RippleNet partners with Moneynetint

By Chetna Phour

In a recent announcement, Moneynetint a UK based electronic e-money institution said that it had completed the integration phase of its cross-border payments and currency exchange services with American technology company, RippleNet.

Moneynetint offers services such as E-wallet management, Money Wire, Single Euro Payments Area (SEPA), Automated Clearing House (ACH), Credit Card Processing, Debit Card, Designated Account, Merchant Payment Solutions, etc. The company is known for offering currency exchange and cross-border transfer for corporate clients around the world. Moneynetint has already started to receive payment instructions from its two other network partners. The company has even begun to process the transfers on the Ripple blockchain.

The Chief Executive Officer (CEO) of Moneynetint, Yishay Trif said that:

“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 ground breaking institution in the field.”

Trif believes that the collaboration allows Moneynetint to cater a broader customer base while minimising the risk involved. As a part of the recent partnership between Ripple and Moneynetint, financial institutions already connected to the RippleNet Payment platform are now able to access the services of Moneynetint.

Trif also said that:

“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.”

With the partnership, Moneynetint will be able to simplify and reduce the FX conversion rates for its customers. Now the customers will be able to enjoy simplified, faster, and cheaper services.

RippleNet is considered one of the most successful products which is developed by RippleLabs. The company is known for creating various solutions to simplify cross-border payments between corporates. Currently, there are over 100 different members who are operating with RippleNet. Recently, MoneyMatch, a Malaysian fintech company partnered with Ripple for conducting its cross-border payments based on the Ripple Blockchain.

Ripple’s Director of Account Management, Nadeem Ladki said that the new collaboration would facilitate payouts in Israeli fiat and euros. Nadeem added:

“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.”

The product will enable instant money transfer and on-demand liquidity. With the network financial institutions will be able to send and receive money from all the members working in the network.