The cross-border payments market continues to grow with increasing international commerce, migration, and changing economic trends. Currently, financial institutions like banks have significant dominance in cross-border payments with a market share of 95 percent. However, their payment transfers and services lack transparency, attract high fees, and lead to delays. These long-standing obstacles can be overcome with blockchain technologies like Ripple. Ripple provides cutting-edge mechanisms for customer-centric and innovative payment services. It aims to change the current payment landscape entirely by overcoming traditional pain points or even replacing the existing financial services system.

So, let’s take a look at how Ripple is giving tough competition to conventional competitors like Swift and Western Union in cross-border payments?

Challenges with Existing Cross-Border Payments

Legacy international payment systems are inefficient and complex. Their transactions involve multiple banks across different locations. In addition, there is a lack of transparency about fees and uncertainty on whether cross-border payments will even reach intended recipients.

Visit here to Read full story

Welcome to a place where words matter. On Medium, smart voices and original ideas take center stage - with no ads in sight. Watch
Follow all the topics you care about, and we’ll deliver the best stories for you to your homepage and inbox. Explore
Get unlimited access to the best stories on Medium — and support writers while you’re at it. Just $5/month. Upgrade