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Ripple has debuted the next step in the evolution of its crypto-enabled cross-border payments solution, Ripple Payments. Ripple Payments, formerly known as RippleNet, provides the infrastructure required for businesses to leverage blockchain to improve cross-border payments.
Ripple Updates Cross-Border Payment Solution
Ripple, the leading firm in enterprise blockchain and crypto solutions, debuted the next step of its crypto-enabled cross-border payment solution, Ripple Payments. Previously known as RippleNet, Ripple Payments provides businesses with the “enterprise-grade infrastructure” needed to leverage blockchain for “faster, cheaper, and more efficient cross-border payments” without companies needing to be experts 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.https://t.co/khOxtCnXin
— Ripple (@Ripple) November 8, 2023
In a press release, the company announced the evolution of its flagship payments product. It said it is working toward a future where Ripple Payments is the go-to blockchain cross-border payment solution.
Ripple explained its critical updates include:
- Expanded access to Ripple’s entire global network of over 70 crypto and traditional payout markets;
- A payment system built on Ripple’s deep knowledge of regulation;
- Lightning-fast onboarding and accelerated go-to-market strategies; and
- The fulfilment of customers’ liquidity needs on demand 24 hours a day, seven days a week, and 365 days a year, regardless of the currency and end destination.
According to Ripple, now more than ever, leading Web2 companies and legacy payment institutions are investing resources to leverage blockchain into their services. The firm found that over 80% of global finance leaders “are likely to begin using cryptocurrencies, CBDCs and/or stablecoins in their business in the next 3 years.” To keep up with the anticipated global trend, Ripple evolved its product to ensure it becomes the leading blockchain solution for cross-border payments infrastructure.
Monica Long, President at Ripple, commented:
“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.”
“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.”
RocketFuel is one of the first companies to leverage the latest version of Ripple Payments. The company provides payment solutions to merchants who wish to send and accept payments via crypto or fiat. The press release states, “Ripple Payments will manage the end-to-end flow of payments, with a breadth of payout currencies available around the world, enabling RocketFuel to meet rapidly increasing demand for direct payments to merchants and their customers.”
RocketFuel CEO Peter Jensen said:
“For too long, the financial industry has suffered from using antiquated technologies, resulting in high costs, lost revenue, and inefficient and unpredictable processes. Blockchain and digital currency applications provide an avenue to radically improve those shortcomings. Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.