Moneynetint has signed a deal with Ripple to have RippleNet power its cross-border payments and currency exchange services. As at October 15, Moneynetint had completed deployment of RippleNet.
The company has also collaborated with two other networks with which it will be able to process payments in a decentralized and secure way. Moneynetint is actively forming alliances with several Fintechs globally, a strategy that has resulted to increased demand for the company’s cross-border payments.
Moneynetint joins several other financial institutions that have signed agreements with Ripple for its RippleNet blockchain-based technology.
With RippleNet, financial payments and exchange platforms can enjoy benefits like;
Decentralization: Financial institutions can process their client’s payments anywhere in the world. Thanks to its blockchain decentralized infrastructure.
Speed: RippleNet settles transactions in seconds unlike traditional methods that would take hours even days. RippleNet’s pathfinding capabilities dodge frictions and bottlenecks created by disparate networks that normally derail traditional transactions.
Low costs: Transaction costs are slashed big time through RippleNet’s standardized rules and network-wide connectivity. Through XRP RippleNet manages to lower liquidity provision costs or remove the need for exorbitant nostro accounts.
Reliability: several conventional payment platforms don’t clarify on their transaction costs and timing. In the end, many transactions fail. RippleNet’s atomic pass-fail ensures the transaction sails smoothly.
Nadeem Ladki, Director, Account Management, Ripple is confident that the recent agreement will boost Moneynetint’s efficiency. He added that,
“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.”
Ripple’s blockchain technology-RippleNet is gaining a lot of mileage in the traditional banking sector. Its offerings of instant, decentralized, reliable, cost effective and secure cross-border payments is seemingly the kind of revolution conventional banking has been lacking.
However, the firm’s close association with the traditional banking sector has attracted accusation of centralization of its token XRP from some quarters of the cryptocurrency sector.