These are places where blockchain can make material impacts!
The problem in the past of moving money cross-border is a combination of dated technology and a dated model," said Hank Uberoi, CEO Earthport. Through Earthport's partnerships with countries' local banks and clearing systems, its clients can send funds into another person's bank account without going through a correspondent bank. Earthport currently offers its services in 60 countries with 20 coming. Earthport serves banks, money transfer businesses, e-commerce companies and payments aggregators. Its clients include two of the top four global banks and four of the top 20 U.S. banks; Bank of America, HSBC, Western Union, Xoom and American Express use Earthport services. With Ripple, Earthport clients will now be able to send money in real-time to bank accounts. There's "less chance of fail in the middle, which happens all the time in correspondent banking," said Larsen.