The U.S. Faster Payment Council has taken note of Ripple’s efficient and cost-reducing XRP cross-border payment solution. Their Cross-Border Payments Work Group of 30 members, established in 2020, proposed a ‘Cross-Border Faster Payments White Paper’ illustrating the requirements for faster, more cost-effective payment procedures. Their focus shifted to reach a global scale one year later and review US CBDCs and the current spectrum of available solutions for beyond borders payments, with notable attention centered on Ripple.
Their documents describes Ripple as a prospective game-changer in the industry, as it unites ledger blockchain and XRP asset for connecting financial institutions and payment providers, causing instantaneous, transparent transactions that also absolve the necessity of preemptively funded destination accounts, translating into reduced operational costs. Other available solutions were also acknowledged, for instance Circle’s value exchange working with a dollar-pegged USDC harmonic money.
The Crypto Basic also announced Ripple as a pivotal figure in the payments sector and given the constant recognitions generated, the usage of XRP Ledger is ready to revolutionize this region by reducing time and cost while expanding Ripple’s global acceptance.
