Ripple disclosed this while imploring businesses to leverage RippleNet for Treasury payments.
Ripple has processed nearly $30 billion in up to 20 million transactions using its global proprietary payments solution, RippleNet, since its launch. The California-based blockchain technology company disclosed this in a quick guide on how companies can streamline Treasury payments with RippleNet.
Pseudonymous XRP community influencer WrathofKahneman shared the guide in a recent tweet, calling attention to the impressive heights the payments solution has reached. Through the guide, Ripple sought to encourage the use of its payments solution as a means to enhance treasury payments for companies.
"70 payout markets today, including new regions like Singapore, Malaysia, Poland, Indonesia, Thailand, Brazil, France, Sweded and more (up from 3 in 2020)"
From #Ripple's latest Quick Guide to Treasury Flows:https://t.co/GHpq1YUGkX pic.twitter.com/UgvWpTI0oX
— WrathofKahneman (@WKahneman) April 20, 2023
Ripple’s payments solution promises a broad range of offerings to help facilitate more efficient treasury flows for businesses. These offerings include access to Ripple’s extensive global network, which cuts across several countries, including India, Brazil, the United Arab Emirates, Mexico, Singapore, the UK, and many other regions.
Ripple called attention that these regions account for most of the global remittance volume. Notably, India and Mexico had the highest volume of remittance inflows throughout 2022, boasting $100 billion and $60 billion in remittances. India has continued to take the top spot in the past 15 years.
Moreover, Ripple further highlighted that its payments solution has expanded to almost 70 payout markets globally, with recent additions such as Brazil, Singapore, Malaysia, France and Sweden. This figure represents up to 90% of the global foreign exchange market. With this, businesses need not worry about low adoption.
Data from the guide also revealed that Ripple processed over $1 billion in transaction volume in the Asia-Pacific (APAC) region alone for the first quarter of 2022. Countries in the Asia-Pacific region include India and Singapore.
Treasury Flows with RippleNet
It bears mentioning that Ripple recently released a document highlighting three use cases for its RippleNet solution concerning three unique partners in each case. Treasury flow is one of these use cases. The other two are remittances and SME payments.
In the report, Ripple pointed out that companies spend an estimated $3.5 billion to settle issues related to treasury flows, with up to $10 trillion in trapped capital for pre-funding purposes. Ripple seeks to address these issues with its payments solution. The firm highlighted Pyypl as a platform that leverages the solution to streamline its treasury flows.
Follow Us on Twitter and Facebook.
Disclaimer: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic’s opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.