Ripple just shared with the cryptosphere that its flagship cross-border payments solution, RippleNet managed to expand a lot and it’s now covering over 40 countries across North America, Asia, Africa, Europe, and South America.
The demand for cheaper and faster payments is increasing
Ripple’s service is designed to offer enhanced payment services in more needy areas, according to a September 19 blog post from the Ripple team which detailed the cross-border payments solution.
The company also detailed the growing demand for cheaper and faster low-cost payments as the remittance market continues to grow all over the world.
The World Bank says that global remittance managed to eclipse $600 billion last year.
The Ripple team said that the new payment solutions that are provided by RippleNet will be giving markets in more needy locations better access to payment services.
Ripple’s solutions serve as a lifeline for the poor
Back in April, in a press release, the World Bank mentioned how global remittances are expected to grow to $642 billion in 2018. Ripple says that this number is more than three times the official government aid that has been received last year.
The company also said that their cheaper, reliable and faster payments services would serve as a lifeline for many of the poor people across the world.
Small and medium enterprises across these needy markets are often faced with difficulties in securing financing.
Ripple’s solution RippleNet offers entities that handle remittance and transactions an advantage since the transactions are instantaneous and tracked end-to-end. This results in money moving across borders easily.
At the moment, RippleNet’s network includes over 100 different global banks and payment providers. Customers include notable names such as Santander, Standard Chartered, and MoneyGram.
.@PNCBank has joined the 100+ financial institutions on RippleNet. It’s one of the first major U.S. banks to use #blockchain tech to streamline payments into and out of the country. https://t.co/nckQaup9vZ
— Ripple (@Ripple) September 19, 2018
Just recently Ripple also entered Wall Street, announcing that it teamed up with one of the top ten banks in the US, PNC Bank.