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Could Ripple Transform the Global Payments Industry?

The Ripple platform was developed with the aim of allowing consumers to transfer money just as fast as they can transfer information. While it takes no time at all to send a text message to someone on the other side of the world, sending funds is another story and your recipient may have to wait days for the funds to land in their account.

It’s not good enough. We want things to happen instantaneously, and Ripple understands that the global payments industry needed an overhaul so it has developed a range of solutions to make that happen, so you can now execute a money transfer from Australia to anywhere else, immediately.

What is Ripple?

Ripple is an ever-expanding technology company with offices in San Francisco, New York, Sydney, Singapore and elsewhere around the world. Its aim is to ensure more efficient, completely secure transactions between financial institutions. So, no matter where in the world you want to send money to, and whatever currency it’s in, it should be viable that you can send that within seconds.

How does Ripple’s Technology Work?

Rather than competing against the huge financial institutions that currently control the sector, Ripple partners with major finance players to develop a solution based on blockchain technology.

It allows financial institutions to offer their customers the opportunity to process international payments straight away, with guaranteed reliability and with better rates for consumers than was previously possible.

So, instead of the originating bank having to convert funds into the target country’s currency and costing the consumer processing fees, slow transaction times and bad exchange rate margins, they just send the original funds straight to the target’s Ripple wallet. There, it can be exchanged into the correct currency.

A More Interconnected World

Financial companies that are unable to increase their number of transactions per second are likely to struggle to adapt to the growing demands of the modern world.

Ripple has developed an approach that will create a network that connects all the world’s value on ledgers. With the growing popularity of digital assets, it’s integral that there is a platform available to manage high levels of volume without slowing down processes.

Ripple’s Technology in Action

Innovative online money transfer agents in Australia adopt Ripple’s advanced technology to offer unrivalled speed and service to its customers that want to send money anywhere in the world.

Traditional cross-border transfers take as many as 3-5 days to complete. With safer, faster and cheaper transfer methods available, Ripple could be well on its way to offering consumers the most forward-thinking money transfer services available.