Ripple has introduced an enhanced settlements platform named “Ripple Payments.” Its deliberate objective is to attract a new breed of corporate clientele within the United States. The goal is to entice them with the allure of seamless cross-border payment solution.
Simultaneously, Ripple has forged an alliance with the African fintech entity known as MFS Africa, which recently underwent a rebranding, adopting the name “Onafriq.”
These significant announcements have been made on the backdrop of Ripple’s grand gathering in Dubai. Brendan Berry, the Head of Payment Products at Ripple, has emphasized the company’s reimagined platform. Ripple Payments is built around the principle of simplicity. He remarked,
We abstract all the intricacies associated with interacting with digital assets and the requisite blockchain expertise. Our intent is to deliver an elegant, turnkey solution that empowers customers to instantaneously initiate payments.
Ripple’s Evolution: Expanding Horizons in Cross-Border Payment
With the introduction of this streamlined and user-friendly platform, Ripple Payments is now customized to serve a new spectrum of customers and businesses.
This particularly includes those who do not possess their own money transmitter licenses. It also includes individuals without a deep comprehension of the complexities inherent in blockchain and cryptocurrency systems.
According to Berry, Ripple’s acquisition of a multitude of money transmitter licenses, including the substantial 30 licenses in the United States, played a pivotal role. This was in the launch of this groundbreaking payment solution.
So far, Ripple’s main emphasis has mainly been on catering to licensed financial institutions. These institutions often enable swift cross-border transactions by utilizing Ripple’s XRP token as an intermediary currency.
Nonetheless, the scenario is on the verge of transformation. This change will occur as new corporate clients come on board with Ripple. Once these clients have onboarded with Ripple, they will acquire the capability to send payments to other users within the network.
Berry aspires for this development to enhance the efficiency of cross-border payments made to suppliers, vendors, or overseas staff. Ripple currently boasts a client base spanning over 50 nations across six continents. Consequently, the novel Ripple Payments solution debuts within the United States, with plans for a broader geographical expansion in the coming year.
Revolutionizing Cross-Border Transactions with Ripple and Onafriq
By harnessing Ripple Payments, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia will gain the capability to send money to individuals living in 27 countries.
These countries are all part of Onafriq’s extensive pan-African network. Onafriq has established itself as a leading provider of mobile money transfer solutions.
This is further emphasized by the fact that they connect over 500 million mobile wallets. These wallets span across 40 African nations, as stated in their official statement.
Connecting our partnering entities, PayAngel, Pyppl, and Zazi Transfer, to Onafriq through the utilization of Ripple Payments will confer several benefits.
Furthermore, these advantages include faster and more cost-effective international money transfers. This will be particularly beneficial for those individuals who wish to send funds to the African continent from any part of the globe. These insights were shared by Ripple’s Senior Vice President, Aaron Sears.
Read More :
HSBC Collaborates with Ripple’s Metaco for Security Token Custody
Former Cantor Executives Unveil Crypto Lending Platform in Anticipation of Bitcoin ETFs