Ripple’s popularity and customer base keeps increasing every other day as the company scores more partnerships with various global financial institutions and blockchain-oriented tech companies. The latest score is one that could affect the Ripple and XRP ecosystem across board.
The company, a global IT giant called Tata Consultancy Services (TCS), just entered into a partnership with Ripple to take global remittance services to the next level. TCS is a multi-national conglomerate with its headquarter based out of Mumbai, India.
Quartz And RippleNet
TCS is the company behind Quartz, a cross-border payment solution capable of integrating with various other payment systems.
As such, Quartz can run alongside Ripple’s RippleNet as well as Ripple’s payment solutions like xRapid that uses XRP as the base currency for funds transfer.
RippleNet already has the advantage of lowering transaction fees for customers using its systems, and now that cost could be pushed further down with the new integration of Quartz. Quartz facilitates fast and cheap remittances.
Huge Customer Base
While RippleNet has wooed hundreds of financial institutions across the world and built a large following, the partnership with TCS is bound to increase that customer base by a huge margin.
For one, TCS’s payment solutions, dubbed BaNCS, are currently in use in over 450 installations across the world, with over one billion active accounts.
TCS will bring into RippleNet some notably important clients like General Electric, Citibank UK, and Microsoft. In the year ending in March 31st, 2018, TCS posted $19 billion in revenue.
XRP Use A Possibility
The partnership could also affect XRP’s market status, and in a really good way. That’s given that some of the institutions using RippleNet are also using xRapid, meaning that XRP usage is increasing. I
f this new arrangement leads to more use of XRP as base currency, XRP could soon go wildly mainstream, and that would be great for its price.