In the meanwhile, Ripple has established a reputation among financial institutions and payment service providers in the area of cross-border payments. It is now necessary to apply the knowledge gained over the previous few years to provide its payment solutions to private businesses. Thus, it is possible to process transactions for both suppliers and employees more quickly and for less money.
The recipient must pay an average of 7% in fees for international transfers made through reputable financial institutions. The Fintech business is actively working to address this issue. Director of Payment Solutions Brendan Berry says:
“As the world becomes increasingly global and interconnected, businesses around the world are looking for solutions to tedious payment issues when they have internationally dispersed employees or a worldwide supplier and customer base. After years of working closely with payment service providers, banks, fintechs and financial institutions, we know first-hand the challenges our customers face on a daily basis.
Over time, a large customer base, which does not only consist of financial institutions, began to seek assistance in solving cross-border payment challenges. Many trading partners, in particular, now want to take advantage of the benefits of the Ripple solution for crypto cross-border payments. Our goal is to serve every business client, regardless of industry, who can benefit from faster, cheaper and more efficient cross-border payments.”
There are currently 40 countries where Ripple’s On-Demand Liquidity (ODL) service is accessible, and more and more users of the Fiat RippleNet service are deciding to switch to ODL.
The first clients in this new market are the food technology company Oceanus Group Limited and the agricultural technology company Nutrisource.