BTC-Newswire

Ripple Expands Horizons: Targets $1.5 Trillion IT Services Industry

Press Releases Crypto News Bitcoinist Ripple Expands Horizons: Targets $1.5 Trillion IT Services Industry

In a move to redefine international financial transactions in the IT services sector, Ripple has set its sights on the burgeoning $1.5 trillion industry. In its latest publication, “Accelerating Global Payments for Your IT Services Business,” the company explains how Ripple Payments can revolutionize the way IT service providers handle cross-border payments.

Outdated Global Payment Systems

The current state of global payments is laden with challenges. Traditional systems, largely dependent on a decreasing number of correspondent banks, are slow and costly. They take around 2-5 days for final settlements, impose transaction fees that can reach up to $100, and suffer from error rates of 4-6%.

This system forces businesses to contend with opaque payment processes and necessitates pre-funding accounts to ensure liquidity, which ties up crucial capital and creates operational bottlenecks. In regions like India, Brazil, and Mexico, these challenges are even more pronounced, rendering the traditional system significantly less efficient than the solutions proposed by the fintech company.

The Ripple Advantage

The publication outlines several key areas where IT service providers can benefit from blockchain-enabled payments. First, Ripple Payments offers a solution that operates round-the-clock, transcending time zones, holidays, and banking hours.

This system allows for real-time global payments without the need for pre-funding, thus freeing up capital for other areas of business. Yogesh Sangle, Head of Instarem, emphasizes this capability, stating, “Managing a global business across various geographies necessitates the ability to conduct business at any hour, and Ripple Payments perfectly meets this requirement.”

Second, in contrast to the prolonged and costly process of traditional cross-border transactions, Ripple Payments offers a dramatically quicker alternative. Transactions settle in seconds, enabling businesses to respond swiftly to urgent needs, secur

Go to Source to See Full Article
Author: Jake Simmons

Did you like this?
Tip BTC Newswire with Cryptocurrency