RippleNet to Use Open Network And Blockchain to Enable Financial Services
The Philippines has been introducing a variety of smart e-wallets to help the unbanked population gain access to financial services while also opening remittance corridors all over the world. The Philippines is the third remittance-receiving country globally, and it’s a competitive market that RippleNet is ready to dive. RippleNet is a global network that allows the most advanced blockchain technology for global payments. RippleNet makes it easy for its diverse network of 300+ financial institutions worldwide to enable faster, lower-cost payments worldwide.
Commenced in 2012, founders established Ripple with the idea of utilizing blockchain technology and digital assets to allow financial institutions to send money across borders, instantly, reliably, and for fractions of a penny.This unification of the underlying infrastructure that ties institutions and providers together helps our consumers grow their business and helps allow the world to move money like information moves today—a concept we refer to as the Internet of Value.
Ripple provides a convenient, fail-proof experience for consumers to more places with more payout options, which can truly deliver on the brand promise. Companies like American Express, Standard Chartered, NIUM, iREMIT, CIMB, Cebuana Lhuillier, MoneyGram, and a lot more run on the Ripple platform, allowing the world to move money like data moves today.
“We’ve seen demand for blockchain-powered solutions to enable efficient, cheaper, faster, and more transparent services for customers,” says in Ripple’s statement. Ripple is studying to play a key role in the growth of financial services to offer consumers frictionless experience in sending money locally and globally by the power of open networks utilizing blockchain technology.
Ripple is launching PayID, considered as the payment industry’s first universal solution for all participating organizations to send and receive money, despite their location, payment network, and currency – and definitely decrease friction between disparate financial networks, wallets, and payments processes. As an open standard, PayID will be an essential step towards creating the future of an open payments network in the SEA region and across the globe. PayID is a payment solution for Peer-to-Peer, e-Commerce, and Subscription payments faster and in real-time.
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