Ripple Partner To Compete Against SWIFT With Cheaper Solution

March 20, 2022 2:00 pm

Nium, a global payment services company, has recently announced that they will be launching a new brokerage payments solution which will allow international companies to have easy access to US markets.

The solution will be available for both retail customers as well as institutional clients worldwide which means it will potentially support a large amount of volume.

The brokerage solution will be utilizing the Ripple network, labeled RippleNet, in order to facilitate these financial transactions due to the network’s capability to settle transactions in record time and with minimal fees.

When compared to the SWIFT network which is utilized today for cross-border transactions, the fees are lower by almost 90% making it a much more attractive solution while having the same capabilities.

FinanceFeeds reports:

Nium has pointed to three major benefits of its global payments network and new brokerage solution: cost savings of up to 90%, improved customer satisfaction, and increased demand for new partnerships.

Cost savings of up to 90%: Global financial institutions leveraging the Nium brokerage solution can save up to 90% on each transfer, and use those savings to drive P&L gains or increase volume by offering customers lower cost transfers.

Improved customer satisfaction: Decreasing friction associated with investing in the U.S stock market for international investors drives customer loyalty and brand affinity.

Increased demand for new partnerships: By leveraging Nium’s network to optimize payments to U.S. brokerage accounts, global FIs can reach new customers by taking advantage of Nium’s low-cost transfers to drive new brokerage partnerships.

The arrival of this payments solution coincides during a time where there is a very high demand for such services given that many international investors are looking to diversify their assets with access to additional markets.

With that being said, the choices can be limited for some investors due to regulations and restrictions.

With this global payments network that is being built by Nium, it would help setup a strong foundation for Ripple and other blockchain technologies to be used for alternative financial networks that investors can take advantage of instead of being overdependent on SWIFT.

Nium is not a new company as it was founded back in 2014 and is known for extensively using Ripple’s network and technology to power its payment systems.

CryptoNewsHerald reports:

Retail traders have flocked towards investments throughout world markets as they give the impression of being to diversify. Banks and brokers are those catering to the brand new market individuals and should be capable of fulfill their calls for.

The Nium world funds community permits these world companies to keep up aggressive benefit and differentiate themselves inside the business.

Nium was based in 2014 and leverages Ripple’s superior blockchain expertise to course of transactions in real-time for its clients.

It’s mentioned to be the primary within the area to supply corridors from North and South America into quite a lot of locations in Southeast Asia. New connections on the community have additionally helped Nium solidify its presence throughout Australia, Singapore and Malaysia.

Both Ripple and Nium have already setup a strong presence in many international regions as a payment network alternative, but the SEC’s lawsuit against Ripple has paused growth in the US region.

Recently, several members of Congress have started to question the SEC’s actions which may be stifling crypto innovation in the country.

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