Ripple Beating The Banks, But Centralization Concerns Remain

Anyone that has made an international bank transfer will feel the frustration of waiting for at least a day and paying far more than should be necessary for something that can be done with a click of a button. Ripple is bridging that gap with RippleNet which offers SMEs a competitive edge for global payments.

The San Francisco based blockchain firm has taken to its blog to proclaim that “the world’s payments infrastructure hasn’t changed since the heady days of disco, nearly four decades ago.” Business operations are unnecessarily hindered by today’s archaic banking system built upon decades old infrastructure.

Businesses today need to plan for days of delays while banks and payment providers self-fund multi-currency accounts and pass the costs and over inflated foreign exchange rates and transaction fees onto their customers. A significant percentage can be lost sending money from one country to another going through a number of different currencies, the only ones…