Ripple’s RippleNet is now Live in 40 Countries!
In a recent blog on Ripple Insights, the company informed viewers that its product, RippleNet, has now reached 40 countries.
The blog starts off with the company explaining the demand for cheaper and faster global payments platforms:
“An over 400 percent increase in remittance inflows over the last ten years has sparked new demand for faster, low-cost global payments. Driven by emerging market economies, remittances around the world totalled over 600 billion dollars last year. Across these same regions small- and medium-enterprises (SMEs), propelled by global payment flows, were responsible for for nearly 60% of employment.”
It is then explained that Ripple has been at the forefront of the issue, addressing the need for expanding the global remittance market and also the growing SMEs in the emerging economies:
“As of today, RippleNet is active in over 40 countries across six continents. New payment corridors have opened up in North America, Asia, Africa, Europe and South America. This provides new access to better international payment services in markets where remitters and SMEs are in the most need.”
The combined potential market that the company caters to right now has had over 2 billion USD in inflows in the last year with InstaReM and RationalFX opening up new corridors from the United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, and Bangladesh, Remitr and FlutterWave covering the corridor from Canada to Nigeria—which is also the first RippleNet connection in Africa—and BeeTech and InstaReM creating corridors from Brazil to Spain, Italy, Germany, France and Portugal.
If you consider this year alone, the experts say that global remittances would reach 642 billion USD—more than three times the official government aid received across the globe in 2017. Without doubt access to its faster, cheaper and more reliable international payments services offer a great lifeline for the millions of poor people around the world.
As the company puts it in the blog:
“For growing SMEs in many of these markets, it is difficult to secure the financing need to hire quickly and buy materials and equipment. A credit gap estimated at over $1.2 trillion is already slowing their growth and hampering economic progress.
Any further friction, due to unnecessary delays in sending and receiving payments abroad, derails an SME’s plans to expand or worse, it puts them out of business entirely. This is precisely why demand for services, like those provided through RippleNet, are so high.”
RippleNet provides a unique advantage to the financial institutions handling remittances and SME transactions in emerging markets by making their payment flows faster, cheaper and more transparent by streamlining them.
Across the globe, remitters and SMEs—especially those in emerging markets—no longer have to face the consequences of the inefficient global payments infrastructure currently existing. RippleNet transactions are instant and are tracked end-to-end. This allows money to move into new markets across borders without impediment.
With an increasing number of big banks utilizing RippleNet’s services, the global payments scenario is off to a positive transformation.
Today, Ripple announced that PNC Bank, one of the top ten banks in the US, has joined RippleNet. PNC has more than 8 million customers and retail branches in 19 states and has a diverse set of customers which include consumers, small businesses and large corporates.
RippleNet would have an immediate impact on all of these groups and would enable the commercial clients of PNC to receive payments from the overseas banks in real time. The product has already grown to more than 100 financial institutions and is still expanding steadily each month as it engages in an increasing number of partnerships.