The 2023 Ripple Swell Conference starts with a bang as the fintech giant wastes no time making a big announcement. Ripple has just introduced a rebranding of its flagship product, RippleNet. It also revealed an expanded partnership with the renowned payments fintech Onafriq, formerly MFS Africa.
RippleNet Rebranded as Ripple Payments
During the Swell conference, Ripple unveiled a pivotal rebranding of its flagship product, RippleNet, now renamed Ripple Payments. This strategic shift reflects the company’s commitment to fortifying blockchain-enabled cross-border payments and encouraging broader enterprise crypto adoption.
In addition, Ripple’s official press release highlighted vital updates. The expansion of its global network encompasses over 70 crypto and traditional payout markets. This offers a more extensive array of enterprise-grade cross-border payment solutions. Ripple also emphasised its regulatory compliance by securing over 30 licenses, including the MAS Major Payments Institution license and multiple US Money Transmitter Licenses.
Monica Long, Ripple’s President, stressed the significance of blockchain and digital currency applications in addressing antiquated financial technology challenges.
Notably, she noted that this rebranding represents an evolution of their product, streamlining access to crypto utility for customers without requiring expertise in the technology. Integrating with the XRP Ledger’s native decentralised exchange (XRPL DEX) is a crucial aspect of this transformation, aiming to enhance product performance and expand global liquidity options for entering new markets.
“Ripple has led the way in addressing key components of crypto financial infrastructure, including liquidity, off-ramps, tokenisation, custody, and compliance. Bringing these elements together within Ripple Payments for an intuitive end-to-end enterprise experience is the natural next step to make crypto’s benefits accessible for any business,” Long remarked.
Moreover, RocketFuel, an early adopter of the new product, lauded the rebranding for its effectiveness in global service delivery. CEO Peter Jensen stated, “Ripple Payments supports our products, allowing us to serve our customers globally in a dramatically more effective way than the legacy financial system.”
Onafriq Expands Payment Corridors
Ripple’s partnership with Onafriq, initially announced as an alliance with MFS Africa in November 2022, has achieved a significant milestone. Three new payment corridors have been established, enhancing remittances and business payments between Africa and global markets.
This development allows customers of PayAngel in the UK, Pyypl in the GCC, and Zazi Transfer in Australia to conduct transactions with recipients in 27 countries across Onafriq’s expansive pan-African network. This partnership aims to address challenges in cross-border payments, foster financial inclusion in Africa, and make payment borders less significant.
Besides, Onafriq’s extensive network connects over 500 million mobile wallets across 40 countries. This structure serves as a crucial player in regional interoperability and cross-border payments.
At the time of writing, XRP was trading at $0.6804.