Two Firms Go Live with Cross-Border Remittances Using Ripple Tech

www.arabianbusiness.com

Two remittance firms have gone live with blockchain-based payments utilizing Ripple technology. The two firms, namely UAE Exchange and Unimoni, are owned by Finablr.

As announced on Sunday, Finablr said that “real-time” cross-border remittances utilizing RippleNet are now live. Initially, the service is available for international payments to Thailand but will expand eventually to other destination countries.

The firm stated that the service was launched in collaboration with Thailand’s Siam Commercial Bank.

Promoth Manghat, the director and CEO of Finablr, stated:

“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”

In addition to Unimoni and UAE Exchange, Finablr also owns brands such as Express Money, Travelex, Remit2India Ditto, and Swych. According to the announcement, the company is also looking to adopt blockchain technology in its other services.

UAE Exchange first announced its partnership with Ripple in February last year. Its goal is to minimize the costs and frictions related to cross-border remittances. In December, Manghat expressed that the firm was looking to roll out Ripple-based payments to Asia by the first quarter of 2019.

There are at least 200 banks and financial firms worldwide that have partnered with Ripple for blockchain-based payments.

The National Bank of Kuwait, for instance, unveiled a new remittance service in December using Ripple technology, the NBK Direct Remit. Furthermore, U.S. banking giant PNC, Malaysian banking group CIMB, and South Korean cryptocurrency exchange Coinone have also partnered with RippleNet in recent months.

Although most of Ripple’s clients have opted not to use XRP, Euro Exim Bank was the first bank to announce that it is utilizing the cryptocurrency for cross-border payments in early January.