United Kingdom-based foreign exchange startup Moneynetint has shown interest in the blockchain technology by adopting the decentralized payment system with the instrumentality of Ripple’s Blockchain network: RippleNet. On Tuesday, the startup revealed its ongoing partnership with Ripple, a blockchain industry giant based in San Francisco.
Moneynetint Joins RippleNet
With its primary focus on the corporate sector, the UK-based startup revealed that all negotiations have been concluded and that it has now integrated Ripple’s platform. This implies that Moneynetint has fully deployed the blockchain solutions with payment accepted from other RippleNet members elsewhere.
Notably, as Ripple’s enterprise blockchain network, RippleNet has over 100 members in the financial sector facilitating funds transfers across the globe. The director of account management at Ripple, Nadeem Ladki, revealed that;
“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, 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.”
Blockchain; Seamless Funds Transfer
With blockchain being the originating technology of RippleNet, near-instant fund transfer as well as on-demand liquidity and end-to-end transparency, have been made possible. It is necessary to point out that the members of the enterprise blockchain technology, for instance, a financial institution would be able to facilitate fund transfer within the operating jurisdiction of the over 100 international members using the Ripple network.
Conventionally, the traditional payment system (SWIFT) which used to be the acceptable global banking system would typically take days to facilitate a fund transfer and at a relatively high transaction levy to more users in the transactions including using international nostro accounts but after the advent of Ripple, near-instant funds transfer is being made possible.
Moneynetint’s Membership Benefits
Moneynetint becoming a member of RippleNet has another bright side, as it is going to also facilitate a relationship with financial institutions who are also members of the platform–such as the central bank, a relationship that would normally take years to establish. Yshay Trif, the chief executive of Moneynetint, noted 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.”
In a similar move, another London-based foreign exchange brokerage also reportedly adopted another Ripple platform in xRapid for funds transfer, we also have Currencies Direct using what it referred to as a “game changer” which involves using Ripple’s digital token XRP for remittances.