Ripple Bolsters Its Cross-Border Payment Network
Ripple, the global payment solutions provider, has announced a significant expansion of its payments network, reaching over 70 crypto and traditional payout markets. This development positions Ripple as a key player in the cross-border payment sector, covering approximately 90% of the global foreign exchange market. The announcement was made during Ripple’s annual Swell Conference held in Dubai.
Enhancing Cross-Border Payments
Previously known as Ripplenet, Ripple’s payment solution, now rebranded as Ripple Payments, offers businesses a robust and user-friendly infrastructure for harnessing blockchain technology to facilitate faster, cost-effective, and efficient cross-border payments, even if they lack expertise in the blockchain domain. Ripple’s upgraded network has enabled broader access to over 70 crypto and traditional payout markets, thus significantly increasing its global outreach.
Global Expansion and Customer Adoption
The network expansion makes Ripple accessible in more than 70 countries, with a remarkable payment volume exceeding $30 billion to date. This development is a significant milestone, and the coverage extends to corporate foreign exchange cross-border payments, making Ripple a leader in the cross-border payment space.
One of the first companies to embrace this expanded network is Rocketfuel, a prominent global payment solutions provider. According to Peter Jensen, CEO of Rocketfuel, traditional financial systems have been plagued by outdated technologies, resulting in high operational costs, lost revenue, and inefficient, unpredictable processes. He believes that blockchain and digital currency applications offer a transformative opportunity to address these issues.
Promoting Cross-Border Connectivity
Ripple is also facilitating greater connectivity between Africa and the rest of the world, thanks to its partnership with Onafriq. This collaboration will introduce three new payment corridors to enhance financial transactions between Africa and other regions.
Additionally, Ripple has successfully obtained more than 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore (MAS), along with Money Transmitter Licenses (MTLs) across various states in the United States.
Ripple’s aggressive expansion and commitment to improving cross-border payments indicate that the company remains at the forefront of the blockchain-powered financial solutions industry. The development positions Ripple as a formidable player in facilitating efficient and cost-effective cross-border transactions, offering the world a more streamlined way to conduct international payments.
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