Demand for Ripple’s platform is on rise as more banks signed the contract: Ripple has been in the limelight after it has entered into assortment of deals with various financial institutions. After more than 100 institutions already using Ripple’s enterprise blockchain solution for global payments, the two prominent banks of emerging nations, Itaú Unibanco of Brazil and IndusInd of India, has also joined the club. Additionally, three other remittance providers, InstaReM (Singapore), Beetech (Brazil) and Zip Remit (Canada), have acquired the services of Ripple to ensure smooth flow of their global transactions.
Further, LianLian International has also joined hands with Ripple. This international entity provides its services mainly to Chinese customers. Taking advantage of Ripple’s cost effective xCurrent solution, the company will be able to process its global payments swiftly and with less cost.
The World Bank reports paints an encouraging prospects for global payment solution providers such as Ripple. According to the recent report on remittances, in 2018 the remittances are poised to increase by 3.5% to $466 billion against $450 billion last year. This rebound was largely on the back of uptick in the overall economic growth of the world. Moreover, the large chunk of this pie would go to India and China.
Patrick Griffin, Ripple’s head of business development attributes the success to the plateform’s ability to transact faster payments at lower cost. He emphasized that such competency is more relevant and critical to the financial operations of emerging economies due to the social significance of the transactions. However, he conveyed his concern over the lack of customer focus in the world’s financial system.