In a new video posted on the official Ripple YouTube page, Asheesh Birla who is the Senior Vice President of Product at Ripple has spoken on the expansion plans Ripple has for its RippleNet solutions system.
Birla explained all the specific details about the whole process in the video lasting over 13 minutes while being interviewed by Ginger Baker – Ripple’s Senior Director of Product.
According to Asheesh, nothing about sending out money globally has changed since the 1960s and this is a big problem as “there needs to be a modern way of sending money.” Speaking further on how Ripple intends to solve this problem, Asheesh says Ripple is “working together with banks, payment providers and central banks around the world to make a better and more modern financial system to send money across borders.” This collaboration birthed RippleNet which is basically a coalition of many different financial institutions including banks and other payment providers, who are keen on using technology to make payments (even cross-border ones), more seamless.
How Would RippleNet Help Individuals and Institutions?
RippleNet makes cross-border payments very easy without the payer or the payee having to worry about the general volatility of cryptocurrency, even though it is based on XRP. Reacting to a question sent live by someone who was curious about how XRP and RippleNet would help, Asheesh explains that these payments are settled very quickly and so no one really has to worry about how unstable crypto might be. He says:
“XRP has an advantage in that it was built specifically for payments and so it settles in a matter of seconds. So…volatility (is) not an issue when using XRP for cross-border payments (as) the cost of sending with XRP is just a fraction of a few pennies.”
On the Expansion
Birla also mentions that this easy payment system is now available in Mexico and the Philippines and it’s been welcome there with open arms.
“On demand liquidity is available today in Mexico and the Philippines. So far, the positive responses from our customers in those two countries had been overwhelming.”
Birla also mentions that the Ripple team is currently working on expanding this framework into a few more destinations but is not specific about where they would be.
The RippleNet framework promises easier, faster and much cheaper payment solutions for all its users, reducing fees by as much as 70%. Asheesh also assures that integrating payment systems through RippleNet is very easy and most service providers can have this concluded within just a few weeks.