Ramp, a crypto startup based in Warsaw announced today that it has derived an open banking license in Europe, after being officially permitted by the Polish Financial Supervision Authority (KNF). This move will allow for quicker, economically feasible and easier processing of crypto transactions in the entire European Union.
Ramp is now a fully licensed Account Information Service Provider (AISP). This will allow Ramp to have means of approach to banking data on behalf of the bank account owner in all banks across the European Union.
All banks are liable to allow Ramp to have access to the payment data of their approved users. Ramp can compose records based on API connections with banks, by connecting banks and APIs directly.
Ramp operates as a P2P marketplace where the sellers of the cryptocurrency provide liquidity to buyers of cryptocurrency. There are two key elements of Ramp, Ramp Instant and Ramp Pools.
Transactions amongst individual users are settled using open banking APIs.
Ramp’s mission is to build a tool for connecting the open and closed financial networking. They ideate to create a form of network, that is effortlessly attainable between open blockchain monetary system and the old, closed banking system, with no requirement of a trusted third party.
The Ramp Team believes,
Creating a fabric connecting permissioned, closed banking layers with open networks is pivotal for web3 and DeFi adoption in the long run. Obtaining Account Information Service Provider registration is another step on our way to connect legacy finance systems with open distributed protocols.
Currently, Ramp is available in the United Kingdom and will soon spread in the entire Eurozone. Anyone can easily try it now and experience on how to access to banks’ APIs that enables a completely new and different crypto platform experience.