Ripple Aim To Use World Cup Mentality To Win The Global Payments Race

Many months ago, Ripple posted a new article on their website which discussed the similarities between financial advancements and between the successes of teams that managed to qualify for this years World Cup. As a matter of fact, the article was posted on the 12^th of February 2018. You can see the full article for yourself, here- https://ripple.com/insights/the-world-cup-of-global-payments-get-off-the-sidelines/ Regardless of this, the article still stands true today, so true in fact, Ripple have tweeted about it again, which is how it has been brought back to our attention.

Read why financial institutions can use similar strategies countries use to prep for the #WorldCup to adopt game changing #blockchain technology.https://t.co/DOg4ZdVOyN

— Ripple (@Ripple) June 20, 2018

What is going on here? Ripple believe that the innovation behind the World Cup and those that find success within the World Cup is something that needs to be injected into the financial world. Ripple of course believe that they are responsible for injecting that innovation into the financial world. As an example, they call out The Netherlands and Italy. Italy are four times World Cup champions, The Netherlands (despite never winning) are considered a top flight international team, yet, both teams, due to their reliance on older players and older, well established playing styles, failed the qualify for this years World Cup. They believe that the preparation and willingness to adapt novelty is something that has helped other teams qualify and succeed this year, according to Ripple:

“The lesson for the world’s banking system lives in this preparation. The traditional global payments network is no longer sufficient. Banks, companies and individuals around the world are demanding instant, affordable and transparent solutions. Blockchain has emerged to resolve this need.”

Moreover:

“While innovative players like Santander and American Express have been quick to test and experiment with blockchain, others are allowing the competition to establish best practices. The problem is that strategy also gives competitors first-mover strategy in a space that is maturing at light speed. Blockchain has moved from a nice-to-have to a must-have for payments leaders.”

By referring to moves from the likes of Santander and AMEX (who have adopted Ripple technologies) Ripple believe that these service providers are turning Ripple’s blockchain technologies into a must-have product. Moreover, they believe that those who fall behind of these technologies are at risk of being left out altogether, much in the same way The Netherlands and Italy have been left out of this years World Cup."

Within this, Ripple seem to want to adopt the World Cup Mentality, teetering between preparation and innovation to drive the financial services industry into one which adopts blockchain technology, not as an experiment, but as an essential part of their portfolio. Of course, in this instance, they are referring to the adoption of Ripples technologies (xRapid, xVia, xCurrent) but hey, using the World Cup as an example to sell it, is sentiment to Ripples own preparation and innovation.