Ripple has been making considerable efforts to promote its products in 2019, and the San Francisco-based company also made sure to boost the complete XRP ecosystem.
Ripple also works hard to trigger the mainstream adoption of XRP and also replace the flawed traditional payments system SWIFT.
This has been used by banks and financial institutions for decades, but it became flawed, and the financial system needs innovation.
This is what Ripple is trying to offer clients regarding cross-border transactions.
Ripple to launch XRP-based cross-border payments product around the world
Ripple said that it’s launching the XRP-based cross-border payments product around the world in 2020.
In the latest XRP Markets Report, the company said that it would add more corridors in the following regions throughout the year for its ODL product – On-Demand Liquidity, formerly known as xRapid.
Ripple’s liquidity solution powers payment corridors between the US, Mexico, and the Philipines and serves more than two dozen companies which include goLance, Viamericas, MoneyGram, Interbank Peru, and FlashFX, according to data coming from the online publication the Daily Hodl.
Giving banks and enterprises a revolutionary way to free up capital
Ripple says that the ODL has the potential to give banks and enterprises a new way to free up capital.
“Instead of maintaining pre-funded bank accounts in various countries to facilitate fast local payments, banks and financial institutions can leverage the speed of XRP, settling transactions in three seconds while providing customers with up to 60% savings,” the online publication mentioned above writes.
.@stevenmnuchin1 at #WEF20 when asked about cryptocurrencies: "There are benefits to cross-border payment systems in lowering costs for consumers and businesses. We absolutely support companies working on this." Critical to apply this pragmatism to US regulation. pic.twitter.com/93e84qQW1s
— Brad Garlinghouse (@bgarlinghouse) January 21, 2020
Other than this, it’s been revealed not too long ago that Ripple’s Brad Garlinghouse believes that the US will welcome with open arms the innovation regarding cross-border payments that are offered by Ripple.
Ripple CEO showed massive optimism that Ripple can make it much easier for people to benefit from the payments industry.