In a major development in the blockchain and cryptocurrency space, 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 provide businesses with the necessary infrastructure to efficiently use blockchain for cross-border payments, even without expert knowledge.
The enhanced Ripple Payments platform provides expanded access to Ripple’s global network of more than 70 crypto and traditional payment markets through a single onboarding process. This expansion is part of a broader trend where more than 80% of global financial leaders, including Web2 companies and legacy payment institutions, plan 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 enable faster onboarding and accelerate go-to-market strategies. In addition, the company has expanded crypto liquidity options to ensure an optimized experience as the payments product scales.
RocketFuel, a global payments solutions company, is one of the first adopters of this enhanced version of Ripple Payments. The solution will manage the full flow of payments across a broad range of payout currencies globally, positioning RocketFuel to meet the growing demand for direct payments.
Monica Long, President of Ripple, Brendan Berry, Head of Payment Products at Ripple, and Peter Jensen, CEO of RocketFuel, emphasized that this development streamlines cross-border payments through transformative technology. They believe it will enable their products to serve customers globally more effectively than traditional financial systems.
Ripple has also leveraged its regulatory expertise and licenses – including an MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) in the US – to build a trusted payments system for businesses. This development is particularly beneficial for SMBs looking to adopt crypto solutions.
