Zelle Cryptocurrency
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Financial Industry veteran Mike Kennedy is taking charge as CEO of Interstellar, a blockchain and digital currency technology firm which is quite often referred the rival to San Francisco fintech firm Ripple.
Stellar Network Might Receive Huge Boost Soon
Mike Kennedy earlier co-founded Zelle, a peer-to-peer payment network and carries his years of experience working in the payment industry to Stellar blockchain.
Various banks widely adopted Zelle network in the united states – few of those were – Morgan Stanley, Bank of America, JP Morgan Chase. At Interstellar, Kennedy is responsible for market-making and liquidity solutions for Stellar.
Interstellar is a wing of Stellar, emerged in 2018 as a part of acquisition deal between Lightyer.io and Chain. This firm is specifically developing payment protocols or payment layer on the Stellar network.
Interestingly, the two giants Ripple and Stellar offers similar services wherein the former is quite famous due to its growing partnership with financial entities, banks, and global regulators while Jed McCaleb founds latter, an American programmer who earlier served as the CTO of Ripple until 2013.
It’s worth mentioning that the XRP community recently bashed at McCaleb and Ripple when the transfer of 100 Million XRP caught between Ripple and Stellar founder McCaleb.
Ripple v/s Instersellar
Mike Kennedy taking charge as CEO of Interstellar possibly is a panicking movement for Ripple, especially when the firm itself is struggling to get out of the ongoing debate of dumping XRP and causing the token to lose its value further.
The point here is that Interstellar also offer the distributed ledger for banks to use and upgrade their financial system for cross-border payment transfers.
Notably, Stellar with Interstellar and Ripple with its blockchain products are already hovering above the Swift-payment services – but the point here is, will Ripple’s popularity gets down if Mike Kennedy committed and bring Interstellar on top.
According to Mike Kennedy, Interstellar is already connecting with the ample of financial institutions, banks, companies, licensed non-bank providers.
Also, the firm works at building businesses that the Stellar Development Foundation wouldn’t do otherwise. He said;
“That’s not something that makes sense for a nonprofit like the Stellar Development Foundation to do,” Kennedy said. “However, it is something that would really help to drive growth and adoption of the network beyond the rates that we’re seeing today, and so that’s one of the things that we will likely do with Interstellar.”
Kennedy’s statement sounds promising as he holds substantial expertise in the payment field of ‘transforming traditional banking systems to modern blockchain payment solution.’
He believes that the cross-border payment transfer using SWIFT and other corresponding banking consumes the majority of dollars – Keneddy further elaborated his stance as;
“That’s where the majority of dollars are going through for international payments today is the traditional SWIFT and correspondent banking, and we clearly have a much better solution that I think we’re going to get everyone to realize and adopt.”
Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.
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Peer-to-peer transactions have taken off as a way to pay digitally during the pandemic, and now the biggest bank-owned P2P network is getting a big lift through its integration with the country’s most extensive real-time payments network. Early Warning Services LLC announced early Thursday payments on its fast-growing Zelle P2P payments system can now be cleared and settled on the Real Time Payments network, owned by The Clearing House Payments Co. LLC.
The first two institutions to leverage the new capability are Bank of America and PNC Bank, both of which are among the owners of Early Warning and of TCH.
With the integration, senders’ financial institutions will see faster availability of funds on Zelle transactions and Early Warning will be able to access features of RTP such as request for payment and bill pay. For its part, TCH will benefit from Zelle’s ability to route transactions via simple yet secure tokens like a phone number or email address.
The latest agreement follows small-scale tests between the two organizations that began last fall and represents yet another pathway to real-time payments for many of the nation’s biggest banks. Early Warning’s seven owners—Bank of America, BB&T, Capital One, JPMorgan Chase, PNC Bank, US Bank, and Wells Fargo—are among the 24 major institutions that own New York City-based TCH.
Executives in charge of the integration with both firms see it as simplifying operations and smoothing the way for banks to launch new faster-payment services that are more likely to succeed in the open market. “What this agreement does is it comes up with a common process, so if an institution on Zelle wants to expand [services], this provides a way to do it through a common experience. It’s easy to understand, and you don’t want everybody doing it as a series of one-offs,” says Steve Ledford, TCH’s senior vice president for product strategy and development.
The most immediate result of the integration will be a simplified process for Zelle institutions when customers use the service to send money. As things stand, those funds are fronted to the recipient immediately but the recipient’s bank must wait for reimbursement through the automated clearing house from the sender’s bank. Through RTP, that lag will largely dissolve. “A financial institution may need to make funds available to a customer on a Friday, but have to wait until the next week to have the funds available to them. The integration with RTP closes that settlement risk,” notes Sarah Grotta, director of the debit and alternative products advisory service at Mercator Advisory Group, a Marlborough, Mass.-based research firm.
Even more problematic than the time lag is the back-office bookkeeping the delay requires, according to Lou Anne Alexander, chief product officer at Scottsdale, Ariz.-based Early Warning. “The problems are in reconciliation—what did I get paid for, what not paid for, out-of-balance situations,” she says. These issues, she adds, “are what RTP solves for us.”
Other features are also involved that could prove useful for both companies. The RTP network’s request-for-payment capability, for example, could clear the way for Zelle to move more rapidly into bill pay. And what Ledford refers to as Zelle’s social tokens—the recipient phone number or email address—can benefit RTP as the service adds more and more users who may not care to be bothered with more complicated identifiers. “Social tokens is where the Zelle network excels,” says Ledford.
The strengths of both networks, then, could come into play with functions like bill pay. “If there is a bank and they want to offer the ability to pay bills through request for payment based on a Zelle social token [as opposed to an account number], they could do it,” says Ledford.
Zelle To Bitcoin
Meanwhile, Zelle will benefit through shorter development time for features like bill pay. “Request for payment is the big one, the ability to send an invoice to a phone number or email.” says Alexander, referring to the RTP feature. “That’s definitely the synergy that comes together here.”
Does Zelle Use Cryptocurrency
The Zelle service, which competes with PayPal’s Venmo app, Square’s Cash App, and other rivals, launched in June 2017. The RTP network followed five months later. Early Warning reported earlier this month that Zelle last year processed $307 billion in volume, up 62% over 2019, on 1.2 billion transactions, up 58%.