Ripple Joins DXC To Push XRP Payments Into Banking Network

Ripple is collaborating with DXC Technology to integrate and extend XRP payments across international banking that manages over $5 trillion in customer funds.

Ripple has teamed with DXC Technology to expand XRP payments across international banking networks. The connection joins Ripple's payment system, which uses XRP and RLUSD, to DXC's Hogan core banking platform.

Hogan holds more than $5 trillion in deposits and over 300 million bank accounts globally. As a result, this approach contributes to the firm's payment system becoming more integrated with the financial system as a whole.

DXC partnership will integrate Ripple payments into the banking system

According to the press release, the cooperation enables banks to perform blockchain payments with digital assets like XRP without changing existing systems. DXC stated that the program will include Ripple's digital asset custody and payments technologies in a large-scale banking setting.

This is intended to provide Hogan clients with a more efficient way to deliver digital custody and payment solutions. Notably, this step will help to bring XRP into the heart of banking, as Ripple uses the altcoin for its payment services.

DXC stated that the partnership allows financial institutions to connect legacy finance with enterprise blockchain-based solutions without impacting core banking infrastructure. In this situation, the XRP Ledger is most likely the blockchain in question, given that it is what Ripple utilizes to conduct transactions.

This partnership comes only days after Ripple spent $150 million in LMAX Group to increase institutional use of its RLUSD stablecoin. RLUSD will become a critical collateral asset in LMAX Group's premier institutional FX trading platform.

Meanwhile, the cryptocurrency startup worked with UC Berkeley to increase institutional use of XRPL. This happened as the firm's university blockchain research team announced the Digital Asset Xcelerator (UDAX).

This Could Increase XRP Payments

Joanie Xie, Ripple's North American Vice President and Managing Director, claimed that the alliance integrates blockchain payments into real-world financial applications. Organizations can use XRP payments on a massive scale.

This rise coincided with other legislative changes, most notably the UK gaining Ripple regulatory certification. The integration includes digital asset custody and tokenized assets.

Sandeep Bhanote, DXC's Global Head and General Manager of Financial Services, explained that the alliance gives banks access to digital assets without having to change their core frameworks.

Market observers also expressed their thoughts on the development. According to Harper, a blockchain analyst, the alliance has the potential to open up real-world tokenization applications. He provided instances of tokenized tickets, fast refunds, and automated rewards.

According to Andrew, an XRP-focused market analyst, integrating Ripple infrastructure into core systems would move XRP closer to being used in bank treasury operations. He stated that legislation is clear, and new integrations are pushing XRP to play a neutral liquidity role in institutional finance.