Ripple has been making a lot of headlines due to the company’s achievements and also their bold plans for the future.
The firm is working hard to boost the whole XRP ecosystem and also to push the mainstream adoption of XRP.
Now, Ripple’s achievements and capabilities of their products are seeing recognition once again.
Ripple’s products outperform banks
It’s been just reported that the Boston Consulting Group (BCG) says Ripple and other cross-border payments challengers often outperform banks in more than one aspect.
According to the online publication the Daily Hodl, in a new report, the global management consulting firm said that cryptos are increasingly relevant and that banks need to “revamp” their cross-border business practices in order to be able to ride the wave of innovation, of new technology.
“Card networks, fintechs, and infrastructure providers such as Ripple and Earthport have entered the cross-border payments space in recent years. These challenges often outperform banks in speed, pricing, API integration, and overall customer experience. To stay competitive, banks will need to change their approach.”
It’s also important to note the fact that BCG also said that that banks relying on SWIFT – the legacy international payments messaging system – will need to continually innovate.
“Many banks have introduced SWIFT GPI to improve the speed and tracking of international payments. But with challengers providing convenient solutions like ‘request to pay’ that facilitate remittance and reconciliation, banks need to continue refreshing their own offerings,” according to official notes.
We recommend that you check out the complete report here in order to learn more available details on the matter.
Ripple has been making great efforts to overcome the flaws of SWIFT via its product ODL, which is powered by the digital asset XRP.
With ODL, clients can benefit from instant, cheap and secure transactions from one corner of the world to another.
Ripple enthusiasts saw more good news these days.