Melisande Mual
14 Mar 2017 / 5 Min Read
The number of global payments made in 2015 totalled USD 30.3 trillion and is expected to grow 6% per year over the next five years, according to a McKinsey report. As a result, Ripple has created a new cost model to enable banks understand their end-to-end cost for cross-border payments.
With Ripple’s new cost model, banks can enter transaction volume and operational metrics to receive a custom cost analysis. The cost analysis breaks down cost to a per-payment level, for both a bank’s current system and if it were to use Ripple. By upgrading existing infrastructure, Ripple estimates 60% cost savings for an average payment size of USD 500.
The analysis includes a cost structure that shows the bank’s transactional volume and metrics compared to global averages. Cost breakdown across payment processing, treasury and reconciliation is also shown with the bank’s current provider and what it would be with Ripple.
Melisande Mual
14 Mar 2017 / 5 Min Read
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