Ripple XRP will make you rich by 2020. Visa, Walmart, MasterCard, Best Buy, and American Express are all currently working with Ripple. They are all on the faster payments task force, and currently working with the Federal Reserve to have Ripple technology utilized by 2020. Mass Adoption. 2020!
The journey began with a January 2015 “Strategies for Improving the U.S. Payments System.” The task force formed in May that year, comprised of more than 300 participants from all walks—from ADP to the IRS, Wells Fargo to WalMart, Visa to NASA . (Yes, NASA. Their payroll is astronomical, you might say.)
And the task force finished its work in July 2017 after—deep breath—252 meetings and teleconferences, 19 surveys and votes, and 120,000 estimated hours of work, the chronological equivalent of 13.7 years. The work yielded two reports totaling 126 pages, part one released a year ago this month, part two in July.The Federal Reserve, on behalf of the Governance Framework Formation Team, announced the 27 members of the collaborative industry short-term work group that will focus on developing a governance framework for faster payments in the United States. The work group, originally called the interim collaboration work group, was established by the Faster Payments Task Force .
The Federal Reserve has tapped up McKinsey & Company to bolster the efforts of its newly-launched Faster Payments Task Force.
The Faster Payments Task Force was established in 2015 with 331 members dedicated to improving the speed, safety and efficiency of payments across the US. It’s tasked with identifying new and effective approaches for implementing technology across the country’s payments network.
Now the team will be supported by consultants from McKinsey in the run up to the submission of a number of new proposals next month.
McKinsey report Today, after two years of work, the Federal Reserve released its Faster Payments Task Force’s action plan for bringing faster payments to the United States, highlighting Ripple’s ability to underpin the next generation of cross-border payments.
Ripple played a leading role in establishing this future vision for payments. Early in the process, I was elected to serve on the Steering Committee to represent tech companies and provide expertise on emerging technology and blockchain.
Within the emerging technology and cross-border work streams announced, Ripple plans to focus on how the use of digital assets, like XRP, can enable a new paradigm of liquidity and capital efficiency. This work stream provides the perfect venue to educate the market and serve as a catalyst for broader adoption of digital assets.
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