Ripple exec: Asian economies may continue leading payments innovation

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Ripple has been at the forefront of promoting XRP in different parts of the world through its cross-border payments service. RippleNet has managed to diversify its network with over 300 financial institutions, allowing most of them to use its on-demand liquidity services. Although the price of the digital asset still worries many within the community, it hasn’t discouraged financial institutions from partnering with Ripple.

As 2020 sets in, Ripple’s SVP of Customer Success, Marcus Treacher, noted that payment providers and banks will continue to offer faster cross-border payments, adding that this trend will accelerate in 2020. In an interview with FinTech magazine, Treacher noted,

“This trend will accelerate in 2020 as customer demand for frictionless, on-demand payments grows, enabling solutions like Interledger and distributed ledger technologies to gain traction and scale up.”

The SVP warned that as the costs associated with running and development rise, banks might turn to cloud providers of banking technology to reduce costs. In such a case, cloud services like 10X and Thought Machine might have an edge. Treacher explained,

“Because cloud-hosted banking technology providers have developed new platforms with modern methods, they are ideally placed to easily and cheaply plug into emerging blockchain networks, AI engines and other categories of fintech.”

Treacher’s observation of 80% volume in digital asset trading coming from Asia backed the region’s interest in innovation, with Treacher also noting the need for a better payment infrastructure. Treacher concluded with another prediction for 2020, stating that like in 2019, Asian economies in payments innovation may outpace the Organisation for Economic Co-operation and Development [OECD] economies.