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Ripple’s cross-border transactions will grow significantly, says Accenture’s Global Payments Managing Director

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Ripple's cross-border transactions will grow significantly, says Accenture's Global Payments Managing Director
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Ripple has been at the forefront of the payments sector, be it cross-border payments or domestic payments, proving to be a strong competition to already existing players in the industry like Swift and others.

As pointed out by Ripple/XRP enthusiast @RipplePandaXRP, Accenture’s Global Payments lead, Gareth Wilson, opined in Accenture’s banking blog, dated February 18, 2019, about the future trends that the payments industry could see in 2019. While predicting the trends that could arise this year, Wilson spoke about cryptocurrencies gaining traction, apart from the Open Banking trend gaining more ground in the Middle East, Asia, and Europe.

He said that he expected users to soon “see cash management products” that will “use Bitcoin and Ethereum”. He further stated:

“Ripple’s network for cross-border transactions will continue to grow significantly, attracting more banks and corporates, leading to rising transaction volumes.”

Ripple has been tirelessly working with domestic and central banks around the world to improve payments to the general public, as well as the corporate sector. Ripple plans to create a network of banks on the RippleNet that use Ripple’s blockchain technology, like xRapid, xVia, and xCurrent.

Ripple’s xRapid, in specific, has gained a lot of traction since it facilitates the transfer of funds across borders seamlessly. xRapid leverages XRP to make these transactions happen, saving a significant amount of time and money.

xRapid takes about three to four seconds and saves about 65% of the transactions fees in contrast to days and heavy fees incurred in the traditional payment system.



Other mentions in Wilson’s blog included instant payments and Open Banking. He stated:

“The fusion of instant payments and Open Banking will generate new payment methods and schemes and replace card payments in the long run.”

A Twitter user, @akdrain, commented:

“Woah! Prominent personalities around the world are acknowledging Ripple’s progress. About time SWIFT goes out of business. Good find!”





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Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

Ripple

Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing

Akash Anand

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Ripple focused on driving RippleNet growth and increasing institutional adoption, claims Senior VP of Marketing
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Ripple and XRP have been mainstays in the cryptocurrency market for a long time now, with the company known for its partnerships with several institutions while the XRP community continues to be one of the most active spaces in the cryptoverse. In a recent interview, Monica Long, Senior Vice President of Marketing at Ripple, spoke about XRP’s positives, as well as Ripple’s future plans.

Speaking to Trader Cobb, Long stated that the main focus of XRP is utility as “the success of any cryptocurrency comes down to how useful it is.” The VP of Marketing added that XRP is very fast, with the added advantage of increased scalability, when viewed as a settlement asset. In her words,



“XRP is very scalable, almost 50-100 transactions per second. The design and consensus also become faster because it does not face the same network issues as Bitcoin or Ethereum. When it comes to RippleNet however, the killer use case comes in serving liquidity on an on-demand basis.”

Long touched upon Xpring and the involvement of the broader cryptocurrency community in developing XRP’s use cases. She also clarified some points with respect to XRP’s inflow into the ecosystem accounting for a major share of XRP, owned by Ripple. According to her,

“RippleNet customers if they choose to use xRapid, which makes use of the XRP liquidity, don’t have to hold XRP to conduct processes. Hedge funds and other market makers provide that XRO and the liquidity is through cryptocurrency exchanges. We do sell Over the Counter to credit institutions.”

With regard to future developments, Long claimed that Ripple is focused on driving growth for RippleNet, as well as increasing institutional adoption. Apart from that, Ripple is also planning to partner with more financial institutions in other countries, as well as accelerate volumes on the internet. Monica Long encapsulated the organization’s plans by stating,

“We want customers to be thinking about how RippleNet can improve services in as many financial corridors as possible.”





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