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During the MI Global Summit, anchored by the nonprofit, Milken Institute, Cory Johnson, Ripple's executive spoke about Ripple's recent progress and payment solutions for cross-border settlements. Mr. Johnson also talked about how Ripple's cross-border solutions are distinct from others.
We know that SWIFT is one of the payment solutions that existed for some time and this means of payment did not give its best. Ripple is looking to conquer the world and have a large part of the SWIFT business.
Ripple offers a great solution for cross-border payments and Mr. Johnson also pointed out during the world summit of MI that Ripple is ready to solve cross-border payment problems and provide a quicker solution where cross-border transactions can be received immediately.
Johnson also stated that we are in the world where texts can be sent anywhere in the world and received in seconds. He said before now; it was not possible to perform border transactions anywhere in the world in a matter of seconds or even in 24 hours. Ripple Chief Marketing Strategist, Cory Johnson added:
"As you know for all the globalization we have with our goods and goods that are shipped in containers all over the world and all the globalization of our data that is moving instantly all over the world at a very low cost, we move money as if it were 1973 and that part of globalization did not happen ".
Mr. Johnson made it clear that Ripple offers a better means for FinTech companies that want to transfer funds anywhere in the world in seconds.
He also added that the world is starting to accept change in cross-border payments. He also stated that Ripple's solutions are taken chronologically from major banks and other FinTech solutions around the world.
This is true as MoneyTap, one of the largest payment platforms in Japan, has adopted Ripple technology. It is important to know that over 60 banks use MoneyTap in Japan, which is 80% of the banks in the same country. We must remember that the CEO of SBI stated earlier at the time when MoneyTap had to be unveiled that:
"We are also evaluating the use of XRP for the bridge currency in Money Tap. "
Other companies are making use of Ripple technology and Mr. Johnson said his product is far ahead of other companies offering the same services and that the blockchain company has the most significant customer base in the cryptographic sphere.
As per Ripple Labs' insiders, XRP will be launched very soon for cross-border recall payments. The company also stated that xRapid will be launched before the end of the year and is undergoing several tests by Cuallix is zipremit.
It is important to know that many speculations have been made that the news about the launch of xRapid caused Ripple's wave last week. xRapid is an innovative way to facilitate business transactions in the financial industries.
Johnson added that Ripple offers tangibility based on customer preferences. He said that Ripple's product is completely unique to that offered by Swift. According to him, Swift sends only one type of message and the expenses are not sufficiently transparent.
Customers of the blockchain project are delighted that Ripple is transparent about its cross-border transactions, which it believes has been the breakthrough for consumers. And by looking at the facts and reactions of community members, it will not be wrong to accept what the Ripple executive says.
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Disclaimer: this article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and / or its affiliates, employees, writers and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own in-depth research before investing in any cryptocurrency and read our full disclaimer.
Photo by Josh Calabrese on Unsplash
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