Cross-Border Payments

ALL 0-9 $A B C D E F G H I J K L M N O P Q R S T U V W X Y Z

sovereign assets • layer 1s • payment networks

Cross-border payments refer to financial transactions that involve individuals, companies, or banks in different countries. These payments often require currency conversion and settlement through multiple intermediaries. Blockchain technology and digital assets like XRP aim to simplify and speed up cross-border payments by reducing fees, settlement times, and reliance on traditional banking systems.

Key Concepts:

Ripple Labs — Developer of XRP Ledger technology powering faster cross-border settlements.
Bridge Currency — An asset like XRP used to connect fiat pairs in international payments.
Payment Network — Infrastructure that enables transactions and settlements across borders.
Currency Conversion — The exchange of one national currency into another during settlement.

Feature	Traditional	Web3
Intermediaries	Multiple correspondent banks	Direct peer-to-peer settlement
Settlement Speed	2–5 business days	Seconds to minutes
Fees	High (wiring, conversion, handling)	Low (network and minimal exchange fees)
Transparency	Opaque routing and hidden costs	On-chain tracking and verification

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