Ripple (XRP) is definitely a standing ovation in the crypto space not only for its undeniable case of use of the real world, but for its vitality and efficiency in the remittance sector, making the banks and other financial institutions they see its instrument as a conditio sine qua non for their existence. Furthermore, Ripple (XRP) is undoubtedly a turning point for Filipino workers Overseas (OFW).
For a long time, the transfer of funds to friends and families in the Philippines has been a great challenge for the OFWs, as the process of remittance on this day and in age has yet to cross several banks and remittance centers that attract commissions and rather high days to complete the transaction facilitation.
However, Ripple's blockchain technology (XRP) came to the rescue of the Philippines remittance market which hit $ 30 billion in 2018. Philippine is the third country in the world with over 10 million Filipino workers in the world. abroad that transfer funds to the home.
The guru of the Fintech remittance offers users an almost instantaneous transfer across borders with meager costs, freeing the OFW and others from the slavery of archaic services obtainable from banks and remittance centers.
For foreign workers, including OFWs wishing to send money home through banks, the ordinary procedure involves transferring through several transactions and occasionally multiple banks before it reaches its destination.
In order for this transaction to be successfully executed, each bank and remittance companies involved in the settlement take their share in the services offered. As such, the receivers become lower than the original amount transferred.
It has been estimated that an average deduction of 8% is deducted from all the money transferred to the Philippines, ie for every $ 1000 transferred, a huge sum of $ 80 is debited and the recipient receives $ 992.
By adding salt to the wound, the recipient receives the cash days after it has been transferred.
Among other things, including Ripple Lab offers a blockchain-based technology solution that makes international transactions faster and cheaper than expected.
Added to the advantages, Ripple uses its native cryptocurrency, XRP, for money transfer, eliminating all forms of intermediaries.
At present, countless banks around the world that use Ripple and XRP blockchain technology for international transactions no longer make prepayments.
In all the continents of the world, Ripple (XRP) is developing its trenches collaborating with more banks and other financial institutions, including payment centers.
With all sincerity, all Ripple partners have so far witnessed the power of its blockchain solution, and none of its partners have freed itself from the company.