Ripple Emerges as Global Cross-Border Payment Leader

A recent article from the esteemed publication American Banker recognized payment-focused blockchain company Ripple as one of the foremost providers of global cross-border services.

The article analyzes HSBC’s strategic initiative to broaden its international money transmission services via the recently introduced Zing application.

Although the article acknowledges that Zing is an endeavor by HSBC to compete with non-banks, it also mentions other firms developing cross-border payment functionalities. Prominent UK providers Wise and Revolut, with a combined user base of 46 million, were identified.

Ripple’s blockchain-based payment infrastructure, adopted by major institutions seeking to facilitate near-instant cross-border transfers, ranked third.

The article discussed Ripple’s longstanding collaboration with XRP, utilizing its technology, in addition to the recent integration of the organization’s solutions under the umbrella of Ripple Payments.

According to the American Banker article, the recent consolidation was undertaken to “counter Ripple’s efforts to establish global networks for digital cross-border payment processing.”

In the meantime, Western Union and MoneyGram complete the roster of the five largest global money service providers, comprised of established entities.

It is worth noting that, amid the infamous lawsuit filed by the U.S. Securities and Exchange Commission (SEC), the latter severed ties with the initiative it had previously collaborated on with Ripple.

By omitting a link, the most recent mention of Ripple demonstrates how the organization has established itself among the elites with its XRP-based blockchain-based payment solution.

Furthermore, Ripple has recently disclosed continuous endeavors to preserve its competitive advantage.

Ripple disclosed its intentions to enter the $1.5 trillion IT expenditure market earlier this week.

By utilizing its XRP-powered network, the company will grant IT companies access to instantaneous remittances to employees, vendors, and other business partners.