Ripple’s cross-border payments technology is now live across six continents and over countries according to company officials.
Ripples Vice president of European Union Strategic Accounts, Jeremy Light told the International Association of Money Transfer Networks that the crypto remittance giant has began new payment corridors in North America, Europe, Asia, Latin America and Africa.
‘A growing number of digital-first payment providers are entering the global remittance market. They’re serving a need from populations that banks have neglected or avoided in the past. This is a huge opportunity to capture the unbanked and underbanked and connect them to the global economy.’
xCurrent, Ripples payment messaging system is being used by the majority of the firm’s clients in order to power their payments. Beyond this, Light believes that consumers will begin to adopt use of its xRapid solution especially as regulators and organizations become more comfortable with its infrastructure.
Light stated that ‘The larger consumer tipping point is still to come. As of now, you can’t easily use cryptocurrencies to pay for goods and services, but there is a clear and growing use case for crypto as a bridge currency.
As a bridge between one fiat currency and another, it solves the liquidity issues in cross-border payments, and this will be a game-changer.’
MoneyGram the US headquartered remittance firm is the most high-profile partner of Ripple and is now using the companies xRapid technology to complement its business. Like Ripple MoneyGram have their eyes on financial inclusion. ‘There are more than 2 billion people in the world who have limited or no access to a bank account and they depend on our services for financial inclusion. These customers are the reason we are constantly innovating and focusing on how we can best meet their needs.’
The partnership between the two companies began in July when Ripple bought $30 Million shares in the firm and have an option to buy a further $20 Million over the next two years.