- Blockchain payments firm Ripple Labs has launched Ripple Payments.
- This product is the next frontier in the evolution of its cross-border capabilities.
Ripple Labs Inc., a pioneer in enterprise blockchain and crypto solutions, has unveiled the latest evolution of its cross-border payment solution, now known as Ripple Payments. This groundbreaking development empowers businesses to harness blockchain technology for faster, more cost-effective, and highly efficient cross-border payments.
Ripple Payments was announced at the company’s annual Swell Conference, an event that brings together leaders in payments, financial services, crypto, blockchain, and economic policy to advance the business of cryptocurrency and shape the future of finance.
The Global Shift Toward Cryptocurrencies
In recent years, there has been a significant shift within the financial industry towards embracing cryptocurrencies and blockchain technology. Leading Web2 companies and legacy financial institutions are actively investing resources in integrating blockchain utility into their services.
More than 80 percent of global finance leaders are expected to incorporate some form of cryptocurrencies into their business operations over the next three years. As a response to this changing landscape, Ripple has decided to evolve its flagship payment product, RippleNet, into the more robust Ripple Payments.
Monica Long, President at Ripple, stated;
Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology,
Additionally, Brendan Berry, Head of Payment Products at Ripple, emphasized the importance of providing optionality, speed, ease of use, and compliance in one comprehensive product, stating, “Our goal is to provide our customers with optionality, speed, ease of use, and compliance – all in one comprehensive product.”
Key Updates in Ripple Payments
According to the announcement, Ripple Payments now provides access to Ripple’s vast global network, which includes over 70 crypto and traditional payout markets. With this advancement, businesses will be able to benefit from near-global payout coverage through a single onboarding process.
Additionally, Ripple Payments has been crafted with deep regulatory knowledge, born from years of experience in combining crypto-native services with traditional finance and compliance requirements. With over 30 licenses, including a Monetary Authority of Singapore (MAS) issued Major Payments Institution license and Money Transmitter Licenses (MTLs) across the U.S. Ripple Payments is now accessible to a broader customer base, including Small and Mid-sized Enterprises (SMEs).
New integrations with the XRP Ledger’s native decentralized exchange (XRPL DEX) are also expected to enhance product performance and lower barriers to entering new markets, thanks to global liquidity options.
Furthermore, Ripple Payments will ensure businesses can meet their customers’ liquidity needs 24/7, 365 days a year. It offers expanded crypto liquidity options, guaranteeing an optimized experience as the payments product scales.
One of the early adopters of Ripple Payments is RocketFuel, a global payments solution company that facilitates payments via crypto or fiat for merchants. Ripple Payments will manage the end-to-end flow of payments, offering a wide range of payout currencies worldwide.
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