TAS Group Now Supports Ripple

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The Italian fintech corporation TAS Group has announced that it will be using Ripple to power its upcoming real-time settlements system.

About TAS Group

TAS Group is based in Italy and listed on the Italian Stock Exchange. The company specializes in payments solutions and Electronic Resource Planning (ERS) systems, catering primarily to the southern European market, but with global operations. TAS Group helps businesses integrate with systems like SEPA and SWIFT in a cost effective manner.

They are also the biggest credit and debit card management company in Italy and operate subsidiaries in France, Switzerland, the Americas and the Iberian Peninsula. TAS Group manages around 60 million payments cards of various types across 6 countries including the US and Brazil. They currently support over 150 corporate clients and are the biggest payments carrier in Europe. Their clients include major European financial corporations, including central banks and Fortune 500 brokerage firms. The company also designs ERS for ministries of the Italian government.

TAS Group and Ripple

The company will begin using Ripple for real time cross-border funds settlement and marketing the service to its portfolio of financial service business and liquidity provider clients.

TAS Group has decided to go with Ripple due to its 5 second transaction settlements, zero reserve requirements, lack of failure risk and full compliance visibility. This compares with the two-day settlement speed, huge reserve requirements, multiple failure points, and lack of compliance visibility associated with traditional systems.

The overall aim is to reduce costs for financial service businesses while providing greater opportunities for risk assessment and fraud prevention. The company will be operating a TAS Network Gateway to make it ‘easy and immediate to access Ripple world’.

What does this mean for Ripple?

The news could be potentially huge for Ripple adoption. Since TAS Group already deals with multiple businesses and financial technology systems, having them push Ripple onto their client base will mean that Ripple Labs does not have to approach these companies individually and try to sell them on the concept. With TAS Group on board, a likely scenario is that payments companies, hedge funds and banks will be using Ripple without even having to know about it, they will simply continue using TAS Group services with Ripple operating under the hood.

A potentially massive amount of volume could enter the Ripple ecosystem as a result of TAS Group adoption. If every card and bank in Italy, and further afield, begins being processed through Ripple then the network effects should be enormous. If TAS Group can show that Ripple adoption leads to lower fees and better compliance then there is little doubt that other large fintech processors will soon follow in order to stay competitive.

Hopefully Ripple is able to cope under the network load, if so then Ripple supporters could see their vision of a financial world powered by the protocol coming into focus much quicker than they had imagined.

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