UAE partners with Ripple to Allow Cross-Border Payments.
The union of the major money transfer and forex houses in the Middle East has reached an agreement with the giant fintech Ripple to allow cross-border payments in real time using blockchain technology.
With a presence in over 31 countries, the UAE Exchange is among the region’s earliest largest international remittance operators and becomes the latest payments solutions provider to partner San Francisco-based Ripple.
As part of this partnership, UAE Exchange will join RippleNet, Ripple’s blockchain business network, with more than 100 banks and financial institutions. Learn By leveraging Ripple’s blockchain technology, UAE Exchange able to offer an innovative payment experience for customers, including competitive rates, speed, transparency and efficiency.
Promoth Manghat, CEO of UAE Exchange Group, said the company’s growth strategy was and continues to be guided by its customer-centric approach. He added that the integration of Ripple’s blockchain technology into the company’s payment systems.
“The adoption of this revolutionary technology allows us to offer a competitive service because it will have an impact on the speed of cross-border transactions,” Manghat said. “We are proud to deliver the future of payments with Ripple.”
With the implementation, Ripple will be able to make international business transactions “competitive, fast, transparent and efficient”. Based in Abu Dhabi, the money transfer operator has already seen Ripple’s partner, the National Bank of Abu Dhabi, the largest bank in the emirate, the blockchain cross border payments launcher. With a large immigrant population in the region, the UAE sector is largely among the most active transfer corridors.
Ripple pays attention and is eager to focus on the region. Dilip Rao, the global director of the company’s innovation infrastructure, added:
The addition of a market leader to the UAE Exchange to RippleNet Provides instant payments, some and low cost to millions of retailers in the United Arab Emirates who send money abroad.”
Earlier this month, Chinese payments giant LianLian International also teamed up with Ripple to use xCurrent – Ripple’s end-to-end settlement solution – for cross-border transactions between China, the states and United States and Europe. Last month, Ripple reached an agreement with money transfer giant MoneyGram to test XRP’s ability to lower costs for money transfers between friends and families.
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