Ripple talked about a way to quickly grow translations in APAC (Asia Pacific) in her new article on the site. Ripple often publishes content on its website explaining certain points. This is also part of the Ripple strategy, given the importance for the blockchain as a whole to make technology more understandable and accessible to ordinary people. Therefore, the work of Ripple in this direction is also of great importance. In a new article, Ripple described how to achieve rapid growth in remittances in APAC (Asia Pacific).
Ripple talked about a way to quickly grow translations at APAC: Details
Ripple talked about a way to quickly grow translations at APAC by submitting material on the company’s website. As noted by Ripple, APAC (Asia Pacific) has seen a significant increase in remittances. However, partly due to the current problems associated with moving money between currencies, this high growth in remittances is correlated with the high average cost of sending money. To effectively tap into a vibrant regional market of about 2 billion money transfer transactions per year, it’s important to have global reach with local services, Ripple emphasized.
Companies wishing to offer money transfer services must have contact with the recipients, wherever they are. Be it money transferred to a mobile account or paid in cash on a remote island. Although senders ultimately choose a money transfer provider, the choice depends on what their recipient requires. Although maintaining competitiveness requires high speed, high reliability and low cost, it is the local coverage conditions and payment options that distinguish service providers. In the Philippines, the process is determined by the fact that service providers must be connected to the prevailing points for cash payments, including Cebuana Lhuillier and Palawan. Similarly in Thailand. There are differences only in the specifics of payments.
The Australian money transfer market is very different from Thailand and the Philippines in this regard, as Ripple emphasized. In particular, Australia is the main market for sending money transfers, and the demographic performance of Australian recipients tends to be different from those in developing APAC countries, as they often have high financial affordability, receive higher incomes and work as business professionals or students. In Australia, 99 percent of the population go to banks. Thus, Australia’s best approach is to focus on accessing a bank account through partners or through a new payment platform (NPP).
As Australia is a mature payment market, instant and transparent payments with 27-on-7 availability and year-round with pre-display fees can provide a best-in-class payment method. As Ripple noted, these solutions are not scalable globally. The complexity of everything is precisely in scaling. For example, it is difficult to develop the most competitive payment options in each of these disparate markets without exhausting working capital and human resources. Therefore, many organizations resort to partnerships to exploit these lucrative markets. However, establishing banking or correspondent partnerships can take considerable time and energy, and ultimately may not provide the best experience for customers.
In addition, in order to maintain an affiliate network, it is necessary to create and manage numerous specialized APIs in addition to pre-financed accounts in destination currencies, which leads to high transfer fees. Financial institutions need a simple, transparent and more efficient way to conduct cross-border transactions. And the solution in this case could be liquidity on demand (ODL) from Ripple.
In seconds, customers using the Ripple ODL can free up capital by guaranteeing their customers the most competitive exchange rates and processing global payments at an unprecedented rate. Summing up, Ripple emphasized that the advantages of speed and cost allow those who use Ripple ODL to compete more effectively and provide their customers with an easier and more reliable way to send money home.