UK currency exchange company joins RippleNet
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Answer UK currency exchange company joins RippleNet
Moneynetint, a UK-based company providing corporate currency exchange services, has integrated and deployed decentralized payments using the RippleNet blockchain.
MoneyNetnet Corporation revealed that there is an ongoing cooperation with the giant “Ripple” company in “San Francisco”, and the payments platform that provides cross-border money transfer and currency exchange services said that it has completed the stage of integration with “Ripple Company” and joining the blockchain that will record payments Received from other RippleNet members elsewhere.
“RippleNet” is Ripple’s corporate clearing network with over 100 members including banks, payment and remittance service providers globally.
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Nadim Ladki, Account Management Director at Ripple, praised the UK-based company for joining RippleNet due to its ability to facilitate payments in Israel and other faraway countries.
And he said:
“Its ability to facilitate payments now in Israeli new shekels – as well as euros – on behalf of other RippleNet members is another major step in expanding the network as a whole. By taking advantage of Ripple’s technology, MoneyNetnet will now be able to simplify and reduce the exchange rates of different currencies for its customers, increase settlement speed and provide services to new markets that were difficult to reach in the past.”
The Ripple blockchain is undoubtedly a leading product, enabling near-instant money transfers with on-demand liquidity and comprehensive tracking and transparency on the blockchain. As a member of an institutional blockchain network, a financial institution would, in theory, be able to settle transactions and send money to any of the other members internationally.
Notably, the traditional payment methods (SWIFT) used by the global banking system routinely require several days to settle the transfer at a higher cost due to the increased number of participants in transactions, including the use of international Nostro accounts.Read:Free online courses to learn blockchain technology
For Moneynetint, it is now a member of the RippleNet and thus has special perks, such as easily establishing banking relationships that would have taken years to build.Read:The European Central Bank is polling the Europeans on the decentralized digital euro… Details here
Yishai Trev, CEO of MoneyNetnet, said:
“Linkages and approvals of financial institutions, which previously took months or even years, have now fallen dramatically in a matter of days to a few weeks.”
Elsewhere, another London-based money transfer and exchange brokerage has integrated Ripple’s lesser-known XRapid money transfer platform. In a clear contrast between the two projects, the second uses the value of direct currencies as a token of the cryptocurrency (Ripple currency) XRP to facilitate remittances, and describes it as a “game changer” that is, it will develop the remittance industry after a successful experiment between North America and Europe earlier this year.
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