big news from the information technology giant for xrp owners
According to the news of U.today, information technology giant IBM bought Canadian payment company Expertus Technologies Inc., which also offers cash management solutions. Expertus partnered with Ripple in 2016 . The company will now work as part of the IBM Global Business Services Unit.
Expertus, a cloud-based banking solutions provider, can process an average of $ 50 billion worth of transactions per day. These financial transactions are directed by more than 1000 financial institutions.
IBM stated that the payment solution provided by Expertus will transform IBM's cloud-based payment system used by banks and other financial institutions, allowing users to remain innovative and competitive while demand from their customers grows stronger.
Expertus will allow IBM to reduce payment costs through its technology. According to data shared by IBM, banks currently allocate approximately $ 100 billion of their budgets to improve their payment systems with new technologies.
Expertus Partners with Ripple
In 2016, Expertus partnered with Ripple to run blockchain-based payment solution trials for banks. As part of the trials, the new solution was integrated into the existing payment infrastructure used by financial institutions at the time. It also aimed to reduce the costs of financial transactions for banks.
The solution offered by Ripple and Expertus also aimed to increase liquidity management for financial institutions and corporate clients. Expertus Payment Platform's partnership with Ripple can enable FIs to offer their clients real-time payment execution, full transparency to fees, and lower cost.
