Companies to start deploying Blockchains
UK foreign exchange joined Ripple Blockchain to make the process of money transfer easier.
There is a company called Moneynetint, that is based in the UK to provide foreign exchange services for the corporate sectors. Which has integrated and deployed decentralized payments systems using Ripple’s Blockchain network RippleNet to deliver cryptocurrency to the public.
The company is based in London and is now focused on payment services for corporate clients. Moneynetint revealed later on that there were ongoing collaborations with the San Francisco-based Blockchain industry giant Ripple on Tuesday.
This payment platform will provide cross-border money transfers and currency exchange services for everyone. The company has said that they have completed the integration phase with Ripple and has now fully deployed the Blockchain solution for payments in order to receive transactions from other RippleNet members in a different location.
RippleNet is part of Ripple’s enterprise Blockchain network with more than a 100 members that include Banks, payment providers, and remittance companies worldwide.
The Director of account management at Ripple Nadeem Ladki has introduced the addition of the UK-based firm to join Ripple, this was due to its ability to facilitate payouts in Israeli fiat currency(the shekel).
Ladki later went on to state that:
“Their ability to now facilitate payouts is 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 services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
The Blockchain is currently the feature that makes Ripple’s flagship products and what makes it related to any other cryptocurrency like bitcoin. However, the Ripple Blockchain possess more of a semi-decentralized structure which is different from most other cryptocurrencies.
RippleNet enables near-instant money transfers with on-demand liquidity and end-to-end tracking with transparency on the Blockchain. Members of the enterprise Blockchain network financial institution can, in theory, settle any transactions and send money to any of the one hundred plus members internationally across borders.
The Banking system works together with Ripple enterprise
Familiar and traditional payment systems like (SWIFT) is used by the global banking system in order to routinely send money, but these transactions can usually take several days to settle a transfer that has a higher cost. This is due to more participation in a transaction, this also includes the use of international Nostro accounts.
According to moneynetint members on the RippleNet have their own perks, such as the establishment of the Banking relationships that can otherwise take years to build and accomplish.
The company Moneynetint has appointed the chief executive Yishay Trif saying 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.”
Other London-based foreign exchange brokerages have already integrated Ripple’s lesser-known xRapid platform in order to initiate money transfers. One of the first markets to be disrupted by cryptocurrencies is the remittance market, which will be a complete game changer for the remittance industry. The Ripple’s XRP token was used in a trial to transfer money from North America to Europe earlier this year which was a great success and display of its capabilities.
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