Ripple is diving into tokenization and programmable payment offerings in the UAE. Moving in this direction, the XRP-issuer has joined forces with Dubai-based DXC Technologies, an announcement shared on Monday said. DXC is a software-as-a-service (SaaS) provider that designs AI-backed industry-specific software applications for enterprises.
Under the partnership, Ripple will work with DXC to provide crypto-friendly infrastructure to banks, making them ready to engage with institutional clients interested in exploring crypto.
“Through this collaboration, DXC and Ripple bridge legacy financial systems with onchain finance. The solution enables programmable payments and the tokenization, custody, and transfer of digital assets—allowing institutions to deliver regulated digital asset use cases without disrupting mission-critical core banking systems,” the announcement shared by DXC with Coin Headlines said.
DXC was formed in April 2017 with the merger of two companies — American company Computer Sciences Corporation (CSC) and HPE’s Enterprise Services. With this, DXC inherited a core banking platform called Hogan from CSC.
As per numbers shared by DXC, Hogan manages over 300 million deposit accounts and over $5 trillion in deposits. As part of this collaboration, DXC plans to integrate Ripple’s digital asset custody feature into Hogan itself.
“For digital assets to move into the financial mainstream, institutions need secure custody.“Our work with Ripple brings those capabilities together in a way that allows banks to engage in the digital asset ecosystem without changing their core systems,” said Sandeep Bhanote, Global Head and General Manager of Financial Services at DXC.
From Ripple’s point of view, such partnerships are going to become increasingly common in the coming years. As Joanie Xie, VP and Managing Director, Ripple (North America) described it, banks are presently under increasing pressure to modernize.
Through this partnership with DXC, Ripple is also looking to push its RLUSD stablecoin into UAE’s mainstream financial fabric.
“We’re enabling banks to deliver secure, compliant digital asset use cases at enterprise scale without disruption. “Our partnership with DXC brings digital asset custody, RLUSD and payments directly into the core banking environments institutions already trust,” Xie said.