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.
The San Francisco-based company – Ripple Inc. – claimed that "the payment infrastructure of the world has not changed since the pungent day of the nightclub, almost forty years ago. "Business operations are unnecessarily retarded by the current banking system that relies on a decades-old infrastructure.
Today, businesses need to plan days of barriers while payment service providers and banks auto-finance multi-currency accounts and transfer commissions on transactions and excessive exchange rates on their customers. 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 that gap
According to the company, RippleNet reduces transaction costs, accelerates transactions and brings a level of certainty to 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 a 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 uptake of these products, the adoption of XRP also increases, which could have a significant effect on its value in the near future.
XRP (XRP) Price today – XRP / USD
XRP is currently worth $ 0.3384 after an increase of about 1.5 percent in the last twenty-four hours. The current digital currency market capitalization is $ 13.42 billion and its trading volume over the past twenty-four hours is $ 226.38 million.