The industry of international money remittances is evolving at the speed of light with Ripple (XRP) spearheading the charge through all the characteristics that have led the IMF Chair to start talking about the blockchain effect in the same industry.
In a speech on the 8th of May that was published on the IMF website, Tao Zhang, the Deputy Managing Director of The International Monetary Fund (IMF) had this to say:
Some useful technology is being developed to improve market efficiency. For example, services have slashed from days to minutes the time it takes for cross-border payments to reach destinations. These include relatively small firms like BitPesa in Africa and BitOasis in the Middle East and such well-known companies as Western Union and Moneygram
Only one year ago, the IMF established a High Level Advisory Group on Fintech.