Ripple has acknowledged the challenges associated with cross-border payments and is expanding its payments solution beyond financial institutions to serve corporate customers. The crypto firm believes that remittances are a primary source of income for many unbanked individuals. And cross-border payments are slow and unreliable with high fees.
Ripple saw the opportunity to utilize crypto and blockchain technology to improve this system to make payments faster, cheaper, and more transparent for the benefit of people who need the most. Brendan Berry, Payments Product Lead at Ripple, recognized the fact that as the world becomes more global and connected, companies around the world are burdened by the broken state of payments. Ripple, after working closely with payment service providers, banks, fintech, and financial institutions, understands the challenges its customers face on a daily basis.
Berry said a broad base of customers beyond financial institutions have begun asking for help to solve challenges with cross-border payments. As such, many corporate partners want the benefits of Ripple’s crypto-enabled cross-border payments solution. Ripple wants to serve corporate customers regardless of industry to benefit from faster, cheaper, and more efficient cross-border payments. Berry believes that near-instant cross-border payments are a huge benefit for customers looking to reduce their overhead and need for pre-funded cash in multiple payout destinations and currencies.
He said the solution offered by Ripple is innovative, competitive, hassle-free, and supportive of businesses.