Ripple has always been identified more as a payment solution than as a cryptocurrency itself, and this is for sure one of the more widespread perceptions in the crypto world. As a matter of fact, the conception is not that far from reality considering the incredible efforts the company has made to fight in the remittance payment sector, an environment in which Ripple has managed to create the most solid relationships with many financial institutions from all around the world.
This time, the endorsement comes from nothing else than the RBC (Royal Bank of Canada), one of the most reputed financial institutions in the world.
The RBC gave a recent declaration in which speaks about the payment solutions Ripple has, and how do they think Ripple provides an outstanding service that may help the entire sector to reduce the costs and increase the effectiveness of cross-border payments as we know right now. Let’s discover all of the facts behind the declarations of the RBC!
Reducing costs, the primary attribute of Ripple solutions
The RBC recently declared that the remittance market has been ruled so far by traditional remittance firms such as Western Union, and bank entities from all around the world.
However, they said as well that it was remarkable how these solutions still have a lot of friction regarding transparency, costs, and effectiveness, and for them, that’s precisely where Ripple enters the picture to serve as a crucial piece of the puzzle.
It is to be acknowledged that the blockchain has brought new variables to the table that somehow are just new in the financial industry. We can talk like this about decentralization, incredibly high transparency in transactions processes, and of course, the most remarkable of them all, the elimination of the middleman as an essential part of a payment process.
With relation to this, Ripple has gathered all of the attributes that the blockchain offers, and have merged it all in each one of the solutions that the company provides.
The RBC has stated Ripple offers one of the cheapest solutions when it comes to cross-border payments. The company said Ripple helps to reduce the costs of transactions, and not only that, but Ripple can also improve “transparency of Forex rates and fees, before the transaction is originated, and can reduce the cost per payment for financial institutions.”
In the detailed report that RBC published, the company highlights the importance of the open source Ripple has created, a P2P (peer to peer) decentralized protocol that is here to stay.
Ripple has joined forces with several bank institutions at the moment, and for that, they are offering xRapid, xCurrent, and their token XRP. The most important to mention in this sense is that Ripple provides its three solutions, and they give you the chance to select the one that suits better in accordance to your needs.
For instance, if what you’re looking for is to source liquidity, xRapid would be a perfect choice. The company said,
“banks can consolidate their liquidity into one XRP account instead of holding local currency in accounts around the world” and with this, they can “minimize the number of intermediaries.”
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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