Ripple Unveils Next Step in Cross-Border Payments
Ripple, the leader in enterprise blockchain and crypto solutions, has launched its upgraded crypto-enabled cross-border payment solution called Ripple Payments. Formerly known as RippleNet, this new solution aims to provide businesses with a comprehensive infrastructure for utilizing blockchain technology to enhance cross-border payments without requiring expertise in the field.
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.
— Ripple (@Ripple) November 8, 2023
In a press release, Ripple announced the evolution of its flagship payments product towards becoming the go-to blockchain cross-border payment solution.
Notable Updates
Ripple’s key updates include expanded access to over 70 crypto and traditional payout markets, a payment system built on deep regulatory knowledge, accelerated onboarding and go-to-market strategies, and meeting customers’ liquidity needs on demand 24/7 regardless of currency and destination.
Ripple found that over 80% of global finance leaders are likely to begin using cryptocurrencies, CBDCs and/or stablecoins in their business in the next three years. In response to this anticipated trend, Ripple has evolved its product to establish itself as the leading blockchain solution for cross-border payments infrastructure.
Ripple’s President Comments
Monica Long, President at Ripple, emphasized that the evolution of Ripple Payments is an extension of their work to optimize cross-border payments through transformative technology. She added that bringing together key components of crypto financial infrastructure within Ripple Payments is a natural step for making crypto’s benefits accessible for any business.
First Company Adoption
RocketFuel is one of the first companies to utilize the latest version of Ripple Payments. The company provides payment solutions to merchants who wish to send and accept payments via crypto or fiat. According to RocketFuel CEO Peter Jensen, “Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”
Hot Take: Optimizing Cross-Border Payments with Ripple’s Enhanced Solution
Ripple’s updated cross-border payment solution, Ripple Payments, represents a major advancement in leveraging blockchain technology for faster and more efficient global transactions. With expanded access to payout markets and a deep understanding of regulations, this evolution reflects Ripple’s commitment to revolutionizing cross-border payments through transformative technology. It also signals a growing trend among finance leaders towards incorporating cryptocurrencies into their businesses. By making these benefits accessible to any business, Ripple is solidifying its position as a leader in blockchain-based cross-border payments infrastructure.
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