Two Remittance Firms To Use Ripple-Based Payments

| Publish date: 02/12/2019
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There are at least two remittance companies that have reportedly gone live with blockchain-based payments. The firms in question are UAE Exchange and Unimoni, both of which are using the technology from Ripple.

Providing Better Payment Experience

According to Finablr, the company that owns the two aforementioned brands, “real-time” cross-border remittances are now possible. This is all thanks to the integration, which was announced on Sunday, through RippleNet. It would start with payments specifically intended for the company’s international customers to Thailand. As far as other destination countries are concerned, they are believed to be added in the near future.

The newly-introduced service was launched in partnership with the Thailand-based Siam Commercial Bank. According to Promoth Manghat, the director and CEO at Finablr, the very adoption of blockchain is expected to result in considerable potential. The latter, on the other hand, is aimed at streamlining remittances and providing a payment experience that is fast, secure, and frictionless.

Apart from UAE Exchange and Unimoni, Finablr also owns other brands such as Swych, Travelx, Remit2India Ditto, and Express Money. More importantly, the company wants to implement blockchain technology across some of its other services. This was further confirmed in the announcement the firm made recently.

UAE Exchange, as per the official report, first partnered with Ripple back in February last year. The goal was to significantly reduce the costs and frictions involved in cross-border transactions. Sometime in December, Manghat announced that the firm would plan to launch Ripple-based payments, all of which were aimed at Asia. During that time, the executive said it would arrive by the first quarter of this year.

Ripple’s Blockchain-Based Tech

There are at least 200 banks and financial companies across the world that have topped Ripple for its blockchain-based payments. Back in December, a new remittance service was launched by the National Bank of Kuwait and was called NBK Direct Remit, which also utilized the same technology.

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Other firms that have joined in using the payment system from Ripple include, but not limited to, South Korean digital currency exchange Coinone, Malaysian banking group CIMB, and the United States-based banking company PNC. Ripple, on the other hand, previously announced that other companies are looking to use the same technology, though it cannot comment on which firms these are.

It cannot be denied that most clients have decided to use its payments infrastructure without the need for XRP, which is the cryptocurrency Ripple helped develop. However, the first bank to publicly announce the use of the said crypto was Euro Exim Bank and it was meant for cross-border payments in early January this year.

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