Cross border payments are blockchain’s killer use case, and global fintechs can leverage a real-time cross border payments solution to gain a competitive advantage and win more market share.
Growing Demand for B2B Cross-Border Payments
Fintechs are already filling market gaps across a variety of financial services, providing innovative solutions where traditional banks historically haven’t. In fact, almost 90% of financial institutions anticipate losing at least 5% of their market share to fintechs over the next 5–10 years. Those that offer superior cross border payments have an opportunity to shine.
This is because international payments are notorious for being slow, expensive, opaque and complex. Worse, the correspondent banking system that supports cross border transactions is rapidly shrinking. Establishing the network and infrastructure to manage cross border payments independently is an arduous, expensive and lengthy process—and fintechs’ customers may not be willing to wait.
Frictions across global payment services are coming to a head at a time when supply chains have become more complex, and businesses are searching for toeholds into new markets to expand their customer and supplier bases. The resulting need for faster, more affordable cross border payments presents a significant business opportunity for tech-savvy fintechs willing to meet this intensifying demand.
Supercharge Your Payments Business with Ripple
Ripple Payments empowers fintechs to capitalize on this opportunity by offering a fast, affordable, reliable international payments solution. With minimal resource investment, fintechs can expand their market reach, increase revenue, and streamline transactions to further entrench customer loyalty.
Ripple’s unique global payments network was built on trusted partnerships with leading financial institutions, honed over the course of a decade. By reducing the number of counterparties in the payment flow to effectively lower costs and minimize points of failure, customers can tap into a streamlined payments experience. Ripple Payments also offers near real-time settlement and upfront visibility on fees and real-time payment status throughout a transaction, allowing businesses to better manage their cash flow.
Fintechs connect to Ripple Payments’ global payments network through a single API, accessing pre-negotiated rates in more than 80 countries and 50 currencies quickly and with minimal expenditures. Once connected, fintechs can offer instant, affordable payouts in local currencies 24/7/365—including holidays, weekends and outside of traditional banking hours—giving them a significant leg up on traditional payment providers.
Ultimately, Ripple Payments helps fintechs better diversify their payments stack and distinguish themselves from competitors. Fast, flexible and reliable payments enable them to exceed customer expectations, quickly respond to changing market demands and grow their own businesses.
Download the full report to learn how Ripple Payments can support fintechs in streamlining B2B cross border payments.
