Ripple Announces "Ripple Payments": The Evolved Global Remittance Solution

Ripple revolutionizes the remittance industry with "Ripple Payments," a new solution leveraging blockchain for rapid and affordable global transactions.

Dive into how Ripple's technology empowers businesses and read about the features that set it apart in the financial tech space.

Expanding International Remittance with Ripple Payments

On November 7, 2023, Ripple introduced "Ripple Payments," a new international remittance solution designed to enhance the global money transfer environment.

Ripple Payments is the evolved version of Ripple's previous solution known as RippleNet, providing an infrastructure that allows even companies without expertise to easily perform fast, cost-effective, and efficient international remittances using blockchain technology.

Building the Future with Innovative Remittance Solutions

Ripple suggests that "over 80% of the world's financial leaders are likely to start using some form of cryptocurrency within the next three years."

The company has been working on constructing the "fastest and most efficient international remittance solution" for such a future. Ripple Payments introduces four main updates:

• Expanded Global Network Access: Offers access to over 70 cryptocurrencies and traditional payout markets through a single process.
• Remittance System Based on Deep Regulatory Expertise: With extensive licenses in Singapore and the USA, Ripple can provide services to a wide range of customers, including SMEs, ensuring peace of mind based on years of experience.
• Rapid Onboarding and Accelerated Market Entry Strategy: Integration with the XRP Ledger's decentralized exchange, XRPL DEX, enhances product performance and lowers barriers to entry into new markets with global liquidity options.
• Around-the-Clock Liquidity Options Unaffected by Currency or Destination: The expanded liquidity options allow for the scaling of settlement products while continuously delivering an optimal customer experience.

A Step Forward for Ripple and International Finance

Monica Long, the president of Ripple, speaks about "Ripple Payments" as follows:

Since the start, Ripple focused on creating products that solve real problems for real customers.

This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology,” said Monica Long, President at Ripple.

Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off ramps, tokenization, custody, and compliance.

Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step for Ripple to make crypto’s benefits accessible for any business.

Furthermore, it is reported that "Ripple Payments" is already in use by the global payment solution company "RocketFuel," which provides payment solutions to merchants desiring to send and receive payments in cryptocurrencies or fiat currencies.