Ripple has concluded its negotiation to merge with MoneyNetInt the UK based electronic money institution. This partnership with the duo is aimed at decentralizing the electronic payment methods.
The coming together was announced recently stating that MoneyNetInt, will be able to use Ripple’s blockchain-based instant payment platform.
MoneyNetInt is a foreign exchange provider, which carries out the business of foreign exchange and cross-border payments. They are driven towards making their network more efficient by adding financial technology firms to their partnership. This will enable them to provide better services to their corporate clients.
Nadeem Ladki, director, account management, at Ripple said that MoneyNetInt would be able to increase speed and reduce FX conversion rates with Ripple’s Blockchain Technology;
“By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
According to MoneyNetInt CEO, Yishay Trif, when interviewed by finance magnet, he said that Ripple Technology is interesting, can revolutionize the payment system. It has more benefits over the existing payment system which is more expensive and takes time.
“With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple-end users … Connecting to banks that implemented the system is also much easier now.”
“The speed of data transfer is amazing. A transaction can go through in [sic] an amazing pace.”
Ripple provides the easiest, cheapest and fastest platform for financial institutions to process payment via their decentralized financial tools. So many companies besides MoneyNetInt have also indicated interest in joining the Ripple platform.
A remittance company named MoneyWatch which used Ripple Blockchain-based payment solution xVia, to move money from Malaysia to Spain has also joined Ripple’s RippNet.
They identified Ripple as the latest tech in the financial industry;
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry,” said Adrian Yap, the CEO of MoneyMatch via Focus Malaysia.
Ripple is working hand in hand with its digital currency XRP to their widen coverage and increase partnership with an aim to promote the acceptance of their products.
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