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Ripple's Partner Accenture Writes Paper With SWIFT On CBDCs
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Ripple’s Partner Accenture Writes Paper With SWIFT On CBDCs

Reynaldo Marquez
Reynaldo Marquez
4 years ago
3 mins read

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Ripple’s partner Accenture, the technology and business consulting firm, has published a paper with SWIFT on the potential for central bank digital currencies (CBDC) payment solutions. Titled “Exploring central bank digital currencies: How they could work for international payments”, the paper claims there is surging interest for these types of assets.

Accenture is a Fortune Global 500 company. Alongside Ripple, BMW, Bosch, Blockchain Acceleration Foundation, Arxum, Consensys, Crypto Valley, Constellation, Continental, CPChain, DLT Labs, Enterprise Ethereum Alliance, Ford, and others, Accenture is part of the Mobility Open Blockchain Initiative (MOBI).

According to the document, at least half of the world’s central banks plan to develop a CBDC. Three main factors contributed to this trend: to reduce physical notes, counter the effect of private cryptocurrencies as a threat to fiat, and improve security across wholesale markets. The paper states:

Whatever the motivation, the momentum toward CBDCs seems clear and growing. Some central banks are already conducting live experiments, and the potential for currency evolution is being framed by some as a possible revolution in how value is exchange.

Two additional reasons for the rise in interest around CBDCs are the potential drive for financial inclusion for less developed markets, as the paper claims, and to enable payment innovations.

The current trends suggest led Accenture and SWIFT to make 4 assumptions. First, there is a high possibility that CBDCs will be issued by “many central banks” both domestically and abroad. Thus, these assets could strengthen a new economy based on digital transactions.

A reduction in fiat monetary supply. A banking institution could have more control over the liquidity in their financial system. In addition, the distribution of these types of assets could be under more control of authorized institutions. They could leverage tokens or digital wallets to provide users with “accounts”.

Ripple And The XRP Ledger As A Bridge For CBDCs

The paper claims that commercial banks could have a major role as providers of CBDCs for their clients. Conversely, these assets will need to have two key characteristics: infrastructure and interoperability for cross-border payments and other use cases. The paper claims the following, with potential room to apply one of Ripple’s XRP-based solutions:

The concept of CBDCs moving cross border is complex. It is technically achievable with various technologies, but the meaning and usage of a CBDC outside its native jurisdiction is unclear. To be practical, some form of interchange mechanism with local currency must exist. (…) What will be required is a multilateral interchange mechanism that enables payments to be made end to end in a frictionless form.

The report focuses on how SWIFT will play a role to drive CBDCs. Ripple has had an active role in this area. Brad Garlinghouse, Ripple’s CEO, disclosed at the end of January 2021 that there have been meetings with banking institutions to issue CBDCs.

The paper has gained a lot of attention from the XRP community. Popular community member WrathofKahneman shared the news but highlighted that the document mustn’t be interpreted as a sign of a partnership between the 3 companies:

(…) Accenture clearly has multiple relationships with a great number of businesses.  The only certain thing is that there is great interest in the intersection of cross-border transactions and CBDCs.

XRP trades at $1.46, at the time of writing, with sideway movement in the lower time frame. In the weekly and monthly chart, XRP has a 6.2% loss and a 6.5% profit, respectively.

Ripple XRP XRPUSDT
XRP moving sideways in the 24-hour chart. Source: XRPUSDT Tradingview
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Reynaldo Marquez
Reynaldo Marquez

Reynaldo Marquez

A literature major, Reynaldo Márquez has been deeply immersed in the crypto industry since 2017. His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide.
In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride.
He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times.
In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson’s ‘Neuromancer.’ The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau’s ‘Civil Disobedience.’
But that’s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term.
In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry.
Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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