Thursday, June 17, 2021

International Federation of Accountants Suggests Ripple Is Being Considered for Trade Finance by Larger Organizations

According to the International Federation of Accountants, Ripple Transaction Protocol is being considered to be used for trade finance.

The new development was first reported by a pseudonymous XRP community member identified on Twitter as WrathofKahneman.

Read Also: 43rd United States Treasurer Joins Ripple Board

According to WrathofKahneman, despite the fact that the trade finance narrative is no longer popular, Ripple is still notably recognized in the highly reputable presentation

WrathofKahneman tweeted, “This presentation from the International Federation of Accountants suggests Ripple is being considered for trade finance uses. The trade finance narrative has dwindled recently and yet they name check Ripple in the presentation this month…”

The presentation titled “ENABLING PURPOSE DRIVEN ORGANIZATIONS”, regards blockchain as an additional innovative solution that has not been widely adopted in the supply chain sector.

Read Also: Ripple-SEC Lawsuit: Judge Denies SEC’s Arguments, Says It Must Produce Its Internal Documents

However, the presentation pointed out that Ripple Transaction Protocol is being explored by a number of larger organizations around the world, to improve supply chain management.

The presentation reads in part as follows:

“Exploration of additional innovative solutions not yet widely adopted in supply chain such as blockchain and related tools including Ripple Transaction Protocol, are being explored by a few larger organizations to improve supply chain management through greater automation, transparency and visibility.”

Read Also: 1 Billion XRP worth $1.6 Billion Released From Ripple Escrow Wallet in Two Successive Transactions

About International Federation of Accountants

The International Federation of Accountants (IFAC) was founded on October 7, 1977, in Munich, Germany, at the 11th World Congress of Accountants.

IFAC was established to strengthen the worldwide accountancy profession in the public interest by developing high-quality international standards in auditing and assurance, public sector accounting, ethics, and education for professional accountants and supporting their adoption and use.

Read Also: Western Union Testing and Considering the Use of Ripple’s XRP for International Payments

It’s also facilitating collaboration and cooperation among its member bodies; Collaborating and cooperating with other international organizations, and Serving as the international spokesperson for the accountancy profession.

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Solomon Odunayo
Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.

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