Moneynetint, which is a UK based electronic e-money institution, has recently announced that the company had completed the integration phase with Ripple. According to the official message, as of now Moneynetint “has already begun to receive payment instructions from two other network partners and process these payments in a secure and decentralised manner”.
Moneynetint is a major company providing cross-border money transfers and currency exchange for corporate clients worldwide. As a result of the integration with Ripple, Moneynetint hence becomes a part of RippleNet.
CEO of Moneynetint, Yishay Trif shared an official comment regarding the recent development. “The cooperation with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry. 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”, commented Trif.
Further on Trif went on talking about the actual opportunities the company expects to have with Ripple. “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 we will simplify processes in the area of cross-border money transfers. The processes of interfacing and approval between financial institutions, are now significantly reduced”, concluded Trif.
From Ripple side, the Director of Account Management, Nadeem Ladki expressed an official opinion. “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. In addition it will increase the speed of settlement and offer services to new markets. Those would otherwise have been too difficult or too costly to reach in the past”, stated Ladki.