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What are cross-border payments, and how do they work?


Ripple has become a significant player in the realm of blockchain-enabled global payments, while JPMorgan’s Onyx offers intriguing solutions for facilitating cross-border transactions through innovative digital asset payments.

Using distributed ledger technology, Ripple enables financial institutions to send and receive money in different currencies in a matter of seconds, rather than the days or even weeks that traditional international payments can take.

XRP, the native currency of Ripple, is the bridge asset to facilitate international financial transactions between different currencies. This means that the funds are converted into XRP and then back into the destination currency, which allows for near-instant settlement and reduces the need for intermediaries and corresponding banking relationships.

Related: What is Ripple: Overview, history and XRP cryptocurrency

Stellar is another decentralized, open-source blockchain network that enables the transfer of digital currencies. The Stellar network uses its own cryptocurrency, called Lumens (XLM), as a bridge currency to facilitate cross-border transactions. This eliminates the need for intermediaries, such as banks or centralized exchanges.

Onyx, launched by JPMorgan in October 2020, also leverages blockchain technology to improve wholesale payment transactions while offering the efficiency, speed and security of JPMorgan’s financial services offerings. It is working on developing its offerings — Liink and Onyx Digital Assets — as innovative blockchain-based offerings for processing cross-border payments.

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