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Ripple is gaining ground in the cross-border payments market, challenging SWIFT’s blockchain-based solutions. The company has formed key partnerships with fintech firms like Airwallex and Nium. A recent global investment bank Houlihan Lokey report highlights Ripple’s growing role in the cross-border payments market. SWIFT has long dominated this market, but Ripple, which offers payment solutions through blockchain, is quickly closing in on SWIFT.  The report, published in April as part of a market update, shows how the payment industry is changing cross-border transactions. In a recent post on X, renowned  XRP community figure WrathofKahneman (WOK) highlighted the report. April market report on xborder payments from investment bankers Houlihan Lokey mentions #Ripple as a Swift challenger along with other fintechs, many of which use Ripple and some #XRP.https://t.co/2rKLFYTz3z pic.twitter.com/lgyDUV1JCn — WrathofKahneman (@WKahneman) September 30, 2024   The cross-border payment sector processes approximately $190 trillion in transactions every year. Despite its relatively small size, the market is highly fragmented, and traditional banking services depend on intermediaries, which makes the process costly and cumbersome. This has led to the creation of a gap filled by technologies such as blockchain to streamline operations, cut costs, and increase efficiency. Ripple’s technology solution is built on a blockchain, making it a potential threat to competitors. Due to its ability to provide quicker settlement, lower charges, and higher security than traditional systems, businesses are embracing Ripple. The report also shows that even marginal changes in this huge market can be very effective, thus making Ripple’s solutions more appealing. Cross-Border Payment Market Expands as Traditional Systems Falter According to the report, Ripple’s partnerships with major fintech firms further enhance its position in the cross-border payments sector.  The report also outlines partnerships with firms such as Airwallex, Nium, and Wise. These partnerships enhance Ripple’s ability to increase the roster…

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Filed under: News - @ October 2, 2024 10:26 am