Asheesh Birla, the Senior Vice President of Product at Ripple, announced in a YouTube video that there are plans for expanding the company’s RippleNet solution system.
She described all the details of the process in a 13-minute video interview by Ripple’s Senior Director of Product.
Based on Asheesh’s words, since the 1960s there have been no global changes in money spending and she considers this to be a major issue. Continuing her statement, she talked about the ways in which Ripple was aiming to find a solution to the issue. In her words Ripple is “cooperating with payment providers, central banks and banks worldwide in order to make an improved and up-to-date financial system to spend funds internationally.” This partnership launched RippleNet, a coalition of several financial institutions, who are attracted to the idea of utilizing technology for financial transaction with the purpose of making them perfect.
But what does RippleNet do?
It creates safer cross-border payments based on XRP. Responding to a question, Asheesh clarified that XRP was made for payments and, thus, they settle in a couple of seconds. Hence, volatility isn’t a problem whilst using XRP for international transactions.
The system is currently also available in Mexico and the Philippines and is going to branch out to other destinations soon. The following framework assures faster, easier and less expensive payment solutions, minimizing fees up to 70%.