Ripple is upgrading its crypto-enabled cross-border payments solution, also known as Ripple Payments. This offering is aimed at enhancing enterprise-grade blockchain infrastructure, making faster, cheaper, and more efficient cross-border payments accessible to businesses.

In the official statement published today (Wednesday), the cross-border remittance network noted that the global financial space is witnessing a shift as more companies and legacy payment institutions are investing in blockchain integration. Over 80% of global financial firms are expected to incorporate cryptocurrencies into their operations in the next three years.

Currently, Ripple offers expanded access to its extensive global network of over 70 crypto and traditional payout markets. This has resulted in nearly 100% global payout coverage through a single onboarding process.

Ripple's Licensing and Payments Expansion

Ripple has over 30 licenses, including a Major Payments Institution license from the Monetary Authority of Singapore and Money Transmitter licenses across the United States. The company is expanding its solutions to reach a broader customer base, including small and medium-sized enterprises.

Monica Long, the President at Ripple , said: "Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off-ramps, tokenization, custody, and compliance. Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step for Ripple to make crypto's benefits accessible for any business."

One of the first customers to leverage the enhanced Ripple Payments is RocketFuel, a global payments solution company serving merchants looking to send or accept payments in crypto or fiat. Ripple Payments will facilitate the entire payment flow, offering a wide range of payout currencies worldwide, enabling RocketFuel to meet the rising demand for direct payments to merchants and their customers.

Regulatory Win Propels Ripple

Meanwhile, the US Securities and Exchange Commission (SEC) officially cleared Ripple's executives specifically, Brad Garlinghouse, the CEO, and Chris Larsen, the Executive Chairman last month, dismissing all allegations brought against them in the lawsuit that accused XRP of being unregistered securities.

The SEC's decision marks the conclusion of a prolonged legal battle that saw the regulatory body pitted against Ripple, Garlinghouse, and Larsen. The SEC initiated the lawsuit in late 2020, alleging that XRP, a cryptocurrency linked to Ripple, was an unregistered security. After an extended legal struggle, a US court ruled in favor of Ripple in July. The SEC, dissatisfied with the verdict, appealed the decision, but the court rejected the appeal again earlier this month.