Cross-border payment remittance company Ripple has reached an exciting milestone with its payment services following its annual conference event, Ripple Swell. The company recently announced that it has achieved 100% global payout coverage and global liquidity options for its customers. This means that Ripple can now provide end-to-end solutions for financial institutions (FIs) and small to medium-sized enterprises (SMEs) in over 70 payout markets.
Ripple shared this accomplishment through a post on X (formerly Twitter), where they highlighted their ability to deliver licensed end-to-end solutions for FIs and SMEs. They also mentioned expanded crypto liquidity options and integration with the XRP Ledger DEX. Additionally, a blog post was published to provide further insight into how this milestone will benefit global B2B payments, treasury, remittances, and more.
The company’s recent advancements are a result of receiving money transmitter licenses from the Monetary Authority of Singapore and other regulatory bodies in the United States. These licenses have allowed Ripple to expand its products and services into more than 70 payout markets, thereby increasing the company’s liquidity and coverage.
One of the key technologies that will benefit from this milestone is the XRP Ledger. The increased global payout coverage and liquidity options will likely drive a surge in demand for XRP, as Ripple’s customers gain access to these new capabilities. Historically, developments in Ripple have influenced gains in XRP, as the token is closely tied to the XRPLedger (XRPL).
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Ripple has also integrated its payment service with the XRPL, offering customers increased liquidity and accessibility, as well as more alternatives for crypto liquidity.
In addition to reaching this milestone, Ripple has announced a new partnership with Onafriq (MFS Africa) to enable digital asset-enabled cross-border payments in emerging markets, including Africa, the Gulf Cooperation Council (GCC), the UK, and Australia. This partnership will open up three new payment corridors in Africa and other regions of the world. Through Onafriq’s pan-African network, customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia can now send and receive business payments quickly and affordably to recipients in 27 countries.
With this partnership, Ripple aims to address common issues associated with cross-border payments using its crypto technology, including long transfer periods, unreliability, and high costs.
Overall, Ripple has made significant strides in expanding its global footprint and enhancing its services for customers. The achievement of 100% global payout coverage and global liquidity options reflects the company’s commitment to providing efficient and reliable cross-border payment solutions in a rapidly evolving financial landscape. As the company continues to innovate and form strategic partnerships, it is poised to play a key role in shaping the future of global payments.
