Ripple recently took part in a panel discussion of the Digital Monetary Institute (DMI) symposium in London which focused on how to develop innovative cross-border payments. James Wallis, RippleX’s Vice President, spoke of the growing interest from Central Banks in making this type of transactions more efficient and the potential blockchain technology has in facilitating them. He explained that the ultimate aim is “having a very efficient way of exchanging value”. The other panelists involved shared similar perspectives, including Victoria Cummings, Chief Legal & Regulatory Officer of RTGS Global Limited, who mentioned that CBDCs have the most exciting prospects when it comes to cross-border payments.

Blockchain technology has been appearing as an ideal solution due to its capabilities in providing faster and cheaper transactions with a high level of security. Adopting CBDCs can also reduce the reliance on intermediaries while promoting financial inclusion, being easier for both individuals and businesses to participate in the global economy. The panelists agreed that cross-border payments are essential for the global financial system, and for that reason, a collaboration between entities is necessary to make them better.

Moreover, Ripple was recently ranked number one out of 15 vendors according to Ripple’s CBDC advisor Anthony Welfare. This was mainly thanks to its success with RippleNet, technological capabilities within the CBDC space and existing deployments and growth in the emerging space.

All this sums up to make Ripple an extremely important part of the development of innovative cross-border payments and to reinforce the use of blockchain technology for making this type of transactions more secure, faster and cheaper.

Cross-border payments are quickly becoming an essential part of the global financial system. Companies like Ripple are making this possible by leveraging blockchain tech with the ultimate objective of developing a more efficient way to exchange value. This week, the Digital Monetary Institute (DMI) symposium in London held a panel discussion featuring experts on the next steps for cross-border payments, including representatives from the International Monetary Fund (IMF), RTGS Global Limited, the Bank of Mauritius and RippleX.

James Wallis, the Vice President of RippleX, highlighted the growing interest of central banks in this field and the potential of blockchain technology to make it more efficient. As Wallis put it, “every single Central Bank we talk to talks to us about cross-border payments”, showing the increasing acceptance of blockchain technology as a solution to streamline cross-border transactions. Similarly, Victoria Cumings from RTGS Global Limited mentioned that CBDCs could be the best tool to address the challenges of cross-border payments such as high transaction fees, lengthy settlement times and lack of transparency.

Blockchain technology provides faster and cheaper transactions while keeping high-level security and adopting CBDCs can reduce the dependency on intermediaries and promote financial inclusion, making it much easier for individuals and businesses to participate in the global economy.

The panelists agreed on the idea of using innovation and collaboration to improve cross-border payments. Recently Ripple was determined as the leader for CBDCs based on Ripple's success with RippleNet, its technological capabilities, existing deployments and growth in the CBDC space. This clearly puts Ripple on the frontline of the development of innovative cross-border payments.



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