The United Nations Capital Development Fund (UNCDF) has endorsed Ripple and Stellar as key players in a new global payments network. This recognition highlights their potential to revolutionize cross-border transactions and enhance financial inclusion.
Ripple and Stellar have been recognized by the United Nations Capital Development Fund (UNCDF) as critical components of a forthcoming global payments network. This assertion was made during a recent webinar in which both organizations were identified as critical elements of the new global payment system.
The UNCDF, a constituent of the United Nations Development Programme, is dedicated to improving the economic status of individuals by promoting financial inclusion.
This is due to the UNCDF’s recognition of Ripple and Stellar, which indicates that blockchain technology has the potential to transform the financial sector. The endorsement of both companies for their capacity to execute cross-border transactions is a sign of their potential in the future of the global financial system.
A New Era in Payments
The UNCDF’s vision for the payment network is connected, regulated, and open. This system will facilitate effortless transactions between individuals and organizations from all corners of the world, regardless of the currency.
Ripple and Stellar have a lengthy history of successful involvement in cross-border payments, which is why this initiative is appropriate for them.
Ripple has been consistently expanding its market presence, as it has been extensively utilized for fast and efficient cross-border transactions. Stellar, an organization that endeavors to integrate digital assets with mainstream finance, is also critical in cross-border transactions.
Innovation and scalability are deeply ingrained in the cultures of both organizations, rendering them well-suited to participate in a global network that aims to broaden financial services’ accessibility.
Ripple has recently partnered with Mercado Bitcoin, one of the largest crypto exchanges in Brazil, to simplify cross-border remittances.
This partnership aims to establish a cross-border payment system that reduces the time and cost of transactions. Ripple’s blockchain solution is integrated into the collaboration to facilitate the seamless transmission of funds across borders and to enhance and expedite payment services for both individuals and businesses.
Ripple’s payment solution is expanding rapidly, with over 80 payout markets, as Crypto News Flash previously indicated. This is equivalent to 90% of the daily turnover in the foreign exchange market. In particular, it has recorded a transaction exceeding $50 billion.
Stellar’s Contribution to Cross-Border Payments
Stellar, which has prioritized financial inclusion, has fortified its commitment to providing affordable financial services. The UNCDF’s endorsement recognizes the company’s contribution to improving the financial system.
Stellar’s platform facilitates the exchange of digital assets across borders, thereby bridging the gap between the world of cryptocurrencies and traditional banking systems.
Stellar’s involvement in the global payment network is consistent with the company’s objective of facilitating secure and cost-effective transactions, particularly for individuals who are presently unbanked.
MoneyGram announced another partnership with Stellar in 2023 to introduce USDC transfer services. This partnership is particularly noteworthy. This was done to broaden its reach to other regions of the globe, including the Philippines, Kenya, the United States, and Canada.
