Fiona Murray, the Vice President of Sales in the Asia-Pacific region for Ripple, shared insights on the extensive adoption of Ripple’s services, where over 500 companies are actively utilizing XRP as a bridge for facilitating cross-border payments. In a recent disclosure at the XRP’s Payment Roadshow in Melbourne, Murray highlighted how numerous businesses are leveraging Ripple’s payment solutions for efficient cross-border settlements.
It’s worth noting that the Australian Trade & Logistics Corporation (ATLC) hosted the XRP Payment Roadshow in August, providing a platform for Murray to underscore XRP’s impactful role in shaping innovative solutions for cross-border transactions.
“Ripple believes in utility. Ripple has always taken that baseline technology, and we’ve said from the beginning that every technology needs a use case. For us, the very clear use case is payments,” Murray said.
Murray explained that the XRP Ledger (XRPL), an openly available public blockchain, was purposefully designed with a focus on facilitating payments.
She highlighted that more than 500 companies, encompassing financial institutions, are currently engaged in collaboration with XRP. Many of these enterprises are employing XRP for the facilitation of cross-border settlements.
“Over 500 organizations are working with us today, and many of them are using XRP at the heart as a bridge currency,” Murray added.
Moreover, she speculated that an increasing number of companies will embrace XRP’s payment solutions in the coming times. Although Murray refrained from revealing the specific identities of XRP’s clients, notable names within the banking sector, such as the Bank of America, have already adopted the company’s payment solution.
Ripple’s Impactful Role: Redefining the Dynamics of Payments
Murray’s statement is unsurprising given Ripple’s established prominence in the payment sector. XRP has already solidified its position in the industry, earning trust from major financial institutions, such as MFS Africa, now rebranded as Onafriq. Notably, Ripple recently unveiled a strategic partnership with Onafriq during its Swell event, aiming to streamline cross-border crypto payments connecting Africa with markets like Australia, the UK, and the Gulf Cooperation Council (GCC).
The company has undergone a rebranding of its On-Demand Liquidity (ODL) solution to Ripple Payments, with the intention of enhancing user-friendliness while preserving its fundamental features. It’s important to note that, through XRP Payments (formerly ODL), users can facilitate cross-border settlements using XRP as a bridge between two traditional currencies. With the rebranding initiative, XRP is targeting the attraction of new U.S.-based corporate clients, particularly those without a transmitter license.