The current payment systems used by the banks and the other institutions are a step back in the overall speeds expected by most of the users in the internet age. The transaction system has been in business for the better part of the last half-century. Hence the current lags and exorbitant fees charged by the institutions. Current wire transfers and other international payments may take days to settle with little visibility or certainty as to their ultimate success. The slow nature of the transactions is combined with high priced fees. The fee charged per transaction is around $20 USD to almost $35 USD.
As people have become more accustomed to the fast movement of information through the web, they expect all their deals to be just as fast, especially financial transactions. For example, M-Pesa is a service in Kenya. It is the largest mobile payment system in the globe. It operates at instantaneous speeds at low costs offering a more financial inclusive environment in the country.
RippleNET is the platform which aims at creating a modern payments experience system which operates on standardized rules and the processes for the real-time settlement, end to end transaction visibility and more affordable prices. It is a super- fast financial service on the blockchain with almost costless fees. And it is super- fast M- Pesa in likeness.
The RippleNET team released a blog last week on Friday which explained that the RippleNET and the benefits it provides the users and global financial transactions. It is aiming to defeat the Fin-Tech firms. The RippleNET and FinTech firms are together bringing an ecosystem of financial institutions to push the concept of IoV technology to ease the global financial transactions.
RippleNET will integrate its system in an ecosystem of global financial service players to provide the users with a point of access to a standardized decentralized infrastructure for consistency across all global connections. The decentralize peer- to- peer system. It also boosts the surety of the transactions and settlements as atomic pass-fail processing ensures greater certainty in delivery and two-way directional messaging capability provides unprecedented end to end transaction visibility for fees and status and delivery time.
The blog report concluded that offering all the banking organizations to join their platform in an aim. It is to reduce the overall cost of transaction cost and increase the speeds.
RippleNET, payment providers and the banks can realize the promise of the Internet of Value (IoV) in meeting the customer expectations for a modern and seamless global payments experience while lowering the costs and opening new lines of revenue.