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If you have already made a cross-border bank transaction, you must have experienced the frustration of waiting at least twenty-four hours and paying exorbitant fees for something you can do at the click of a button. Ripple Labs Inc. is bridging this gap with RippleNet, which provides small and medium-sized businesses with a competitive advantage for cross-border settlements.
Price XRP (XRP) today – XRP / USD
The San Francisco-based company – Ripple Inc. – stated that "the world's payment infrastructure has not changed from the pungent disco day, almost forty years ago". Business operations are unnecessarily retarded by the current banking system which is based on decades-old infrastructure.
Businesses today have to plan days of barriers while payment service providers and self-financing banks account for multiple currencies and pass commissions on transactions and excessive exchange rates on their clients. A considerable percentage can be lost when cross-border transactions are made and banks are the only ones who profit from the process.
RippleNet is here to break this gap
According to the company, RippleNet reduces transaction costs, accelerates transactions and brings together a level of certainty for cross-border payments. Small transactions in developing markets such as China, India and Brazil will benefit most from cross-border settlement platforms that do not cost much or require several days.
Cross-border payments will increase by 3.4% or around $ 466 billion this year – according to the World Bank. Ripple is currently at the forefront of the industry and has collaborated with over one hundred payment service providers and banks. Ripple is a company with products like xCurrent, RippleNet and xRapid, and some of these products work with the led XRP register. With the increase in the take-up of these products, there is also an increase in the use of XRP, which could have a significant effect on its value in the near future.
