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UK Foreign Exchange Company Joins the Ripple Blockchain

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Ripple blockchain

Ripple are making a lot of pertinent decisions lately. In fact, they’re developing great relationships with many leading financial institutions globally.

They clearly have a good offering that can save these institutions valuable time and money.

The latest group to join forces with them is Moneynetint. They are a foreign exchange service based in the United Kingdom. They deal largely with the corporate sector. Furthermore, they are now integrating decentralized payment options for their clients through RippleNet. This refers to the blockchain network operated by Ripple.

What does this mean going forward?

The company announced this news recently and their corporate clients stand to benefit greatly. Moneynetint offer their clients cross-border transfers and currency exchange.

Moreover, the Ripple integration is complete and they have deployed their new blockchain solution. RippleNet currently has more than 100 members, including payment providers and banks as part of its enterprise blockchain network.

This new partnership is significant for Ripple since it supports pay-outs through Israeli fiat.

Discussing this deal, the director of account management at Ripple said: “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.”

Ripple going from strength to strength

This blockchain offering is the most noteworthy product in the Ripple arsenal. It allows clients to transfer funds across borders almost instantly. Furthermore, this product promotes liquidity, continuous tracking and considerable transparency.

A member of this enterprise network can transact with each of the 100+ members worldwide. The traditional bank system known as SWIFT usually takes several days to process a transfer. Additionally, this method is much pricier due to more participants involved in the transaction.

Moreover, Moneynetint benefits from having excellent relationships with many notable banks.

Therefore, this allows them to attract more clients as a result of this advanced service they offer.

 

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