Ripple has developed a number of solutions that can reduce the costs of international money transfers, but the company has to face some obstacles on the way to the massive adoption of its technology.
Ripple reported the results of its xRapid pilot tests. Thanks to using XRP, cross-border transactions can become cheaper and faster.
The xVia API solution will help to reduce the operational costs and high-failure rates while increasing the remittance speed at the same time.
The pilot program of the platform which allows payment providers to minimize liquidity costs is expected to be launched by the FLEETCOR-owned company.
Ripple has collaborated with two banks and three fast-growing remittance providers who are willing to adopt the blockchain technology for instant payments at reduced costs.
The Saudi Arabian Monetary Authority (SAMA) is the second biggest banking institutions to adopt blockchain technology after the Bank of England.
Ripple is further expanding its footprint by collaborating with many banking as well as financial services institutions.
LianLian will be using Ripple’s xCurrent solution for cross-border settlements with end-to-end tracking.
Both these companies are eager to use Ripple’s xRapid payments solution that is designed to provide on-demand liquidity.
Ripple’s ability to provide on-demand liquidity and instant transfer within seconds makes it one of the most preferred blockchain-based payments solution.