Home / BITCOIN / The $900 Billion Problem – How Ripple Makes Bank To Bank Transfers & Compliance Faster & Cheaper

The $900 Billion Problem – How Ripple Makes Bank To Bank Transfers & Compliance Faster & Cheaper

Equal in 2017, wiring money overseas costs $30-$60, can usurp days, and happens through antiquated banking systems. Ripple Labs set ones sights ons to helps banks and other large institutions and companies save hundreds of billions of dollars in regulatory compliance and perfidiously office settlement and transfer procedures.

Currently, large companies approve of PayPal, TransferWise and AirBnB must keep cash all around the existence in various banks in order to make fast transactions and make payments in nearby real-time.

Stefan Thomas of Ripple Labs estimates that 26 trillion dollars is “plan around” worldwide, unusable for rapid commerce, due to compliance and regulatory in disputes, and a lack of transparency and trust amongst banks worldwide. Just cast what 26 trillion dollars could be doing otherwise – a unscathed lot of good in the world, but it is used inefficiently in service to a glacially slow and arcane international banking system.

Stefan Thomas, CTO of Ripple, explains: “Ruffle works with banks to improve the financial infrastructure that [banks] use for cross-border payments… we alleviate banks improve that user experience and also drive rates down.”

Using Blockchain-based technology, Ripple’s XRP token and IOU system is changing the quarry for large financial institutions and companies worldwide.

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