In a recent panel held in a European Congress, 3 financial services experts– Marjam Delatine from Ripple’s European office, Saska Devolder from SWIFT, and Douwe Lyklama from Innopay, met and discussed the evolution of the European financial services markets.
Europe: The Most Advanced with Financial Modernization
Per the panel, the general consensus among the speakers was that Europe is the most advanced when it comes to financial modernization. As stated by SWIFT’s Mrs. Devolder, financial services are changing around the world and they’re changing much more rapidly in Europe.
The Eurozone Central Bank (ECB) has contributed to rapid changes and innovations in the financial sector because they have placed deadlines that every member must meet. The ECB wants to implement financial services that are better, cheaper, and more reliable.
Therefore, it’s their goal to push for the rapid adoption of new financial services that increase liquidity.
Ripple Set to Revolutionize Financial Services Starting with Europe
Mrs. Delatine from Ripple’s European office spoke on the panel about open banking and Ripple’s blockchian technology. She proclaimed that the idea of open banking is for all payments to be fully digital.
Adding to this, she said the only way that will happen is through a trusted system offered by blockchain technology because blockchain is the best trust broker available.
Delatine then went on to explain that Ripple will help financial systems in Europe meet the ECB deadlines by facilitating interoperability among different financial networks.
Furthermore, in agreeance with everyone that European financial services are far more advanced than the rest of the world, she explained that once banks and financial institutions learn how customers react to their new financial services, the rest of the world will follow.
This is why Ripple has such a strong presence in Europe and is heavily focused on integrating its blockchain technology there.
As previously reported by IIB, Ripple is a founding member of the European Commissions blockchain association called the International Association for Trusted Blockchain Applications (INATBA). Also, Ripple is actively meeting and cooperating with various European officials and financial institutions.
All in all, Ripple may very well be the one that innovates Europe’s financial services that the ECB is hoping for.
Do you think Ripple’s blockchain technology will be widely adopted across Europe and then the rest of the world? Let us know what you think in the comment section below.