RippleNet to use open network and blockchain to enable financial services

Published July 23, 2020, 10:49 AM

by Jonathan Castillo

Written by Enzo Luna

The Philippines has been introducing a variety of smart e-wallets to help the unbanked population gain access to financial services and at the same time opened remittance corridors all over the world. Philippines is the third remittance receiving country in the world, and it’s a competitive market that RippleNet is ready to dive.

RippleNet is a global network that offers 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 around the world.

Started in 2012, founders established Ripple with the idea of using blockchain technology and digital assets to enable 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 not only helps our customers grow their business but also it helps enable the world to move money like information moves today—a concept we refer to as the Internet of Value.

Ripple helps provide a convenient, fail-proof experience for customers to more places with more payout options — an experience that can truly deliver on the brand promise.

Companies like American Express, NIUM, Standard Chartered, iREMIT, CIMB, Cebuana Lhuillier, MoneyGram, and a lot more run on the Ripple platform, enabling the world to move money like information moves today. Enabling payments every way, everywhere for everyone.

“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 looking to play a key role in the growth of financial services to provide customers frictionless experience in sending money locally and globally through the power of open networks using blockchain technology.

Ripple is launching PayID, conceived as the payment industry’s first universal solution for all participating organizations to send and receive money, regardless of their location, payment network and currency – and effectively reduce friction between disparate financial networks, wallets, and payments processes.

As an open standard, PayID will be an important step towards building the future of an open payments network, in the SEA region and around the world.

PayID is a payment solution for Peer-to-Peer, e-Commerce, and Subscription payments faster and in real-time.