The popularity of Ripple is growing by the minute. The firm’s customer base is on the rise too with new partnerships being made with several different global financial institutions across the globe. The latest partnership is one that could impact Ripple and its ecosystem as a whole.
The global IT giant called Tata Consultancy Services has just started a partnership with Ripple in order to take global remittance services to the next level. The firm is a multi-national conglomerate with its headquarter based out of Mumbai.
TCS is the firm behind the cross-border payment solution capable of implementing with several other payment systems.
With this, Quartz is able to run alongside RippleNet as well as Ripple’s payment solutions like xRapid that uses XRP as the base currency for funds transfer.
Currently, RippleNet has already got the advantage of lowering transaction fees for customers using its systems and now that cost could be pushed further down with the new integration of Quartz. For those that don’t know Quartz facilitates fast and cost-effective remittances.
Even though RippleNet has impressed a lot of financial institutions around the world and got a big following, the partnership with TCS is expected to increase its customer base by a significant amount.
TCS’s payment solutions are dubbed as BaNCS which is currently in use by over 450 installations across the globe with more than a billion active accounts.
TCS will bring some big customers for RippleNet such as Citibank UK, General Electric and even the tech giant, Microsoft.
By 31st March last year, TCS posted $19 billion in revenue.
This partnership could also have an impact on Ripple’s native token XRP. This impact could greatly increase the price of XRP but only if some of the institutions using RippleNet are also using xRapid which would mean that the usage is increasing.
At the time of writing, XRP is priced at $0.35 following a 2.21 percent decrease over the past 24 hours. The market cap for XRP is currently, $14,717,564,535. It seems that XRP and the rest of the market is calming down after last weeks phenomenal bull-run.