RBS (Ulster Bank) Trialling Ripple Protocol

[Lightning]

RBS, who operate under the Ulster Bank, RBS, Natwest and Coutts brands, are considering adopting the Ripple banking protocol. This could be game changing.

Ripple (official website, Wikipedia page) is a new banking protocol that enables real-time global cash transfers eliminating delays in payments. It is already used by a small number of banks and is been trialled by many others.

From Wikipedia ...

Ripple is a real-time gross settlement system (RTGS), currency exchange and remittance network by Ripple Labs. Also called theRipple Transaction Protocol (RTXP) or Ripple protocol, it is built upon a distributed open source Internet protocol, consensus ledger and native currency called XRP (ripples). Released in 2012, Ripple purports to enable "secure, instant and nearly free global financial transactions of any size with no chargebacks."

It supports tokens representing fiat currency, cryptocurrency, commodity or any other unit of value such as frequent flier miles or mobile minutes. At its core, Ripple is based around a shared, public database or ledger, which uses a consensus process that allows for payments, exchanges and remittance in a distributed process.