According to the latest report from the Consumer Financial Protection Bureau (CFPB), one of the public institutions of the USA, blockchain-based payment firm Ripple can play a vital role in the remittance industry within the United States. The report, published by the CFPB, emphasized that the continued growth and partnerships are critical not only for the cross-border payment sector but also for the remittance sector.
The Future of XRP is Bright
In the report dated May 11, it is stated that XRP can be used by banks and credit unions in money order transactions and this has a lot of advantages. It is emphasized that the biggest advantage is that the buyer sees the money to be put into his account even before the transaction is made.
Normally, in traditional payment solutions like SWIFT, it is almost impossible to know how much money will go into the recipient’s account or how much deduction will be made without payment. In addition, thanks to the use of XRP or other products of Ripple, it is known approximately when.
It has been spoken for years that the processing speed in ripple-based products is very, very fast compared to competitors like SWIFT. The fact that Ripple’s advantages are directly included in the reports of public officials indicates that positive steps can be taken soon.