Santander to utilize Ripple for cross-border transactions

European banking giant Santander has plans to use Ripple's xCurrent platform to power their international transaction
26 March 2018   819

Several banks across the globe are trying out the Ripple to power their transactions. And now Santander joins them.

Earlier this year Santander CEO Nathan Bostock confirmed that the company was testing Ripple's core platform to reduce transaction times, and now the plans expand to full utilization of RippleNet and xCurrent to speed up international payments.

The newest service has been in testing for over eighteen month, according to the employees. And now, the new app will allow for the cross-border payments to be settled in less than twenty-four hours and all the parties involved will be able to see the processing fees right from the beginning.

The primary focus on the app's launch will be the bank's clients in Europe and Southern America, with particular attention on Spain, Brazil and the United Kingdom. Also, together with the app the new wallet, personal finance manager and interactive help-desk will be debuted.

The launch is planned somewhere in the first half of the year, according to the Ripple executive Brad Garlinghouse.

Combined Lawsuit Against XRP to Move to Federal Court

Ripple is accused of selling unregistered securities in the form of XRP tokens and asset rate manipulations
13 November 2018   91

Ripple Labs was able to move a consolidated class-action lawsuit from its previous venue at the San Mateo Superior Court to the U.S. District Court, Northern District of California. This is reported by Coindesk.

The company is accused of selling unregistered securities in the form of XRP tokens and asset rate manipulations. According to court documents, the class action lawsuit includes the cases of Avner Greenwald, David Oсoner and Vladi Zakinov against Ripple Labs and a subsidiary of XRP II.

The defendant insists that the case meets the conditions necessary for its consideration in a federal court, since the plaintiffs are located in different jurisdictions.

Plaintiffs do not allege that they lacked information about the nature of these transactions. Nevertheless, Plaintiffs claim that they were somehow injured because the Defendants were allegedly required to register XRP as a ‘security’ with the Securities & Exchange Commission (‘SEC’) but failed to do so.

Ripple’s attorneys

To protect their interests, the startup hired Skadden Law Firm and leading lawyers from Debevoise & Plimpton, including Mary Joe White, former Securities and Exchange Commission (SEC) chairman, and Andrew Ceresney, former SEC head of enforcement.