If you have carried out a cross-border bank transaction before, you must have felt the frustration of waiting for a minimum of twenty-four hours and paying exorbitant fees for something that you can do with the click of a button. Ripple Labs Inc. is closing this gap with RippleNet, which provides small and medium scale enterprises with a competitive edge for cross-border settlements.
XRP (XRP) Price Today – XRP / USD
The San Francisco-based firm – Ripple Inc. – said that “the payment infrastructure of the world has not changed since the pungent day of disco, almost forty years ago.” Operations of businesses are unnecessarily delayed by the current banking system which relies on decades-old infrastructure.
Today, businesses need to plan for days of hindrances while payment providers and banks self-fund multi-currency accounts and pass the transactions fees and overinflated foreign exchange rates onto their clients. A considerable percent can be lost when carrying out cross-border transactions, and the banks are the only ones profiting from the process.
RippleNet Is Here to Breach That Gap
According to the firm, RippleNet reduces transaction costs, speeds up transactions, and bring together a level of certainty to cross-border payments. Smaller transactions in developing markets such as China, India, and Brazil will benefit more from cross-border settlements platforms that don’t cost much or take several days.
Cross-border payments will increase by 3.4 percent or about $466 billion this year – according to the World Bank. Ripple is presently at the vanguard of the industry, and it has partnered with more one hundred payment providers and banks. Ripple is the firm with products such as xCurrent, RippleNet, and xRapid, and some of these products work with the XRP ledger. So as the adoption of these products increase, the adoption of XRP also increases, and this might have a significant effect on its value in the near future.