Ripple Partners for Global Cross-Border Payments

September 14, 2024

Ripple is changing how money moves around the world. Here's what you need to know:

  • Ripple uses blockchain to make international payments faster and cheaper
  • They've partnered with 200+ customers in 55+ countries
  • Key partnerships include Cambridge Global Payments, Tranglo, Onafriq, and MoneyGram
  • Ripple's tech settles payments in 3-5 seconds vs. 1-5 days for traditional methods
  • Banks can save up to 33% on transaction costs
Feature Traditional Ripple
Speed 1-5 days 3-5 seconds
Cost $10-50 per transaction $0.0002 per transaction
Transparency Limited Real-time tracking

Ripple faces regulatory challenges, especially in the U.S., but continues to expand globally. They're focusing on new markets like MENA and developing features like stablecoins and central bank digital currencies (CBDCs).

Bottom line: Ripple's partnerships are making cross-border payments faster, cheaper, and more accessible worldwide.

Main Partnerships

Ripple's global reach in cross-border payments is powered by key partnerships. Here's a look at their main collaborations:

Cambridge Global Payments

Cambridge Global Payments

Ripple teamed up with Cambridge Global Payments to speed up international transactions and cut costs. Cambridge now uses Ripple's blockchain tech for faster, cheaper client payments.

Tranglo

Tranglo

Ripple's partnership with Tranglo, a major Asian cross-border payment company, is a big deal:

  • Ripple bought 40% of Tranglo in 2021
  • They use XRP via RippleNet for instant settlement
  • Tranglo Connect now reaches 70+ countries

The results?

Metric Before After
SME Transactions $53 million $970 million
Growth - 1,729% increase
Total Transactions - 46 million
Transaction Value - $11.81 billion

"Blockchain and cryptocurrencies will be at the core of correspondent banking's evolution. We're happy to partner with Ripple in this process." - Dima Kats, Clear Junction CEO

Onafriq

Onafriq

Ripple and Onafriq are boosting crypto-powered payments in Africa:

  • Three new payment corridors between Africa and the world
  • Connecting 27 African countries to global markets
  • Partners include PayAngel (UK), Pyypl (GCC), and Zazi Transfer (Australia)

"We're excited to expand our solution into Africa thanks to our Onafriq partnership." - Aaron Sears, Ripple SVP

MoneyGram

MoneyGram

Ripple's team-up with MoneyGram focuses on using XRP for faster, cheaper transfers:

  • Ripple invested $30 million in MoneyGram
  • Two-year initial term
  • MoneyGram uses Ripple's xRapid for forex settlement

How does XRP stack up against Bitcoin?

Metric XRP Bitcoin
Transaction Fee Fractions of a penny About $30
Transaction Time 2-3 seconds 15 minutes to an hour

"This is a huge milestone in transforming cross-border payments." - Brad Garlinghouse, Ripple CEO

These partnerships show Ripple's push to reshape global payments: faster, cheaper, and more accessible across regions.

Questions and Answers

How Ripple Handles Cross-Border Payments

Ripple

Ripple's blockchain tech supercharges international money transfers. Here's the scoop:

  • RippleNet links banks worldwide
  • XRP bridges currencies, cutting conversion steps
  • Transactions wrap up in 3-5 seconds (not days)
  • You get real-time tracking and updates

What Banks Get from Ripple

Banks using Ripple? They're loving it:

Benefit Old School Ripple Style
Cost $10-50 per transaction $0.0002 per transaction
Speed 1-5 days 3-5 seconds
Transparency Meh Real-time tracking
Liquidity Cash-hungry Less cash needed

Connecting with Bank Systems

Ripple plays nice with existing bank tech:

  • xCurrent settles and tracks in real-time
  • Banks chat through Ripple's messaging system
  • Fees and rates? Known instantly
  • Fewer middlemen needed

Effects on Speed and Cost

Ripple's shaking things up:

  • Speed: 3-5 seconds vs. 1-5 days (old way)
  • Banks save up to 33% on costs
  • Handles 1,500 transactions per second
  • Less cash tied up in foreign accounts

"Ripple Payments slashes settlement time from days to seconds." - Ripple Payments

Bottom line? Ripple's making waves for banks looking to level up their cross-border game.

Rules and Regulations

Ripple's global partnerships face a maze of laws. Here's what they're dealing with:

  • SEC case impacts Ripple's operations
  • $125 million in civil penalties ordered
  • Affects XRP use for U.S. cross-border payments

Global Approaches Vary

Country Crypto Stance
Canada Securities
Japan Payment, not legal tender
India Not legal tender, trading OK
Australia Non-financial property
El Salvador Legal tender

Ripple's Strategy

1. Talk to Regulators

Ripple works with authorities and adapts to local laws.

2. Look Beyond U.S.

Most customers are international. Ripple's exploring new markets outside strict U.S. rules.

3. Adjust to Court Decisions

No more XRP sales under "Regulation D" in the U.S. They're studying the judge's decision.

"We hope this decision comforts financial institutions to discuss their real-world problems moving value across borders without huge fees." - Stu Alderoty, Ripple's General Counsel

4. Follow Anti-Money Laundering Laws

Ripple complies with AML rules in countries like Australia and Canada.

5. Watch Regulatory Trends

They're keeping an eye on global moves towards stricter crypto rules and preparing for potential new frameworks.

Ripple's moving forward by carefully navigating this changing legal landscape while growing its cross-border payment partnerships.

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What's Next

Ripple's partnerships are changing how global payments work. Here's what's coming:

New Markets

Ripple is growing fast:

  • MENA: 20% of RippleNet customers are here. New office opening in Dubai.
  • U.S.: Over 30 licenses secured. Focus on small and medium businesses.
  • UK and EU: Clear Junction partnership for GBP and EUR payouts.
Region What's New
MENA Dubai office
U.S. 30+ licenses
UK/EU Clear Junction deal

New Tech Features

Ripple's rolling out upgrades:

1. Ripple Payments:

  • 70+ payout markets
  • Almost 100% global coverage
  • XRPL DEX integrations

2. Stablecoin: Ripple's entering this market.

3. CBDCs: Partnering with 10 governments, including:

  • Bhutan: Digital payments
  • Palau: Green digital currency
  • Montenegro: E-payments
  • Georgia: Digital Lari
  • Colombia: High-value payments

4. Crypto Investment: Grayscale XRP Trust launched for accredited investors.

"The macro trends, the big-picture things like the ETFs, they're driving for the first time real institutional money." - Brad Garlinghouse, Ripple CEO

Garlinghouse predicts a $5 trillion crypto market cap this year. With Ripple's growth, cross-border payments might soon be as easy as sending an email.

Real Examples

Success Stories

Ripple's partnerships are changing cross-border payments. Here's how:

1. Clear Junction and Ripple

This team-up boosted Ripple's payout game:

  • Now offers instant payouts in pounds and euros
  • More currencies coming in 2023
  • Mixes Clear Junction's cross-border know-how with Ripple's blockchain tech

"We're thrilled to have Clear Junction on board. This is just the beginning." - Cassie Craddock, Managing Director, Europe at Ripple

2. National Bank of Georgia (NBG) and Ripple

Ripple's powering Georgia's Digital Lari (GEL) pilot:

  • Beat out 8 other companies
  • Testing Ripple's CBDC platform in real-time
  • Looking at uses for government, businesses, and everyday folks

3. Japanese Banks and Ripple

Ripple's making waves in Japan:

  • Teamed up with 80% of Japan's banks
  • Over 60 banks using Ripple's tech
  • Shows how old-school banks can use blockchain to step up their game

Results

These partnerships are paying off:

Partner What Happened
Clear Junction Now covers 90% of global forex market
National Bank of Georgia Testing blockchain for a national digital coin
Japanese Banks Smoother operations and better service

Ripple Payments, their updated cross-border solution, now offers:

  • 70+ crypto and traditional payout markets
  • Almost 100% global payout coverage
  • One-stop onboarding for all markets

"From day one, Ripple's been about solving real problems for real customers." - Monica Long, President at Ripple

These examples show Ripple's tech in action, making global payments faster, cheaper, and easier across different regions and uses.

Wrap-up

Ripple's partnerships are changing how global payments work. They're teaming up with big banks and fintech companies to fix old problems in sending money across borders.

Here's what Ripple's key partnerships are doing:

Partner Impact
Bank of America Set RippleNet payment rules
Standard Chartered Bank Payments to 50+ countries
Santander Bank One-FX for US-EU transfers
Siam Commercial Bank Remittances to 12 countries
Onafriq Payments to 27 African countries

These partnerships show Ripple's growing reach. Take Onafriq: it connects Africa to the UK, GCC, and Australia. Ripple Payments makes these transfers faster and cheaper.

Ripple's tech is making a difference:

  • XRP moves in 3-5 seconds
  • Banks can save 33% on costs
  • Transfers cost 60% less, says Ripple

Real results are showing up. MercuryFX uses XRP for UK-Mexico charity transfers. It's fast and easy to track.

"We've been able to make much faster same day payments domestically with mobile banking." - Philip Bruno, McKinsey Partner

Ripple's growing fast. They're adding two customers a week, now at 200 total. They're in 40+ countries.

What's next for Ripple?

  • Reaching smaller businesses
  • Getting 30+ US licenses
  • Adding XRPL DEX to Ripple Payments

Brendan Berry from Ripple says:

"At Ripple, we've long known that payments are unequivocally the 'killer app' for digital assets."

Ripple's making global payments faster, cheaper, and better. As they grow, they're becoming a big player in how we'll move money around the world in the future.

FAQs

How many countries are partnered with Ripple?

Ripple's got a massive global footprint. Here's the scoop as of June 2024:

  • They're in 55+ countries across ALL 6 continents
  • Can make payouts in 80+ markets
  • Cover over 90% of the global FX market

That's HUGE. It means Ripple can zip money around the world fast and cheap for most of the planet's financial system.

Ripple's Reach Count
Countries 55+
Continents 6
Payout markets 80+
Global FX coverage >90%

Brad Garlinghouse, Ripple's CEO, put it this way:

"Our pace [of signing new clients] has dramatically increased."

They're teaming up with big banks left and right:

  • BBVA (Spain)
  • MUFG (Japan)
  • Akbank (Turkey)
  • SEB (Sweden)
  • Axis Bank and Yes Bank (India)

And Ripple's tech? It's no joke:

  • Handles 1,000 transactions per second
  • Settles international payments in about 3 seconds
  • Can slash bank costs by up to 33%

Bottom line: Ripple's shaking up global payments. Faster, cheaper, better for banks and customers.

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