Ripple has always been identified more as a payment solution than as a cryptocurrency itself, and this is certainly one of the most widespread perceptions in the cryptic world. In fact, the concept is not so far from reality, considering the incredible efforts that the company has made to fight in the remittance sector, an environment in which Ripple has managed to create the most solid relationships with many financial institutions around the world. the world.
This time, the approval comes from none other than the RBC (Royal Bank of Canada), one of the most renowned financial institutions in the world.
RBC has released a recent statement that it talks about payment solutions Ripple has and how do you think Ripple offers exceptional service that can help the entire industry reduce costs and increase the effectiveness of cross-border payments as we know now. Let's find out all the facts behind the RBC statements!
Cost reduction, the main attribute of Ripple solutions
The RBC has recently stated that the remittance market has so far been governed by traditional remittance companies such as Western Union, and banking entities around the world.
However, they also stated that it is extraordinary how these solutions still have much friction regarding transparency, costs and effectiveness, and for them, it is exactly where Ripple enters the photo serving as a crucial piece of the puzzle .
It must be recognized that the blockchain has brought new variables to the table that somehow are only new in the financial sector. So we can talk about decentralization, incredibly high transparency in the transaction processes and, of course, the most notable of all, the elimination of the intermediary as an essential part of a payment process.
In relation to this, Ripple has collected all the attributes offered by the blockchain and united them in each of the solutions provided by the company.
RBC stated that Ripple offers one of the most economical solutions for cross-border payments. The company said that Ripple helps reduce transaction costs, and not only, but Ripple can also improve the "transparency of Forex rates and fees, before the transaction originates, and can reduce the cost per payment for institutions. financial. "  In the detailed report published by the RBC, the company emphasizes the importance of the open source of Ripple, a decentralized P2P (peer to peer) protocol that is here to stay.
Ripple joined forces with several banking institutions at the time, and for that, they are offering xRapid, xCurrent and their XRP token. The most important to mention in this sense is that Ripple offers its three solutions and gives you the possibility to select the one that best suits your needs.
For example, if what you are looking for is a source of liquidity, xRapid would be a perfect choice. The company said, "
" banks can consolidate their liquidity into an XRP account instead of holding local currency in accounts around the world "and with this, they can" minimize the number of intermediaries ".
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