Ripple Partners with Onafriq for Cross-Border Payments in Africa
Crypto payments firm Ripple has announced a partnership with fintech payment firm Onafriq to facilitate digital asset-enabled cross-border payments between Africa and several markets, including the Gulf Cooperation Council (GCC), the U.K., and Australia. Onafriq will utilize Ripple’s payments technology to open three new payment corridors, allowing customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to make fast and cost-effective remittances to recipients in 27 countries across Onafriq’s pan-African network.
Ripple’s technology will bring faster, more efficient, and cost-effective international money transfers to Africa, addressing the problems associated with cross-border payments such as lengthy transfer times, unreliability, and excessive cost. This partnership is a bold step towards leveraging blockchain technologies to accelerate financial inclusion across the African continent.
Ripple Introduces Ripple Payments for Cross-Border Transactions
Ripple has rolled out its latest evolution of its crypto-enabled cross-border payments solution, now known as Ripple Payments. This new system includes expanded access to Ripple’s global network, lightning-fast onboarding, and the ability to fulfill customers’ liquidity needs on demand. Ripple Payments also provides near-global payout coverage through single onboarding and allows for faster onboarding of new clients combined with integrations with the XRP Ledger’s native decentralized exchange. The goal is to make Ripple Payments the fastest and most efficient cross-border payment solution for any business.
Some of Ripple’s clients have already started using the new system, including RocketFuel, a firm that provides global payments solutions to merchants. Ripple Payments will manage the end-to-end flow of payments, enabling RocketFuel to meet the increasing demand for direct payments to merchants and customers.
The evolution of Ripple Payments is the next step in optimizing the cross-border payments experience through transformative technology, allowing businesses to access the benefits of crypto in a more accessible and intuitive way, and improving the shortcomings of the legacy financial system.
