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World Bank to use Ripple service for quick payment transfers

world bank to use ripple service

The payment tool launched by Ripple, known as xRapid, has achieved yet another milestone while the Banking system approves it as a means of swift funds transfer. The testing stage of xRapid has been carried out successfully in 2018 by the World Bank.

Recently, a blog was posted under the title ‘paying across borders’, which went over details of an experimental run with xRapid as a means of cross-border transactions.

It was stated in the blog that Ripple, the fintech firm had launched a means of carrying out cross-border payments, based on distributed ledger technology. Financial and banking institutions that were involved in this fintech pilot project made up to seventy percent savings in the cost of foreign exchange. This transfer takes around 3 seconds and most of the processing time is due to intermediary cryptocurrency exchanges.

The remittance service providers along with the customers have embraced Ripple with open arms owing to the high-quality services, enabling people to transfer funds within no time at the lowest costs. Ripple is witnessing rapid growth and expansion, which is bound to help it strengthen its footing in the financial framework around the globe.

xRapid continues to be the focal point of this expansion, whereas RippleNet has also played a key role. The adoption of xRapid by the World Bank is an excellent addition to the widely spreading network of Ripple, with multiple other banks on their way to doing the same. Ripple is set to become the leading global digital currency remittance.

Aroosa Nadeem

Aroosa Nadeem

A media graduate and passionate media person Aroosa has a knack for digital media journalism and outreach. She has contributed content to different digital media publishers in a variety of areas including technology, health and finance.

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