Is RippleNet The Answer To Payment Speed And Transparency Issues For Financial institutions?

Brad Garlinghouse, the CEO at Ripple, opened his discourse at Swell 2019 with some very powerful words and explained how the friction in payments could be solved.

More exactly, he said the fundamental architecture of how payments are flowing needs to be reconfigured. Many of the other industries are facing disruptions at the moment because the cross-border payments infrastructure is old and hasn’t been innovated.

Ripple Wants to Make Global Payments Faster

Ripple is working closely with its customers and seems to want to reset the payments plumbing by starting with technology. At the invitation-based conference held in Singapore, Ripple’s Client Solutions director Ross Edwards and the Product Marketing VP Kevin More offered a glance at how payments are flowing on RippleNet or how the company’s customers leverage the efficiency and speed of On-Demand Liquidity (ODL).

During the live demonstration, viewers were explained how RippleNet is running, also shared a little bit of the customer experience when it comes to sending and receiving fast global payments without any friction. The problems with these payments are usually regarding speed, transparency, liquidity management, and certainty, so RippleNet wants to address them. Furthermore, Edwards and Mole have shown participants the way in which financial institutions are using their company’s system to make instant and transparent payments.

RippleNet’s ODL as a Less-Costly Alternative for International Payments

This is how a bilateral global payment experience goes on Ripple:

As soon as beneficiaries get the funds, they send a message to Fast Remit via RippleNet. This way, the customers are being confirmed in real-time that the people they were sending money to have received the payment. However, when analyzing the emerging markets, it can be noticed that international payments require businesses to have opened pre-funded accounts and above it all, in the destination’s currencies.

All this can be very costly. This is when On-Demand Liquidity (ODL) from RippleNet comes in to save the situation. ODL doesn’t require pre-funded accounts by using XRP to bridge 2 different currencies. This means the payments are sent and received instantly, in the local currency of the transaction.

MoneyGram is a RippleNet Customer that Uses ODL

Because it’s fast and reliable, the ODL system provided by RippleNet is being used by MoneyGram International. MoneyGram clients are being offered lower costs, convenience, speed and reliability. This is what MoneyGram’s chief of Global Operations Kamila Chytil had to say about her company’s experience with ODL:

“We’ve leveraged On-Demand Liquidity on RippleNet to dramatically reduce our operational costs and process global payments at unprecedented speeds.”

ODL has changed the game for financial institutions. The Swell demonstration revealed how the system works in real situations, also how the customers can benefit from it 24/7, every single day.

Ripple (XRP) Live Price

1 XRP/USD =$0.2464 change ~ 2.46%

Coin Market Cap

$10.67 Billion

24 Hour Volume

$186.84 Million

24 Hour VWAP

$0

24 Hour Change

$0.0061

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,484FansLike
2,795FollowersFollow
4,267FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Crypto Exchange Gemini Makes an Aggressive Move, Adds 15 Hot DeFi Tokens

DeFi is all the rage in today's crypto world, and no one wants to be left behind, especially cryptocurrency exchanges. Over the past few months,...

Ethereum ‘Getting Ready for Spadina' Testnet Next Week

The Spadina testnet of ETH 2.0 has been scheduled for genesis before the month ends, on September 29 at 12 pm UTC, as per...

KuCoin Hack: Exchange’s Insurance Fund to Cover User Loss “Completely,” Tether Freezes 33M USDT

The Singapore-based cryptocurrency exchange KuCoin released a statement regarding detecting large withdrawals on September 26, 2020, at 03:05:37 (UTC+8). The exchange has reportedly lost $150...

Crypto Custodian, Anchorage, Adds Support for DeFi Tokens: BAL, NXM, AAVE, UNI, and YFI

Anchorage, the Delaware corporation headquartered in San Francisco, California, and digital asset custodian for institutional investors is diversifying its DeFi token options for its...

Coinbase Wallet Targeted by New Trojan Malware Dubbed ‘Alien’

The Coinbase wallet is among 226 Android applications targeted by a recently discovered Trojan dubbed ‘Alien.’ This malware mostly targets the financial services space...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today