In the latest report from the Federal Reserve Board on “distributed ledger technology in payments, clearing, and settlement,” the future use of distributed financial technology looks more certain than ever. The exhaustive document details potential and known use cases, the path to adoption for new solutions and legal issues and governance among a whole host of subjects.
Three key takeaways from this report:
- Distributed ledger technology (DLT) represents an opportunity to deal with existing frictions in payments, clearing, and settlement.
- As DLT matures, compliance and governance requirements must evolve along with the technology to extend the existing framework.
- An open interoperability standard like the Interledger Protocol (ILP) could spur further innovation and adoption of DLT-based systems for cross-border payments.
One fintech company that has already embraced this 'future' technology is Flash Payments , which just launched its highly anticipated lean high-performance foreign exchange transfer payment service that safely, efficiently and reliably provides users with a better customer experience compared to the opaque, siloed and inefficient banking networks.
Built on a common global infrastructure and bringing new efficiencies to financial remittances, by enabling near real-time settlements, improving visibility and reducing risk, Flash Payments delivers tangible advantages from both a technical and financial perspective.
Based in Sydney Australia, Flash Payments is a cutting edge fin-tech startup engineered from the ground up to deliver intelligent foreign exchange transfer services, of course without hidden fees.
Using the innovative Ripple technology platform and XRP, Ripple's digital currency, Flash Payments delivers extraordinary transparency, speed and transactional control to users.
Flash Payments provides a lean high-performance foreign exchange transfer payment services that safely, efficiently and reliably provides users with a better customer experience.
The technology tightly integrates payments messaging with funds settlements, allowing for unprecedented visibility and performance.
Unlike the banks, Flash Payments puts their customers in control. They can choose a target conversion rate, automate the international money transfer and track their currency transfer, like a package, from start to finish.