15. April 2024

Ripple Enhances Payment System With Colombia’s Banco de la República

• Ripple announced collaborating with Colombia’s central bank – Banco de la República – to explore blockchain technology use cases.
• The objective is to evaluate the potential efficiencies of a solution using the Ripple CBDC Platform to improve use cases on the high-value payment system.
• The pilot is being run with Spain-based blockchain technology firm Peersyst Technology.

Ripple Partners with Banco de la República

Ripple announced that it is collaborating with Colombia’s central bank, Banco de la República, to explore various use cases of blockchain technology. This project will focus on evaluating the potential efficiency of a solution utilizing the Ripple CBDC Platform in order to improve payment systems and data management for high-value payments. The pilot program is being conducted in partnership with Spain-based blockchain technology firm Peersyst Technology.

Objective of Project

The main goal of this project is to educate public entities across Colombia by providing them with interactive and collaborative experiments that demonstrate how blockchain technology can be utilized within their existing payment systems and data management solutions. Additionally, it will help provide insight into how such technologies can provide more efficient services for their citizens.

Partners Involved

Banco de la República will be working closely with Colombia’s Ministry of Information and Communications (MinTIC) in order to conduct this pilot program. MinTIC has been designated as the leader responsible for leading the development during each phase of this experiment with blockchain technology usage. The other partners involved are Ripple, who will provide its CBDC Platform based upon XRP Ledger (XRPL), and Peersyst Technology who will assist in developing the necessary technical infrastructure for successful completion of this project.

James Wallis‘ Statement

In response to this announcement, James Wallis, VP of Central Bank Engagements and CBDCs at Ripple said: “By harnessing the power of the Ripple CBDC Platform based upon the XRPL, this project will pave the way for transformative changes across multiple industries including payments, remittances, data management, identity solutions and more.“ He further added that he looked forward towards seeing how these innovative efforts would help shape up Colombia’s financial landscape going forward as well as serve as an example for other countries looking into similar initiatives.

Timeline

This project between Ripple and Banco de la Républica is currently planned to last until 2023 when it could potentially come into full effect if deemed successful after completion of all phases involved in its development process.