Top Cloud Payment Giant Touts Ripple and XRP Cross-Border Payment Abilities

Volante Technologies, a leading Silicon Valley Cloud services company, acknowledges Ripple and XRP’s capacity to facilitate cross-border payments.

Leading New Jersey-based cloud payment company Volante Technologies recently spotlighted Ripple and XRP in one of its latest reports. The firm acknowledged Ripple’s ability to facilitate seamless cross-border payments using XRP.

In the report “Is FedNow a CBDC,” Volante Technologies highlighted the core differences between Central Bank Digital Currencies (CBDCs), the recently-launched FedNow payment service, and traditional cryptocurrencies.

The cloud payment giant highlighted traditional cryptocurrencies’ advantages over CBDCs and the letdowns. Calling attention to the capabilities of cryptocurrencies, Volante Technologies cited Ripple’s use of XRP to facilitate cross-border settlements.

Volante Technologies touted Ripple as a “real-time gross settlement system.” According to the report, Ripple has established a fully-functional payment ecosystem spanning the globe. The report emphasized that XRP sits at the core of this ecosystem.

The article writes:  “Ripple, a real-time gross settlement system, has successfully built a global payment ecosystem with the XRP cryptocurrency at its core.”

While not explicitly mentioned, this description fits Ripple’s On-Demand Liquidity (ODL) product which leverages XRP for efficient transnational payments. ODL is a part of RippleNet, a global network of financial institutions for cross-border settlements.

Ripple’s Use of XRP for Instant Payments

The recent Volante Technologies article stressed that the instant payment capabilities of cryptocurrencies such as XRP have presented fierce competition to central banks. These institutions are now developing CBDCs to keep up with the growing trend.

Notably, 11 countries, including Nigeria and The Bahamas, have already launched their CBDC projects. However, most have met a low adoption rate. Other countries like the United States are still exploring the possibility of launching one.

The Volante Technologies report is the latest article highlighting Ripple’s use of XRP for instant cross-border payments. Last month, The Crypto Basic revealed that the Faster Payment Council mentioned Ripple’s use of ODL for cross-border settlements. 

Moreover, a recent document from the International Monetary Fund (IMF) called attention to the challenges faced with international payments. The paper presented XRP as one of the viable options for addressing these problems.