American Banker Names Ripple Alongside Western Union, Moneygram, as Big Money Transfer Providers

Ripple earned a mention alongside other major cross-border money providers in a recent American Banker piece.

Article on @YahooFinance from @AmerBanker mentions 5 alternative cross border payment companies, including #Ripple. The article rather obviously links to articles about each of them, except those about Ripple.. ¯_(ツ)_/¯https://t.co/RGHXpvw4KI

— WrathofKahneman (@WKahneman) January 4, 2024

Payment-focused blockchain company Ripple was recently named one of the leading global cross-border services providers in a recent piece published by the prestigious magazine American Banker.

The article covers a move by the popular UK bank HSBC to expand its global money transfer offerings through a newly launched app, Zing.

While acknowledging that Zing represents an effort by HSBC to rival non-banks, the piece mentioned other companies building out cross-border payment functionalities. It named major UK providers Wise and Revolut, both boasting a combined 46 million users.

Next, Ripple came in third for its blockchain-based payment infrastructure, which has enjoyed adoption from major banks looking to facilitate near-instant cross-border transfers.

The piece noted how Ripple has used its technology alongside XRP for years, as well as the recent consolidation of the company’s solutions into a single offering called Ripple Payments.

The American Banker article suggests that the recent consolidation intended to “address Ripple’s attempts to build international networks for digital cross-border payment processing.”

Meanwhile, rounding up the list of the top five global money service providers are traditional companies Western Union and Moneygram.

Recall that the latter previously had a partnership with Ripple but distanced itself from the project amid the infamous lawsuit by the U.S. Securities and Exchange Commission (SEC).

Ripple Maintains a Competitive Edge

The latest Ripple mention, while omitting a link, reveals how the company has earned its place among the elites with its blockchain-based payment solution that uses XRP. It also comes at a time when Ripple has revealed ongoing efforts to maintain its competitive edge.

Earlier this week, Ripple unveiled plans to target the $1.5 trillion IT spending market. The firm will leverage its XRP-powered network to enable IT firms to access real-time payments to vendors, employees, and other partners.