ripple protocol could speed up cross-border transfers.
Rachel Slade oversees global transactional services for Westpac. She described the results: "The solution they have developed is faster than other alternatives in the market, providing same or next-day payment. This technology could be very beneficial to all Australians, providing a low-cost and fast method of sending low-value payments overseas."
Westpac, ANZ, and CBA joined Fidor of Germany, two smaller American banks, and Earthpost in adopting Ripple for payments.
Ripple announced Series A funding news this week. Santander InnoVentures, the investment division of Spain's Santander Group, committed money to the round. That brought the total raised to $32 million. Mariano Belinky leads Santander InnoVentures. He said: "Santander has long been an advocate for modernizing banking infrastructure. Ripple and Santander share a common vision of the future of the industry, and we intend to jointly advocate it in the community."
IDG Capital Partners, AME Cloud Ventures, ChinaRock Capital Management, China Growth Capital, Wicklow Capital, Bitcoin Opportunity Corp., Core Innovation Capital, Route 66 Ventures, RRE Ventures, Vast Ventures, and Venture 51 also backed the Series A.
