Moneynetint, a UK-based provider of foreign exchange services for the corporate sector has integrated and deployed decentralized payments using Ripple blockchain network RippleNet.
Based in London with a focus on payment services for corporate clients, Moneynetint revealed an ongoing collaboration with San Francisco-based blockchain industry giant Ripple on Tuesday.
The payments platform, which provides cross-border money transfers and currency exchange services, said it has completed the integration phase with Ripple and has now fully deployed the blockchain solution with payments received from other RippleNet members elsewhere, in a press release shared with CCN.
RippleNet is Ripple’s enterprise blockchain network with over 100 members including banks, payment providers and remittance operators globally.
Ripple’s director of account management Nadeem Ladki lauded the addition of the UK-based firm to RippleNet due to its ability to facilitate payouts in Israeli fiat.
“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.”
The blockchain is undoubtedly Ripple’s flagship product, enabling near-instant money transfers with on-demand liquidity and end-to-end tracking and transparency on a blockchain. As a member of the enterprise blockchain network, a financial institution would – in theory – be able to settle transactions and send money to any of the 100(+) members internationally.
Traditional payment rails (SWIFT) used by the global banking system routinely take several days to settle a transfer at a higher cost due to more participants in a transaction, including the use of international nostro accounts.
For Moneynetint, membership in RippleNet has its own perks, such as establishing banking relationships that could otherwise take years to build.
Moneynetint chief executive Yishay Trif said:
“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.”
Elsewhere, another London-based foreign exchange brokerage has already integrated Ripple’s lesser-known xRapid platform for money transfers. In a marked contrast, Currencies Direct is using native cryptocurrency token XRP for remittances, labelling it a “game changer” for the remittance industry following a successful trial between North America and Europe earlier this year.