Ripple have issued a country by country primer on Domestic Payment Systems “The Last-Mile Playbook to Global Payments” which is set to transform the unreliable global payment process.”
Instantly moving the value of money across the world can kick start micro and macroeconomics by the minute. This in turn leads to increased production. Instant gratification triggers the incentives received feeling in service providers, this making delivery of efficient services quick and with high quality.
When the blockchain technology that provides a solution to streamline the entire payment system is paired with an efficient payment processing system, Ripple expresses that excellent last mile solutions are possible.
In their last mile solution, they have included Mexico, Thailand and Nigeria. The power of blockchain technology is thus paving way to provide for seamless and instant global payments. Thus, opening up new revenue streams for financial institutions.
Ripple cross-border payment solutions provide for real-time settlement, which provides for complete transparency. The important of all is they provide complete certainty that the full amount is received with absolute certainty.
Ripple capabilities are very crucial to ensure straight and thorough processing in cross-border transactions. There are persistent complexities in the current payment ecosystem and Ripple are finding their opportunity there.
Ripple (XRP) Dealing with Policy Infrastructure
According to Ripple “last mile” in global payments refers to the movement of value from a financial institution to the final delivery destination, the end recipient. This last leg of the payment’s journey is plagued with inconsistencies, due in part to the differing policies and infrastructure, country to country.”
Ripple points to how in several emerging economies a majority of the global population are staying unbanked and how it is important to find alternative modes of payment. In such situations, they say the last mile attempt takes extra time when it comes to settlement and costs.
Connecting domestic networks that have policy differences is another roadblock in the execution of the last mile payments. Further to create cross-border interoperability between industry players and local payments network, Ripple feels it is important to solve the slowness in the process of global payments.
The difference and unevenness in the policy is considered to be a prohibitive obstacle that prevents quick transfer from happening to the last mile. Ripple reinstates on improving the basic infrastructure and states that unless this is fixed the performance will always be limited. Instant money transfer gets delayed due to regulatory and policy obstacles.