Ripple Partners with Faster Payments Council to Revolutionize Global Payments, Publishes White Paper

Ripple, a leading fintech firm, has revealed a strategic partnership with Faster Payments Council to overhaul the way money is transferred across the globe. Ripple aims to enhance the global payment system through the application of blockchain technology and cryptocurrency, as explained in a recent white paper.

Ripple Partners with Faster Payments Council to Revolutionize Global Payments, Publishes White Paper

The white paper, which the company teased on Twitter, divulges that global leaders in the payments industry are becoming increasingly “dissatisfied with legacy rails for cross-border payments.”

The white paper indicates that the inception and growth of cryptocurrencies in the marketplace are “exciting for the future of payments.”

Ripple and the Faster Payments Council have undertaken a survey involving over 300 industry leaders, including analysts, directors, VPs, and C-level executives from the banking, retail, fintech, media, and entertainment sectors. The participants hailed from 45 countries worldwide.

The Allure of Crypto for Payments

The report emphasizes that despite the fact that trillions of USD are still transferred globally using “an antiquated and costly payments system,” cryptocurrencies and Distributed Ledger Technology (DLT) present a growing opportunity to improve payment systems worldwide. This includes reducing fees and enhancing transparency.

An overwhelming 97% of respondents believe that blockchain and crypto can significantly transform the payments industry within the next three years, particularly in terms of cross-border payments. Over half of the survey participants expect most merchants to start accepting crypto in the next one to three years, citing cost reduction as the most attractive feature of digital currencies.

Ripple is already making waves in the cross-border payments sector with its On-Demand Liquidity (ODL) technology that enables large funds transfers using XRP. The fintech giant has also recently entered the realm of stablecoins and Central Bank Digital Currencies (CBDCs).