People who have done international transfers will know the frustration of waiting for days to have their transfers through and pay more than what it’s worth for a service that can be done with the click of a button. Ripple is changing all that by bridging the gap between RippleNet and building a faster payment network for this fast-paced world. For starters, the RippleNet is a network of payment providers such as banks and business that offer money services who use Ripple’s solutions to provide a seamless experience to transfer money across the globe. Ripple contends that the infrastructure of the world’s payment systems hasn’t improved much in four decades. This old system of banking has hindered progress in the modern day business scene. Businesses today are having to plan for days of delays in payments while losing sums on transactions fees and overinflated foreign exchange rates while the banks and payment providers profit massively from it. According to the World Bank, the global remittance payments will increase by 3.4%, which is roughly USD 466 Billion in 2018. Faster international cross-border payment platforms that offer quick services at a much lower cost will benefit emerging markets in countries like India, China, Brazil and others.
Ripple is at the forefront of the industry which is set to change all of this and has partnered with over a hundred banks and payment service providers around the globe. RippleNet will connect all its users in its network built for global transactions through a seamless, unhindered service that is designed for the internet age. Ripple’s offering has placed them among the top cryptocurrencies, and the trust in its decentralised platform is sure to result in climbing graphs on the Ripple Price Chart and an increase in the value of the currency. Among the most significant advantages of ripple’s technologies is their resistance to cyber attacks, which is a highly valued feature in the financial industry. The increasing number of financial institutions partnering with Ripple is proof of the reliability and safety of their services to transfer considerable sums of money across countries around the globe. The migration of financial institution to platforms such as ripple is due to the exceptionally safe and instant management of capital thanks to the blockchain technology. The most efficient way according to Ripple to transfer funds across the network is through the use of the digital XRP currency. The full potential of the blockchain technology is leveraged to make payments almost instantly using the Ripple currency.
Currently, ripple offers its service to provide instant money transfers across six continents- North and South America, Australia, Europe, Asia and Africa supported by the leading exchanges like Coinmama and CoinSwitch to Buy XRP with Credit Card. Although this service may be long overdue, crypto aficionados claim that ripple would still profit from the transactions as it is as centralised as a bank. Ripple brushes off these claims stating that the XRP Ledger like others in the crypto world is based on a democratic, decentralised, consensus mechanism. Being among the top 10 cryptocurrencies, Ripple to Bitcoin Conversion is also available on all exchange platforms.
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