Ripple Labs partner NACHA boasts a strong relationship with Federal Reserve

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? The Dinarian on Locals brings you the latest in news, interviews, in-depth conversations, and stories from across the blockchain and global communities—within and beyond cryptocurrency ?. Experts delve into how blockchain technology is reshaping industries, enhancing business networks ?, transforming transaction workflows, and advancing distributed ledger systems ??. We also explore intriguing topics that may venture into the realm of conspiracies—and so much more!

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thedinarian@thedinarian

July 17, 2023

Ripple Labs partner NACHA boasts a strong relationship with Federal Reserve

(Dinarian Note: This 2017 article further supports the case that Ripple and XRP will play a role in FedNow settlements.)

Recently, there has been a lot of speculation that the US Federal Reserve would launch FedNow service as we reach 2023 or 2024. Interestingly, Ripple has been in partnership with NACHA for almost five years now, and NACHA works very closely with Federal Reserve as well as has 11k members with it.

Many in the community are speculating that Ripple’s intentions behind the alliance with NACHA were to build some relationships with the US Federal Reserve. Also, Regulatory Relations Director at Ripple, Ryan Zagone joined the Faster Payments Task Force board.

And now, after that all, as the Federal Reserve is rumored to start FedNow service, people have started connecting the nodes that Ripple might play an important role in FedNow service of US Federal Reserve. Let’s see how vital the Ripple NACHA partnership itself is.

Back in June 2014, Ripple Labs announced to the world its decision to join the NACHA Payments Innovation Alliance. As a startup company that is credited for creating a platform for virtual payments and settlements using existing fiat currencies, Ripple Labs was quick to join the partnership that promises innovation around the transfer of money.

According to the statement that was released by Ripple Labs:

“Having invaluable experience in developing and overseeing industry standards for years, institutions such as SWIFT and NACHA play a pivotal role in shaping new payment technologies and systems around the world in a manner that is safe and productive.”

According to many crypto and financial analysts, Ripple’s decision to join the NACHA Alliance is proof that the crypto company is expressing its interests to move towards the banking sector.

Keeping in mind that Ripple gateways can be configured to abide to Know Your Customer (KYC) and Anti-money Laundering (AML) policies, some believe Ripple could make a good banking partner. This fact positions Ripple XRP above other virtual currencies such as Bitcoin in the crypto adoption by banks.

Previously known as the National Automated Clearing House Association, NACHA is a non-profit organization that is made up of financial institutions that operate as trustees for the Automated Clearing House (ACH) system. The ACH is the cornerstone for virtual payments and movement of funds and financial information in the US.

Similar to the SWIFT network, the ACH Network facilitates cross-border money transfers.

Although Ripple Labs is considered more as a technology company rather than a financial institution, Ripple XRP is both a technological platform (blockchain) and a currency. The Ripple network provides an open-source protocol that is designed to handle fast and inexpensive transactions.

Ideally, Ripple Labs strives to replace some of the underlying infrastructure functions of the ACH platform.

Posting the news of its decision to partner with NACHA, Ripple Labs posted on its blog the following information:

“Our decision to partner with the NACHA Alliance avails to us further opportunities to advance our mission of partnering with everyone in the financial industry. We desire to work with everyone in the industry to help drive innovation around the transfer of money.”

The NACHA Payment Innovation Alliance
As a non-profit membership association, NACHA is tasked with overseeing the ACH (Automated Clearing House) platform. The ACH system is responsible for one of the most significant, safest, and most reliable payment networks in the world.

Every year, NACHA and the ACH platform play a massive role in the transfer of tens of trillions of US dollars around the world. The NACHA Alliance is made up of billions of virtual financial transactions that include virtual bill payments, person-to-person and business-to-business payments, direct deposit, government benefits, and social security.

Through its rule-making and oversight powers, the NACHA alliance avails the much-needed legal foundation for virtual settlements systems to effectively operate. As it does this, the NACHA alliance also works to update existing technologies and develop new settlement systems.

In some quarters, NACHA is also known as the Electronic Payment Association. The NACHA Alliance represents over 11,000 financial institutions in the US who fund the establishment either directly or indirectly.

Corporate Effects of Ripple’s Partnership with NACHA
Since its inception, Ripple XRP has always maintained the Ripple network is seamlessly tailor-made for financial institutions and organizations. The management of Ripple maintains that its involvement in the financial market has always been the company’s long-standing drive.

Ripple’s EVP of Business Development, Patrick Griffin, once said:

“As an internet protocol, Ripple XRP allows financial players to securely transfer money in any currency to any part of the world in real-time. Our corporate focus is to assist banks, financial institutions, money transfer companies, and clearinghouses to use our platform for bilateral payments and straight-through processing.”

Indeed, the partnership between the two separate entities promises to play a vital role in FinTech for many years to come. The alliance between Ripple and NACHA could see revolutionization of the traditional banking system by lowering transaction costs and speeding up transactions.

https://www.tronweekly.com/ripple-labs-partner-nacha-boasts-a-strong-relationship-with-federal-reserve/

Courtesy of @SmQke

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thedinarian@thedinarian

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The Stellar Development Foundation (SDF) is deeply committed to helping ensure that the highest security standards are available for projects building on the Stellar network. Last year SDF launched the Soroban Security Audit Bank, an initiative to provide projects access to auditing experts and tooling that are proven to help prevent hacks by catching potential bugs, inefficiencies, and security flaws before contracts go live. Through the Soroban Security Audit Bank, we’re empowering teams building on Soroban with comprehensive security audits from leading audit firms, enhanced readiness support, and robust tooling, significantly elevating the ecosystem’s safety and efficiency.

Since launch, the Soroban Security Audit Bank has successfully conducted over 40 essential audits, deploying over $3 million to support security of the smart contracts on Stellar. Check it out!

Ecosystem Success Stories: How the Soroban Audit Bank Drives Security Forward

By making automated formal verification available to developers, in addition to allocating significant budget for securing many of the top DeFi protocols built on top of Stellar, SDF has established a new security standard in the Web3 ecosystem. –Mooly Sagiv, Co-Founder of Certora

SDF has been a strong partner as we’ve worked with teams across the Stellar ecosystem. SDF’s Audit Bank initiative allows for a smooth and streamlined review process, and is a clear reflection of the Stellar ecosystem’s enhanced commitment to security. –Robert Chen, CEO of OtterSec

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What's New in 2025: Enhanced Audit Support for Soroban Builders

Teams building financial protocols, high-dependency data services, high-traction dApps funded by the Stellar Community Fund are able to request an audit and will typically be matched with a reputable audit firm within two weeks. We recently restructured the program for this year to enhance audit efficiency and incentivize accountability, and rapid and complete vulnerability remediation:

Complimentary Initial Audit: Projects will need to contribute 5% of the audit cost upfront, but this co-payment amount is eligible for a full refund, provided that critical, high, and medium vulnerabilities identified are swiftly remediated within 20 business days of receiving the initial audit report (learn more).
Incentivized Security at Key Traction Milestones: Complimentary, extensive follow-up audits are available as projects achieve critical traction milestones (e.g., $10M and $100M TVL). These audits include deeper assessments such as formal verification or competitive audits, significantly boosting project security at pivotal stages.
Advanced Security Tooling: Projects can enhance their security self-serve through complimentary or discounted access to specialized tooling, which provide vulnerability detection and formal verification capabilities (see full list of available tooling). These tools are encouraged to capture ‘easy-to-spot’ issues prior to audit as well as a final check post-audit to increase the effectiveness and thoroughness of audits.
Enhanced Audit Readiness Support: Projects receive structured preparation support, including the implementation of best practices and security standards based on the STRIDE threat modeling framework. This ensures project teams are thoroughly prepared, optimizing audit efficiency and minimizing delays.

Get Started Today

If you're already funded through the Stellar Community Fund, meet the criteria and ready to secure your smart contracts, check your email for an invitation to submit an audit request–if you haven’t received one, contact [email protected].

If you haven't built on Stellar yet, we encourage you to start your journey with the Stellar Community Fund to become eligible for future security audits and ecosystem support. For any broader questions on the program, contact [email protected].

Also, we’re organizing an exciting series of workshops–join us for the kick-off on Soroban Security Best Practices on Friday, May 30, 2025 at 2 PM ET on @StellarOrg. Together, we're shaping a secure and resilient future for smart contracts on Stellar.

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thedinarian@thedinarian

May 31, 2025

Santander mulls stablecoin, crypto offering

Bloomberg reported that Banco Santander is mulling introducing euro and dollar stablecoins, or potentially making a third party coin available to clients, citing sources. This move aligns with broader crypto ambitions, as its digital bank, Openbank, has reportedly applied for a European cryptocurrency license under the Mica Regulations and may enable retail access to digital assets.

Systemically important banks embrace stablecoins?

Major banks are now moving from observers to participants in this expanding market. Should Santander confirm plans to launch a stablecoin, it will be the fourth global systemically important bank (G-SIB) to do so. Societe Generale’s FORGE subsidiary launched the EURCV euro coin in 2023. Deutsche Bank is a partner in ALLUnity, another stablecoin initiative with plans to launch this year, subject to regulatory approval. And Standard Chartered is part of a joint venture in Hong Kong that intends to introduce a stablecoin.

Santander’s involvement could extend beyond an individual initiative. The bank is a shareholder in The Clearing House, where the Wall Street Journal reported that US banks are exploring the potential to create a joint stablecoin. If a US initiative took that route it could involve nine more G-SIBs including Bank of America, Barclays, BMO, BNY Mellon, Citi, HSBC, JP Morgan, TD Bank and Wells Fargo.

Apart from these initiatives, our research shows that more than 20 other banks have been involved in stablecoin projects.

Until recently stablecoins were mainly used to settle cryptocurrency transactions and by residents in countries with volatile domestic currencies. During the last year stablecoin infrastructure has been expanding, especially for mainstream cross border payments. Plus, President Trump issued an executive order prioritizing stablecoins. One of the administration’s motivations is this increases demand for US Treasuries, lowering the interest rate the government pays on the Treasury bills.

Santander as an early digital assets mover

Santander’s stablecoin consideration builds on years of blockchain experience. The bank was an early Ripple investor and previously used Ripple’s permissioned network for payments (not XRP), while also embracing permissionless blockchain activities including issuing a digital bond on Ethereum in 2019. This dual approach led to collaborations with other major players – alongside Societe Generale FORGE and Goldman Sachs, Santander participated in the European Investment Bank’s first digital bond, also on Ethereum. Currently, the bank’s most significant digital money initiative involves Fnality, the wholesale blockchain-based settlement network, where Santander ranks among 20 institutional backers and is part of the early adopter group alongside Lloyds Bank and UBS.

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