Ripple’s XRP Adds Bank of America to Payment Networks and Expands its Remittance Markets
Ripple, on its recently updated website, disclosed that Bank of America, a leading American bank, is now among the payment networks of RippleNet, known for the startup’s global payment network of banks and one of the leading financial institutions and arch-rival of the SWIFT network.
Ripple, the fast-growing fintech company, gave insights into its steadily growing membership of leading financial firms using its improved payment network.
“The RippleNet Membership is a network of leading financial institutions that partner together to collectively and democratically govern and evolve RippleNet. These institutions work to standardize global cross border transactions. It creates a community, regionally and globally, where members can learn and share insights, and best practices as their use of RippleNet grows, and build new commercial relationships with other members.”
Recall as well that some time ago, a published report about how Ripple disclosed that its global payment network, RippleNet, is already available in over 50 countries and five continents. These include the US, Mexico, Europe, the Philippines, Australia, and, more recently, Nigeria.
Also, Bitso, with their partnership with Ripple, is delivering great services to Mexican businesses and retail customers as well. They are helping to solve the numerous difficulties that have been experienced by the people who have tried sending money outside of Mexico.
Bitso is already the largest exchange in the Latin American region. They reportedly have the largest liquidity of Mexican pesos converted to digital assets. They are also doing their best to boost further the financial access to XRP cryptocurrency in more parts of Latin America, a large underbanked population, with their partnership with Ripple.
It is difficult and expensive every time it becomes necessary to pay a large global supplier using traditional methods. This becomes even more of a problem for retail customers when they need to transfer the money.
Since Ripple remittance markets are expanding to new corridors, the need for these services will boom for migrant families. This is why RippleNet’s services are being targeted to a family whose rent, groceries, and educational costs depend on foreign remittances from their relatives who are working abroad.