Ripple is working diligently on creating its aim of an Internet of Value. Ripple’s network of financial institutions on a single network, dubbed RippleNet has been witnessing many additions to it. Furthermore, Moneynetint, a UK-based payment services provider company, has joined hands with Ripple to use RippleNet.
The company urges that the current internet is one, for the transfer of data. Certainly, something similar for transferring money, or the value within it should exist also. The transfer of money is usually slow, insecure and opaque. The lack of speed and transparency in the system eliminates the trust a user should have on a system processing finances.
About the Collaboration
Moneynetint Ltd was created under the United Kingdom’s Financial Conduct Authority. Furthermore, this allows the company to issue electronic money. There is a long list of services the company provides to its users. These services include: Managing online wallets, transferring money from one account to another locally or even internationally.
The company also its Debits Cards and Credit Card services. Furthermore, anyone can open an “Individual Account”, or a “Company Account” with little to no extra paperwork. Moreover, they also provide online merchant payment solutions to firms.
Nadeem Ladki, Director of Account Management at Ripple UK stated this. “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 that would otherwise have been too difficult or too costly to reach in the past.”
Yishay Trif, CEO of Moneynetint stated this. “For Moneynetint, the collaboration is a leap forward in the ability to provide advanced services to its customers, opening additional corridors and opportunities that have not been available for them in the past.”
With RippleNet now adding Moneynetint, on its list of firms that use the ecosystem, Ripple shows that it is growing exponentially.
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