Ripple Discusses Global Payments Solutions
In a recent article on Ripple Insights, the company discussed how the existing global payments solutions slow and broken.
The article starts off with a brief about the existing solution:
“If you’ve ever had to send money abroad, then you know the process is frustrating. It’s expensive, slow and you often don’t know when, or even if, your money arrived. The cross-border payments infrastructure is antiquated and broken.”
Stressing on the fact that the existing solution is outdated, the company said:
“It’s a system that was built when disco still topped the charts, and its functionality sits in stark contrast to the digital services we now expect. It is no longer adequate for today’s world: where information moves freely and instantly around the world.
The reality is that it’s still faster to get on a plane and fly money to the destination yourself, then it is to send money to another country using today’s international financial infrastructure.”
Moving on to informing the readers about Ripple’s mission, the company said:
“Ripple is changing this. Our mission is to remove the friction from global payments and enable money to move like information does today — instantly. This means working with banks and payment providers to modernize existing systems using new blockchain technology and digital assets.”
Expanding on how the company is helping in making the global payments system more efficient, the article says:
“More specifically, we’ve built a decentralized network of financial institutions called RippleNet that can send and settle international payments on-demand. RippleNet is now active in over 40 countries across six continents and allows those on RippleNet to provide a faster, cheaper and more transparent payments experience for their customers around the world.
If you or your business needs a better solution for global payments, don’t buy a ticket or hop on a plane. Make sure your bank or payment provider runs on Ripple.”
Ripple is trying hard to make people understand why they need to shift to their payments solutions. Employees of the company are taking it to different outlets to discuss the benefits of using the company’s solutions.
Also Read: Ripple Releases Q3 2018 XRP Markets Report
In the latest episode of Ripple Drop, Reinhard Cate asked Asheesh Birla, the SVP of Product at the company, how different Ripple products function on RippleNet. To this, Birla replied:
“I’m going to tell you a little bit about how our products xVia, xRapid, and xCurrent work together to improve the payments experience. xVia allows you to use one standard connection to get you all the benefits of RippleNet. They would use xCurrent and they would get rid of the need for the FTP server and the three-day wait to process the files. The magic is where xRapid is available, Mexico for example. They can then add on xRapid and move money-on-demand using XRP into Mexico and pay out instantly.”
Cate then discussed RippleNet’s multi-hop feature with the Director of Product at the company, Craig DeWitt. DeWitt said:
“Multi-hop gives RippleNet members the ability of transacting with banks or payment providers or digital wallets that they don’t have a direct relationship to. That’s so important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that a thing of the past. So one of the things that multi-hop allows are multiple quotes be returned to the user. And those quotes will have different paths of payments that are available. What we’re seeing already in terms of the tests that we’re doing are the cheapest and the fastest when they go through xRapid.”