Consumer clients associate international wire transfers with high costs and a frustrating customer experience. These consumers are seeking alternative, low-cost remittance options with complete transparency into cross-border payment fees and delivery confirmation. With Ripple, instead of directing resources towards fielding customer support calls and investigating payment errors and failures, banks can focus on expanding the remittance revenue opportunity.
New Revenue Opportunities
Ripple’s fee pre-disclosure, status tracking and payment confirmation enables banks to provide a low-cost remittance service to attract new clients with an improved customer experience.
Demo: Low-cost Retail Remittances
Low-cost remittance service
High payment processing rates
End-to-end tracking and fee pre-disclosure for a better client experience
For an average retail payment size of $500, banks can save 60 percent in total processing costs.
Key Cost Saving Drivers
Payment processing cost
Higher Straight-Through Processing rates
Elimination of SWIFT costs
Treasury operations cost
Lower in-flight capital
Lower liquidity cost
Lower counterparty risk
Real-time liquidity monitoring
Cost Savings per Category
What Customers Are Saying
“We view blockchain as a competitive advantage that allows us to provide differentiated products, serve the on-demand expectations of our existing clients, and grow our customer base. For example, using the Ripple solution, we are working on a new commercial payment service for retail customers that will allow them to send money from China to the U.S. and other countries in real-time.”
— Andrew Fang, General Manager & Head of Innovation and Research at Shanghai Huarui Bank