[NEWS] Ripple Announces Payment Platform "Ripple Payments"

On the 7th, Ripple announced a new payment platform called "Ripple Payments" that makes cross-border payments easier. The announcement was made at Ripple's annual event "SWELL" held in Dubai.

Ripple Payments is the latest payment platform that evolves the payment service previously offered as Ripple Net. Even companies without specialized knowledge or those making blockchain transactions for the first time can easily use it by utilizing the cryptocurrency XRP.

Ripple said that Ripple Payments supports XRP and "serves customers around the world in a dramatic and effective way than traditional financial systems."

It also says that it has become possible to make international remittances quickly, at a low cost, and efficiently. It also says that Ripple Payments will be the fastest and most efficient cross-border payment solution for any business, regardless of currency, time zone, or final destination.

The main features of Ripple Payments are as follows:

1. Expanded access to Ripple's global network in the payment market

   The Ripple Payments network can now provide global payment coverage through a single onboarding.

2. A payment system built with regulatory know-how

   With more than 30 licenses across the United States, including the Mass Major Payments Institution license and Money Transmitter license (MTL), Ripple can provide solutions to a wide range of customers, including SMEs (small and medium-sized enterprises).

3. Lightning-fast onboarding and accelerated go-to-market strategy

   Integrating with XRP Lendger's native decentralized exchange, XRPL DEX, improves product performance and lowers the barrier to market entry by leveraging global liquidity.

4. Meet customers' liquidity needs on demand, 24 hours a day, 365 days a year

   With expanded crypto liquidity regardless of currency or final destination, Ripple can provide an optimized experience for the scale of its payment products.

Monica Long, Ripple's head of business operations, said in the announcement, "From the beginning, we have been focused on developing products that solve customer problems," and "The evolution of Ripple Payments represents the evolution of our commitment to optimizing the cross-border payment experience through innovative technology."

Growing presence in Africa

Global payment solutions company RocketFuel is already using Ripple Payments.

RocketFuel CEO Peter Jensen said, "Currently, we experience high costs, lost revenue, and inefficient and unpredictable processes. Blockchain and digital currency will provide a means to fundamentally improve these shortcomings."

Ripple also announced a partnership with African fintech company MFS Africa. The partnership will focus on facilitating cross-border cryptocurrency payments between Africa and the UK, Australia, and the Coastal Cooperation Council. African payment company Onafring is using Ripple Payments to send money to 27 countries through a network across Africa.

Reference:Announcement
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