The dynamic development of cross-blockchain and financial technology in the field of international payments has drawn attention to players like Ripple. This article examines new participants and their approaches to transactions and settlements.
Public Blockchain Networks in International Payments
Public blockchain networks such as Stellar, Algorand, and Hedera represent an alternative to traditional international payment systems.
Stellar, co-founded by a former Ripple colleague, offers low fees and fast transaction speeds, making it a competitor in the remittance space. The partnership between Stellar and MoneyGram for sending and receiving USDC underscores its practical application.
Algorand, as a high-performance public blockchain, also demonstrates success by attracting institutional interest, including partnerships with Italian banks and insurers. Meanwhile, Hedera draws attention through its corporate clients like Shinhan Bank, testing transfers using stablecoins.
Bank and Consortium Initiatives
Banking platforms such as R3 Corda and JPMorgan's Kinexys differ from Ripple in that they seek to create their own systems for interbank transfers.
Corda provides a specialized platform for tokenized assets and processing significant transaction volumes involving the world's largest banks. Kinexys, created by JPMorgan, showcases rapid integration with Mastercard, expanding its network for expedited transactions. Fnality and its initiative based on tokenized central bank deposits represent another interesting approach for safer settlements between institutions.
Technological Updates from Mastercard and Visa
Mastercard and Visa are rapidly adapting to new technologies by creating their own platforms for blockchain applications.
Visa's B2B Connect and Mastercard’s Multi-Token Network (MTN) are aimed at improving existing banking services, offering users more options for international payments. Visa has integrated USDC into its operations, enabling significant blockchain transactions. In turn, Mastercard has introduced the concept of tokenized assets, supporting stable currencies and CBDCs within its ecosystem.
The competition around Ripple is expanding: new technologies and initiatives from public blockchain networks, banking platforms, and global payment systems demonstrate the potential for shaping the future of international finance. It will be interesting to observe how these changes impact financial infrastructure and user preferences.
