The process of sending money abroad is usually very frustrating, expensive, slow and you’re most likely not able to know when your money arrived or even if it arrived in the first place.
It is in fact faster to board a plane and fly money to the destination in person than it is to send money using today’s international financial infrastructure to another country. In today’s world information moves quickly and freely. The same should apply to cross-border payments.
Easy Payments with Ripple
With a goal to get rid of the friction from global payments, Ripple intends to change this. This means they’ll be partnering with payment providers and banks around the world to update the existing systems using digital assets and blockchain technology.
Ripple provides global financial settlement solutions and allow the world to exchange assets like it already does information. Ripple solutions lower settlement costs by allowing banks to do direct, instant transactions with settlement assurance.
RippleNet, the decentralized global network of banks and financial institutions, can send and receive international payments in an instant. RippleNet allows the XRP network to provide cheaper, faster and more open payment experiences for their customers all over the universe. RippleNet is now active in above 40 countries across 6 continents.
Santander Bank recently admitted that they were stunned by the transparency and speed of the blockchain-based solution which has been praised for its payment service. This happened after the Ripple Lab’s addition of RippleNet in OnePay Fx earlier this month.
If your payment provider or bank uses Ripple technology then you wouldn’t need to board a plane in order to send money across the countries.
Ripple has many partnerships and this new innovations are a great way to gain new customers as well as retain old ones.