Ripple is upgrading its crypto-enabled cross-border
payments solution, also known as Ripple Payments. This offering is aimed at
enhancing enterprise-grade blockchain infrastructure, making faster, cheaper,
and more efficient cross-border payments accessible to businesses.
In the official statement published today
(Wednesday), the cross-border remittance network noted that the global
financial space is witnessing a shift as more companies and legacy payment
institutions are investing in blockchain integration. Over 80% of global
financial firms are expected to incorporate cryptocurrencies into their
operations in the next three years.
Currently, Ripple offers expanded access to its
extensive global network of over 70 crypto and traditional payout markets. This
has resulted in nearly 100% global payout coverage through a single onboarding
process.
Ripple has over 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore and Money
Transmitter licenses across the United States. The company is expanding its
solutions to reach a broader customer base, including small and medium-sized enterprises.
Monica Long, the President at Ripple , said:
“Ripple has led the way in addressing key components of crypto financial
infrastructure, including liquidity, off-ramps, tokenization, custody, and
compliance. Bringing these elements together within Ripple Payments for an
intuitive end-to-end enterprise experience is the natural next step for Ripple
to make crypto’s benefits accessible for any business.”
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.https://t.co/khOxtCnXin
— Ripple (@Ripple) November 8, 2023
One of the first customers to leverage the enhanced
Ripple Payments is RocketFuel, a global payments solution company serving
merchants looking to send or accept payments in crypto or fiat. Ripple Payments
will facilitate the entire payment flow, offering a wide range of payout
currencies worldwide, enabling RocketFuel to meet the rising demand for direct
payments to merchants and their customers.
Regulatory Win Propels Ripple
Meanwhile, the US Securities and Exchange Commission
(SEC) officially cleared Ripple’s executives (Brad Garlinghouse, the CEO, and
Chris Larsen, the Executive Chairman) last month from all charges brought
against them in the lawsuit that labeled XRP as unregistered securities.
The SEC’s decision marks the conclusion of a
prolonged legal battle that saw the regulatory body pitted against Ripple,
Garlinghouse, and Larsen. The SEC initiated the lawsuit in late 2020, alleging
that XRP, a cryptocurrency linked to Ripple, was an unregistered
security.
After an extended legal struggle, a US court ruled
in favor of Ripple in July. The SEC, dissatisfied with the verdict, appealed
the decision, but the court rejected the appeal again earlier this month.
Ripple is upgrading its crypto-enabled cross-border
payments solution, also known as Ripple Payments. This offering is aimed at
enhancing enterprise-grade blockchain infrastructure, making faster, cheaper,
and more efficient cross-border payments accessible to businesses.
In the official statement published today
(Wednesday), the cross-border remittance network noted that the global
financial space is witnessing a shift as more companies and legacy payment
institutions are investing in blockchain integration. Over 80% of global
financial firms are expected to incorporate cryptocurrencies into their
operations in the next three years.
Currently, Ripple offers expanded access to its
extensive global network of over 70 crypto and traditional payout markets. This
has resulted in nearly 100% global payout coverage through a single onboarding
process.
Ripple has over 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore and Money
Transmitter licenses across the United States. The company is expanding its
solutions to reach a broader customer base, including small and medium-sized enterprises.
Monica Long, the President at Ripple , said:
“Ripple has led the way in addressing key components of crypto financial
infrastructure, including liquidity, off-ramps, tokenization, custody, and
compliance. Bringing these elements together within Ripple Payments for an
intuitive end-to-end enterprise experience is the natural next step for Ripple
to make crypto’s benefits accessible for any business.”
Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.https://t.co/khOxtCnXin
— Ripple (@Ripple) November 8, 2023
One of the first customers to leverage the enhanced
Ripple Payments is RocketFuel, a global payments solution company serving
merchants looking to send or accept payments in crypto or fiat. Ripple Payments
will facilitate the entire payment flow, offering a wide range of payout
currencies worldwide, enabling RocketFuel to meet the rising demand for direct
payments to merchants and their customers.
Regulatory Win Propels Ripple
Meanwhile, the US Securities and Exchange Commission
(SEC) officially cleared Ripple’s executives (Brad Garlinghouse, the CEO, and
Chris Larsen, the Executive Chairman) last month from all charges brought
against them in the lawsuit that labeled XRP as unregistered securities.
The SEC’s decision marks the conclusion of a
prolonged legal battle that saw the regulatory body pitted against Ripple,
Garlinghouse, and Larsen. The SEC initiated the lawsuit in late 2020, alleging
that XRP, a cryptocurrency linked to Ripple, was an unregistered
security.
After an extended legal struggle, a US court ruled
in favor of Ripple in July. The SEC, dissatisfied with the verdict, appealed
the decision, but the court rejected the appeal again earlier this month.
