Moneynetint and Ripple collaborate to withhold Bank Involvement in International Money Transfer
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 decentralized manner.
“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,” announced Yishay Trif, CEO of Moneynetint.
Trif explains that this collaboration supports providing advanced services to customers, opening additional corridors and opportunities that have not been formerly available or had no reliable nor cheap solution, and will thus increase Moneynetint’s exposure to a wider customer base while minimizing risks involved.
“Choosing Ripple was based on the professionalism of its team and their support. 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 seek to benefit from the Moneynetint infrastructure and capabilities that will now be able to quickly and easily interface without the need for additional API execution.
Ripple has signed several collaborations with more than 100 leading financial institutions worldwide since its establishment in 2012.