Ripple Payments Becomes an End-to-End Payments Solution in Latest Expansion
Key Insights
- Ripple says its payments platform is now a one-stop shop for businesses for all payment services.
- Ripple Payments is moving to a universal platform, with multiple enterprises now using it.
- XRP falters again despite Ripple Payments’ expansion.
Crypto-native fintech company Ripple has expanded its payments platform to offer end-to-end services for businesses. The company disclosed this on X. They noted that Ripple Payments can now be used for everything from collections to custody and transfer.
Ripple says the new product functionality expands Ripple Payments. It now serves as a one-stop solution for businesses. Companies can use it to access digital asset services.
It posted:
“Ripple Payments now gives businesses everything they need to move money globally across fiat and digital rails in one place: collect, hold, exchange, and pay out in both fiat and stablecoins.”
Ripple Payments Becomes a Universal Payments Platform
According to Ripple, the new features for Ripple Payments have turned it into a universal business payment app. This eliminates the need for enterprises to rely on multiple solutions for moving money.
Through the platform, businesses can enjoy managed custody, advanced liquidity, and unified collection. This means they manage multiple wallets at once, accept stablecoins and fiat, and automatically convert funds into a single account, and move their liquidity as they wish.
Interestingly, the company noted that it leveraged recent acquisitions in building the new features for Ripple Payments. These include Palisade, a custody and treasury automation app, and Rail, a virtual accounts and collection app.
Speaking on the move, Ripple President Monica Long noted that financial institutions need infrastructure that treats digital assets like traditional finance, and that is what the company provides.
She said:
The company also highlighted its extensive network, noting that it is already operating in 60 major markets and processed $100 billion in volume. It also added its regulatory compliance with more than 75 licenses globally.
So far, several enterprises, including Corpay, AMINA Bank, Banco Genial, and MassPay, are already using Ripple Payments across regions such as South America, the Middle East, Asia-Pacific, and Europe.
XRP Plunges Despite Ripple’s Big News
Meanwhile, news of upgrades to Ripple Payments did not affect XRP, which fell almost 3% over the past 24 hours. XRP is now trading at $1.35.
Today’s decline continues XRP’s volatile performance over the past couple of months. In the last 90 days, the token has lost 38% of its value, going from one of the best performers late 2024 to a struggling cryptocurrency.
XRP Performance. Source: Coingecko
However, recent performance has been due to the geopolitical crisis caused by the US and Israel’s military action against Iran. The crisis has led to massive price swings in cryptocurrencies, with Bitcoin falling to $63,000 and rising to $69,000.
Still, other factors could be at play for XRP. The recent unlock of 1 billion XRP from escrow could have contributed to the bearish sentiment, although the unlock is mostly routine.
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