American Banker Names Ripple Alongside Western Union, Moneygram, as Big Money Transfer Providers
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Ripple earned a mention alongside other major cross-border money providers in a recent American Banker piece.


Payment-focused blockchain company Ripple was recently named one of the leading global cross-border services providers in a recent piece published by the prestigious magazine American Banker.

The article covers a move by the popular UK bank HSBC to expand its global money transfer offerings through a newly launched app, Zing.

While acknowledging that Zing represents an effort by HSBC to rival non-banks, the piece mentioned other companies building out cross-border payment functionalities. It named major UK providers Wise and Revolut, both boasting a combined 46 million users.

Next, Ripple came in third for its blockchain-based payment infrastructure, which has enjoyed adoption from major banks looking to facilitate near-instant cross-border transfers.

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The piece noted how Ripple has used its technology alongside XRP for years, as well as the recent consolidation of the company’s solutions into a single offering called Ripple Payments.

The American Banker article suggests that the recent consolidation intended to “address Ripple’s attempts to build international networks for digital cross-border payment processing.”

Meanwhile, rounding up the list of the top five global money service providers are traditional companies Western Union and Moneygram.

Recall that the latter previously had a partnership with Ripple but distanced itself from the project amid the infamous lawsuit by the U.S. Securities and Exchange Commission (SEC).

Ripple Maintains a Competitive Edge

The latest Ripple mention, while omitting a link, reveals how the company has earned its place among the elites with its blockchain-based payment solution that uses XRP. It also comes at a time when Ripple has revealed ongoing efforts to maintain its competitive edge.

Earlier this week, Ripple unveiled plans to target the $1.5 trillion IT spending market. The firm will leverage its XRP-powered network to enable IT firms to access real-time payments to vendors, employees, and other partners. 

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Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.


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