Ripple Capitalizes on SEC Victory, Bolsters Cross-Border Payment Services

<p>Ripple is upgrading its crypto-enabled cross-border
payments solution, also known as Ripple Payments. This offering is aimed at
enhancing enterprise-grade blockchain infrastructure, making faster, cheaper,
and more efficient cross-border payments accessible to businesses.</p><p>In the official statement published today
(Wednesday), the cross-border remittance network noted that the global
financial space is witnessing a shift as more companies and legacy payment
institutions are investing in blockchain integration. Over 80% of global
financial firms are expected to incorporate cryptocurrencies into their
operations in the next three years. </p><p>Currently, <a href="https://www.financemagnates.com/tag/ripple/" target="_blank" rel="follow">Ripple</a> offers expanded access to its
extensive global network of over 70 crypto and traditional payout markets. This
has resulted in nearly 100% global payout coverage through a single onboarding
process.</p><p>Ripple's Licensing and Payments Expansion</p><p>Ripple has over 30 licenses, including a <a href="https://www.financemagnates.com/cryptocurrency/news/ripple-cements-singapore-presence-gains-mpi-license/" target="_blank" rel="follow">Major Payments Institution license from the Monetary Authority of Singapore</a> and Money
Transmitter licenses across the United States. The company is expanding its
solutions to reach a broader customer base, including small and medium-sized enterprises.</p><p>Monica Long, the President at <a href="https://www.financemagnates.com/terms/r/ripple/">Ripple</a>, said:
"Ripple has led the way in addressing key components of crypto financial
infrastructure, including liquidity, off-ramps, tokenization, custody, and
compliance. Bringing these elements together within Ripple Payments for an
intuitive end-to-end enterprise experience is the natural next step for Ripple
to make crypto's benefits accessible for any business."</p><blockquote><p lang="en" dir="ltr">Introducing Ripple Payments—the next evolution of Ripple’s payments product delivering a licensed end-to-end solution for FIs and SMEs with 70+ payout markets, expanded crypto liquidity options, integration with the XRP Ledger DEX, and much more.<a href="https://t.co/khOxtCnXin">https://t.co/khOxtCnXin</a></p>— Ripple (@Ripple) <a href="https://twitter.com/Ripple/status/1722104762202787861?ref_src=twsrc%5Etfw">November 8, 2023</a></blockquote><p>One of the first customers to leverage the enhanced
Ripple Payments is RocketFuel, a global payments solution company serving
merchants looking to send or accept payments in crypto or fiat. Ripple <a href="https://www.financemagnates.com/terms/p/payments/">Payments</a>
will facilitate the entire payment flow, offering a wide range of payout
currencies worldwide, enabling RocketFuel to meet the rising demand for direct
payments to merchants and their customers.</p><p>Regulatory Win Propels Ripple</p><p>Meanwhile, the US Securities and Exchange Commission
(SEC) <a href="https://www.financemagnates.com/cryptocurrency/sec-drops-charges-against-top-ripple-executives/" target="_blank" rel="follow">officially cleared Ripple's executives</a> (Brad Garlinghouse, the CEO, and
Chris Larsen, the Executive Chairman) last month from all charges brought
against them in the lawsuit that labeled XRP as unregistered securities.</p><p>The SEC's decision marks the conclusion of a
prolonged legal battle that saw the regulatory body pitted against Ripple,
Garlinghouse, and Larsen. The SEC initiated the lawsuit in late 2020, alleging
that XRP, a cryptocurrency linked to Ripple, was an unregistered
security.</p><p>After an extended legal struggle, a US court ruled
in favor of Ripple in July. The SEC, dissatisfied with the verdict, appealed
the decision, but the court rejected the appeal again earlier this month.</p>

This article was written by Jared Kirui at www.financemagnates.com.