Ripple Blockchain network RippleNet continues to grow in the UK
Moneynetint, a UK-based currency services provider, has been integrated into the system of decentralized payments using RippleNet, the Ripple Blockchain network.
In London, Moneynetint, a company focused on payment services for corporate customers, announced its co-operation with the San Francisco-based Blockchain industry giant Ripple on Tuesday.
The payments platform, which offers cross-border money transfers and currency exchange services, has completed its integration phase with Ripple. And now that the Blockchain solution is fully deployed with payments from other RippleNet members elsewhere.
The Ripple Blockchain network is growing day by day
RippleNet is Ripple’s corporate Blockchain network, which has more than 100 members worldwide, including banks, payment providers and money transfer operators.
Ripple’s account management director Nadeem Ladki received praise for her inclusion in RippleNet because the UK company was able to facilitate payments in Israel.
Ladki used the following statements about the subject:
On the part of other new RippleNet members, it is a big step in expanding the overall network to make Israeli New Shekel’s payments easier. Taking advantage of Ripple’s Blockchain technology, Moneynetint will now be able to offer services to new markets that will increase the speed of delivery by simplifying and reducing FX conversion rates for its customers and will be very difficult or costly to reach in the past.
Moneynetint will increase global adaptation with RippleNet
RippleNet is, of course, the flagship product of Ripple. This enables instant money transfer on demand, with liquidity, end-to-end tracking and transparency using Blockchain. When a financial institution is a member of the Enterprise Blockchain network, it can transfer international money to any of the more than 100 members.
The traditional payment methods used by the global banking system (SWIFT), including the use of international nostro accounts, take a few days to complete the transaction while transferring money at a higher cost depending on more participants in a transaction.
Moneynetintyas RippleNet membership will provide a great deal of convenience to the organization to build international banking relationships that will take years to come.
Moneynetint CEO Yishay Trif’s comments were as follows:
The mediation and approval processes between financial institutions, which lasted months or even years ago, have now decreased significantly.