The newly upgraded Ripple Payments, formerly known as RippleNet, enables businesses to simply harness the blockchain for quicker, cheaper, and more efficient cross-border payments, according to a Friday news release from the supplier of corporate blockchain and crypto solutions.
“Ripple has always focused on creating products that solve real problems for real customers,” Ripple president Monica Long said in a statement. “This evolution of Ripple Payments represents an extension of our long-running work to optimize the cross-border payments experience through transformative technology.”
According to the statement, Ripple Payments now provides increased access to Ripple’s worldwide network of more than 70 crypto and conventional payment marketplaces, enabling nearly 100% global payout coverage with a single onboarding.
According to the statement, the solution is also being presented to a larger client base, including small and medium-sized businesses (SMBs), as Ripple has gained more than 30 licenses across the United States.
The announcement also highlights Ripple Payments’ new interfaces with the XRP Ledger’s native decentralized exchange (XRPL DEX), which enhance product performance and reduce obstacles to market entry by utilizing global liquidity choices.
As to the statement, the increased liquidity alternatives will also allow Ripple to meet clients’ liquidity needs on demand, independent of currency or ultimate destination.
