Ripple, the leader in enterprise blockchain and crypto solutions, debuted today the evolution of its crypto-enabled cross-border payments solution, Ripple Payments, formerly known as RippleNet.
Ripple Payments provides the enterprise-grade infrastructure required for businesses to leverage blockchain easily for faster, cheaper, more efficient cross-border payments without needing to be an expert.
More than ever, leading Web2 companies and legacy payments institutions are investing resources to integrate blockchain utility into their services - over 80% of global finance leaders are likely to begin using some form of cryptocurrencies in their business in the next three years. As such, Ripple is evolving its flagship payments product and building toward a future where Ripple Payments is the fastest and most efficient cross-border payment solution for any business, regardless of the currency, time of day or end destination.
Key updates include:
Expanded access to Ripple’s full global network of more than 70 crypto and traditional payout markets - the Ripple Payments network now provides nearly 100% global payout coverage through single onboarding.
A payment system forged by Ripple’s deep regulatory know-how - Ripple’s years of experience combining crypto-native services with traditional finance and compliance requirements provides the peace of mind needed to access enterprise-grade crypto solutions. With 30+ licenses, including a MAS Major Payments Institution license and Money Transmitter Licenses (MTLs) across the U.S., Ripple is introducing its solutions to a broader customer base, including SMEs (Small and Midsize Enterprises).
Lightning-fast onboarding and accelerated go-to-market strategies - new integrations with the XRP Ledger’s native decentralized exchange (XRPL DEX) will improve product performance and lower the barrier to enter new markets by tapping into global liquidity options.
The ability to fulfill customers’ liquidity needs on demand 24-7-365 - regardless of the currency or end destination, expanded crypto liquidity options will allow Ripple to continue providing an optimized experience as the payments product scales.
“Since the start, Ripple focused on creating products that solve real problems for real customers. This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology,” said Monica Long, President at Ripple. “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.”
“At Ripple, we’ve long known that payments are unequivocally the ‘killer app’ for digital assets. Achieving that vision requires a seamless experience for institutional users to solve real-world problems,” added Brendan Berry, Head of Payment Products at Ripple. “With more businesses than ever seeing real utility in blockchain, our goal is to provide our customers with optionality, speed, ease of use, and compliance - all in one comprehensive product.”
Global payments solution company RocketFuel is one of the first customers to leverage the newest iteration of Ripple Payments. RocketFuel provides payment solutions to merchants who wish to send or accept payments via crypto or fiat. Ripple Payments will manage the end-to-end flow of payments, with a breadth of payout currencies available around the world, enabling RocketFuel to meet rapidly increasing demand for direct payments to merchants and their customers.
“For too long, the financial industry has suffered from using antiquated technologies, resulting in high costs, lost revenue, and inefficient and unpredictable processes. Blockchain and digital currency applications provide an avenue to radically improve those shortcomings,” said RocketFuel CEO Peter Jensen. “Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”
Ripple Payments was announced today at the company’s seventh flagship event, Swell, taking place in Dubai from November 8-9, 2023. The annual conference plays a central role in advancing the business of crypto by bringing together the brightest minds across payments, financial services, crypto, blockchain, and economic policy.
Best known for its flagship payments products, Ripple was the first company to address the multi-trillion dollar pain points in cross-border payments utilizing blockchain and cryptocurrency. Today, Ripple serves hundreds of customers in over 55 countries and on six continents, with payout capabilities in 70+ markets. The newly launched Ripple Payments solution is now available in the U.S., with more regions to come in 2024 based on jurisdiction. The availability of specific products and features will vary by jurisdiction.