Moneynetint, UK based electronic e-money institution which provides cross-border money transfers and currency exchange for corporate clients around the world, announced that it had completed the integration phase with Ripple, which offers blockchain solutions for payments.
Following the completion of the development, integration processes and full deployment of Moneynetint, as part of RippleNet, Moneynetint has already begun to receive payment instructions from two other network partners and process these payments in a secure and decentralised manner.
Yishay Trif, CEO of Moneynetint: "The cooperation signed with Ripple is part of the company's strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field. The fact that RippleNet serves as a platform that sets uniform parameters for all its members facilitates the process of interfacing between international financial entities. For Moneynetint, the collaboration is a leap forward in the ability to provide advanced services to its customers, opening additional corridors and opportunities that have not been available or had no reliable nor cheap solution for them in the past and as a result, increasing Moneynetint' exposure to a wider customer base while minimizing the risks involved."
"Once we realised how professional the Ripple team was and supports the process, we decided to choose them. We expect that together we will be able to lead significant development and simplify processes in the area of cross-border money transfers. The processes of interfacing and approval between financial institutions, previously taking months or even years are now significantly reduced to a matter of days to a few weeks", Trif added.
As part of the collaboration, those international financial institutions already connected to the RippleNet payment platform and seeking to benefit from the Moneynetint infrastructure and capabilities will now be able to quickly and easily interface without the need for additional API execution.
"We welcome the collaboration with Moneynetint Their ability to now facilitate payouts in Israeli New Shekel - in addition to Euros - on behalf of other RippleNet members is another big step in expanding the overall network. 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", said Nadeem Ladki, Director of Account Management of Ripple.