Ripple’s study demonstrates how fintechs’ market share can increase through real-time cross-border payments. For fintechs, Ripple Payments is a potent answer as the need for quicker, less expensive, and more transparent international payments continues to grow. This tool equips them to better meet the needs of businesses seeking efficient global transaction options.
With this service, businesses may pay out anywhere in the world, attract a larger audience, and increase income. In the swiftly evolving financial industry, fintechs can gain a competitive edge by doing this.
Because they provide innovative services that traditional banks cannot, fintechs have already started to bridge gaps in the financial system. With nearly 90% of financial institutions anticipating a market share loss of at least 5% to fintechs in the coming years, cross-border payment solutions like Ripple Payments offer a unique opportunity to outperform competitors.
Businesses that need speedier solutions are frustrated by the continued slowness, expense, and ambiguity of international payments. In addition, the system of correspondent banking is getting smaller, which makes it more difficult for businesses to handle globally. By implementing Ripple’s simplified global payments network, which removes numerous counterparties to lower costs and points of failure, fintechs may close this gap.
Moreover, Ripple Payments delivers near real-time settlement, visibility into transaction fees, and a full picture of the payment status, helping fintechs to manage their cash flow effectively. These characteristics are especially important in the complex supply chain environment of today, where payments must be made quickly and transparently.
Read CRYPTONEWSLAND onFurthermore, fintechs can connect to Ripple Payments’ global payments network using a single API to take advantage of pre-negotiated rates in more than 50 currencies and 80 countries. Fintechs may therefore provide quick, reasonably priced payouts around the clock, even on weekends and holidays. Fintechs have an edge over traditional payment providers because of these capabilities because the latter frequently operate during set banking hours.
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Zug, Switzerland, 2nd October 2024, Chainwire