Ripple Plans To Drop Transaction Time To Three to Five Seconds

Speed is everything in payment, and that is why Ripple is planning on making payment and financial transactions very fast, efficient and stress-free within a couple of years.
The drive to move from the traditional financial sector to blockchain is getting momentum every day, and one of the pro’s of blockchain is the speed of doing business. So, if the conventional sector can be fast, the blockchain should be faster especially when making cross-border payments.
Ripple, a US-based real-time gross settlement system and remittance firm, in its bid to satisfy the yearning and aspiration of users to transact very fast, has promised to create a system where payment would be faster than light rail.
Highlighting the company’s agenda, a Ripple global payment specialist Cassie Craddock said at the unbound 2018 conference in London that the long-term strategy of the company is to spread the proprietary technology through banks and payment platforms on a massive scale.
She said “I think solving for global transactions is still a real pinpoint, and I think that in ten years from now, if Ripple is to be as successful as we love it to be, that international payment should happen in 3 to 5 seconds, anywhere around the globe. We have use cases that support that. So, a guy who wants to send his child money from Asia to the u.k because he needs for rent, for students, that’s a real-life use case that we do today, we can offer real-time settlement and transaction within 3 to 5 seconds. I think if we can do that on a global scale, which is Ripple’s vision, the banking sector and financial services as a whole, they will be on a real winner here.”
Financial institutions have over the years adopted Ripple like UniCredit, UBS and Satandar, banks and other payment network are also working harmoniously with the company.
When quizzed about the usefulness of banks when one can adequately transfer value, Craddock answered that “I think the reality is that we’d be unrealistic and a little bit naive to say that transactions would never go via the banks. You could use a digital asset to send transactions in real time anywhere. But people aren’t comfortable with that, and despite seeing a shift, banks will, in reality, play a part in that. So, Ripple prefers and has chosen to kind of operate and work with banks directly to solve a real pain-point, which is around sending international payments,” she concluded.
Though its still a dream, but payment can be faster, it’s just a matter of time.

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