In a significant development in the blockchain and cryptocurrency sector, Ripple has unveiled an advanced version of its cross-border payment solution, Ripple Payments. The announcement was made at the Swell 2023 Conference in Dubai on Wednesday. This evolution of Ripple's flagship product is designed to empower businesses with the necessary infrastructure to efficiently leverage blockchain for cross-border payments, even without expert knowledge.
The upgraded Ripple Payments platform offers expanded access to Ripple's global network of over 70 crypto and traditional payout markets through a single onboarding process. This expansion is part of a broader trend where more than 80% of global finance leaders, including Web2 companies and legacy payment institutions, are planning to incorporate cryptocurrencies into their operations within the next three years.
Ripple has integrated with the XRP Ledger's native decentralized exchange (XRPL DEX) to facilitate faster onboarding and expedite market entry strategies. In addition, the company has expanded crypto liquidity options to ensure an optimized experience as the payments product scales.
RocketFuel, a global payments solution company, is one of the first adopters of this enhanced version of Ripple Payments. The solution will manage the complete flow of payments with a broad range of payout currencies globally, positioning RocketFuel to meet increasing demand for direct payments.
Monica Long, President at Ripple, Brendan Berry, Head of Payment Products at Ripple, and Peter Jensen, RocketFuel CEO, emphasized that this evolution optimizes cross-border payments through transformative technology. They believe it supports their products in serving customers globally more effectively than traditional financial systems.
Ripple has also leveraged its regulatory expertise and licenses - including a MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) across the US - to build a reliable payment system for enterprises. This development is particularly beneficial for SMEs seeking to use crypto solutions.
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