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Ripple continuing its expansion added RocketFuel Inc., a prominent global payment solutions provider, as its new payment partner. The announcement was made at ongoing Ripple Swell event.
Ripple RocketFuel Partnership
Ripple, known for its innovative approach to cross-border payments, has consistently pushed the boundaries of what’s possible in finance. Now, with RocketFuel, a global provider of payment solutions through ACH bank transfers, Bitcoin (BTC), stablecoins, and other cryptocurrencies on board as a new payment partner, the stage is set for a revolution in payment transactions.
This collaboration aims to integrate Ripple’s payment solutions into RocketFuel’s suite of payment products, offering businesses faster, more reliable, and cost-effective fiat payment options globally.
Moreover, RocketFuel’s suite of payment products is set to transform with the integration of Ripple Payments. This includes the innovative “RocketFuel Pay-In Commerce,” enabling merchants to seamlessly accept payments in crypto and ACH both in-store and online.
Additionally, “RocketFuel Mass Pay-Out” facilitates the efficient payment of a large number of customers and partners globally, offering options for crypto or bank transfers. For cross-border transactions, “RocketFuel Cross-border B2B” leverages blockchain and stablecoin technologies, allowing companies to send large sums globally with ease.
Peter Jensen, the CEO of RocketFuel emphasizes the need for modernization in cross-border transactions, stating, “Existing rails and technologies used to transfer money across borders are based on old, outdated technologies and processes and are becoming increasingly problematic for businesses.”
As Ripple and RocketFuel join forces, the implications for global commerce are substantial. Businesses can expect to expand their reach, enter new markets, and engage in cross-border transactions with unprecedented ease.
Why Is It Important?
In a strategic move to enhance cross-border payments, Ripple also partnered with Onafriq to establish new payment corridors connecting 27 African countries with the United Kingdom, Australia, and the Gulf Cooperation Council (GCC). This initiative promises to eliminate conventional hurdles associated with international money transfers, ensuring speed, reliability, and cost-effectiveness.
The banking sector, which has traditionally been slow to adopt new technologies, is increasingly turning to Ripple Payments for international trade. As highlighted in a recent report, real-time payment facilitation capabilities are driving this shift, with APIs playing a critical role in transforming customer connectivity and transaction processing.
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