BlockChain Technology and US Financial Institutions

The eZforex company, a leader in the United States when it comes to providing in-demand foreign currency to travelers via advanced international payments solutions and financial institutions, announced its achievement of expanding its suite related to global payments solutions. The company has spent a year in developing its new tranche of products. Th company has done this by collaborating with Star One Credit Union and Ripple. The new part of the bouquet includes BlockChain technology by Ripple.

Ripple and live payments

Ripple is headquartered in San Francisco. It links banks all over the world by providing real time across the border payment services to customers. This is achieved by using Distributive Ledger and BlockChain Technology.

The eZforex company successfully delivered its live payments to all the four continents. According to Robert Crandall, an investor in the company and an ex-chief executive officer of American Airlines, this technological breakthrough can be regarded as an important step towards the correct destination. With this technological leap, all the financial institutions, independent of size could provide their customers quality access to the lowest cost but safest funds transfer technology.

The eZforex company is known for its innovative products. The company hit big time when it crafted the turnkey Dodd-Frank 1073 compliance technology. These included the FedGlobal ACH initiative being used by Federal Reserve. The product has found use among a number of international payment providers. The company at present is taking the future head-on by partnering with Ripple. The two companies will create newest industry standard: the banking industry's International BlockChain Payments. According to Jorge Jiminez, the CEO of the company, mainstream use of this BlockChain Technology will result in changing cross-border payment landscape for credit unions and banks in the United States. He said that this will happen quicker than predicted.

Into future

The chairman of eZforex, Evan Shelan, said that the company is overjoyed to play a part in assisting top move the industry into the future. He added that it is excited to start the rolling-out of the BlockChain Technology to all the credit unions and eZforex banks in 2017. This has been corroborated by Lynn Brubeker, the Vice President of Deposit Services at Star One Credit Union. She said that the members will benefit immensely from high security and speed coupled with the low prices which the BlockChain technology offers for the international remittances. The first of many BlockChain payments in the USA will be started in Austin, at NACHA payments on April 24, 2017.

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