This article was first published on: Insights – Ripple --

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While no one has yet put a figure on how many financial transactions occur globally each year, you can get some idea of volume from the following statistics:

Safe to say, the number of global financial transactions is enormous, yet the majority happen using dated technology that makes them slow, expensive and unreliable. Sure, that $3 cup of coffee you paid for by waving your phone at a machine is now often instantly charged to your account, but the store owner will pay a fee to your card provider, who in turn is charged by your phone’s app developer.

It’s a middleman’s game and when it comes to cross-border payments, these intermediaries aren’t even that good at playing. In the US, sending money abroad typically takes 3-5 days, costs $42 and has an er...

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