UAE Firm Taps Ripple Blockchain RippleNet to Launch Cross-Border Payments

RippleNet, the blockchain-based global payment network of Ripple, is set to increase its footprint in the Middle East with a United Arab Emirates-based remittance firm set to unveil cross-border payments using the technology.

According to Reuters, remittance firm UAE Exchange will roll out RippleNet-powered cross-border remittance services to Asia in the first quarter of 2019 in partnership with other financial institutions operating in the region.

“We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia,” the CEO of UAE Exchange, Promoth Manghat, said.

Expat Community

Asia is a lucrative market with regards to remittances owing to its large population working abroad. The United Arab Emirates (UAE), on the other hand, is one of the countries that boasts one of the highest percentages of expatriates relative to the native population. A significant number of these expats hail from Asian countries.

When UAE Exchange joined RippleNet in February this year, the global head of Infrastructure innovation at Ripple, Dilip Rao, buttressed this point noting the ready market waiting to be tapped in the UAE:

“We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”

Growing List of Members

Though Ripple and UAE Exchange did not name the partnering financial institutions, it could be any of the over 100 member banks and financial institutions that have joined RippleNet in the recent past. In Asia, among the most recent banks to join the enterprise blockchain network of Ripple is Malaysia’s Commerce International Merchant Bankers (CIMB) Group, the fifth biggest bank in Southeast Asia by assets.

Just like in the case of UAE Exchange, CIMB Group joined RippleNet to enhance cross-border payments. While CIMB Group already had an existing remittance service known as SpeedSend, incorporating Ripple’s technology is expected to extend the service to the rest of Southeast Asia.

“CIMB’s network already spans 15 countries, nearly 800 branches and offers SpeedSend–one of the best solutions in the ASEAN region. Now, by integrating Ripple’s blockchain technology, they will enable their customers to send vital funds to family, friends and loved ones more efficiently,” the CEO of Ripple, Brad Garlinghouse, said at the time as CCN reported.

Other Asian banks that joined RippleNet this year include India’s Kotak Mahindra Bank and Thailand’s Siam Commercial Bank.


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Author: Mark Emem
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Ripple Penetrates China with xCurrent, Collaborating with AmEx and LianLian Group

Ripple has succeeded in clinching its priority target market, China, through the approval of LianLian’s joint venture American Express, to process card payments in China.

China approved the operation of AmEx, making it the first American company to be given a direct access to the China e-commerce market. This approval empowers AmEx to resolve payments and transactions in Yuan. The settlement of payments can be done via its joint venture LianLian Group, which is Ripple’s customer.

AmEx. which is another global payment platform just like MasterCard had previously indicated interest in the Chinese market, presumed to be the biggest card market by recent analysis. This prompted its move into a joint venture with LianLian Group, and later became the first payment processing venture that operates outside the state-controlled, UnionPay network.

This joint venture, now partners with RippleNet, to provide seamless and faster global payment services to the Chinese e-commerce market. It can process and settle payments in Chinese Yuan Renminbi (CYN) currency unit. This can be achieved by establishing a network with its partner.

The venture which is named Express (Hangzhou) Technology Service Co. is expected by the Chinese government to complete preparation for operation within a year.

American Express and LianLian Group had been members of RippleNet. AmEx joined RippleNet late last year, with the aim of rendering better services to Small and Medium Enterprises in payment processing. LianLianPay which joined the platform early this year already has over 150 million registered customers.

Lian Lian uses Ripple’s blockchain to settle e-commerce payments in China, and also uses Ripple’s xCurrent to settle cross-border payments.

Ripple had been pushing to penetrate China market, now the government seems to have straightened out things for the fintech company.

According to a report from btcnews, a Ripple official stated that the digital asset company has been nursing the idea, and confident to hit China market before the end of this year.

From a report by btcnews.com early this year, Ripple’s head of government and regulatory relationship for the Asia Pacific, Sagar Sarbhai, said that it was still early to discuss such moves. He went further to say that Ripple would definitely launch its decentralized financial tools into China market to settle cross-border payment issues. He said;

“This year you will see more announcements coming in on China, in terms of educating and differentiating us from some of the other cryptocurrencies that are out there.”

Ripple CEO, Brad Garlinghouse, had said last year that “a launch into China was in the pipeline,” obviously there was a delay due to unclear regulations around the blockchain, and the digital assets, in China.

But the Chinese government just lifted the ban on blockchain and the use of cryptocurrencies. Now the use of digital assets is legalized, such that it is now an acceptable payment tool.

Irrespective of China’s strict regulations against ICOs, cryptocurrencies and foreign card-payment services, American Express defied these challenges to break into the country’s e-commerce market.

China’s e-commerce market has grown up to $627 billion more than last year. An estimate of the cross-border payments into the country is targeted at $1.32 trillion this year.

According to a report from a reliable source, some other card-payment companies have been lobbying for years to penetrate China’s e-commerce market. This is a very huge market, estimated to have six billion cards in circulation. A forecast shows it will increase to ten billion by 2020.

The Chinese government seems to be interested in the use of blockchain and DLT, which Ripple uses in its xCurrent and xVia products. China’s central bank sees this move as a very important way of showcasing China’s bank card market to potential foreign investors.

The central bank confirmed that this move would launch in a seamless operation in the country’s e-commerce market and draw in other payment institutions.

AmEx and LianLian are working in connection with Ripple, their operation can connect to xCurrent via multi-hop. This can also lead to a connection with Ripple’s xRapid later in the future.

The director of product at Ripple, Craig DeWitt, said that the incorporation of multi-hop, shows that the network will achieve a lot;

“Multi-hop gives Ripple members the ability to transact with banks or payment providers or digital wallets that they don’t have a direct relationship with. That’s important because in today’s world you need a bunch of bilateral relationships clunkily put together in a chain in order to move money. Multi-hop makes that thing of the past.”

Based on the current collaboration, it is expected that AmEx and LianLian joint venture would soon enter into an agreement with multi-hop to strengthen the network.

The Senior Vice President of product at Ripple stated that the network reach increased as more users signed on to xCurrent;

“xVia allows you to use one standard connection to get you all the benefits of RippleNet and our products. Without xRapid they would use xCurrent and where xRapid is available, they can then add on xRapid and move money on demand using XRP and payout instantly. They get reach wherever xCurrent is available, whether that be a bank [or] a cash payout provider.”

Ripple has been bullish in its crusade to provide a solution to the global cross-border payment issues. This, it hopes to achieve by launching its decentralized financial tools which can make payment processing a better experience across the globe.

Ripple extended its service to Japan in 2016, through a joint venture with SBI, to leverage on the upward trend in non-cash payment in Japan. It also targets to do the same in Korea and other Asia Pacific countries.

Last year, Ripple launched an office in Mumbai, India’s financial center, to render better payment services to India’s digital economy. India’s digital economy is estimated to hit $1 trillion by 2024. Ripple has moved in to provide a seamless payment platform for the banking system in the country.

Ripple has a big vision that may likely make it no 1 company in global payment processing. Well, Ripple may continue riding high as long as another bull doesn’t jump into the scene.


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Author:  Judith Riseshine
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Banco Santander Will Use Ripple (XRP) For Settling All Payments

Banco Santander, the multinational commercial bank and financial services company headquartered in Santander, Spain, will be using Ripple (XRP) to settle payments and improve customer experience through its OnePay FX platform.

XRP and Banco Santander

At this year’s Swell conference in San Francisco, Ripple announced the launch of its xRapid product. It’s a solution which is going to be used by payment providers, including Cuallix, Mercury FX, as well as the cooperative financial company called Catalyst Corporate Federal Credit Union.

Another notable highlight of the event was the speech of Ed Metzger – the Head of Innovation at one of Ripple’s well-known partners – Banco Santander.

Metzger said that the bank will happily use XRP in order to settle all of the payments with its OnePay FX payment platform. The solution is used to make quick international transfers on the same day.

According to Metzger, the addition of RippleNet into OnePay FX is likely to streamline the process of other banks beginning to use XRP-related products in countries like South Korea and Japan. He said:

Too many companies have a peanut butter problem. They’ve spread themselves very thin, working on lots of different initiatives. By contrast, Ripple has gone deep in understanding.

XRP Moving Forward

Apart from Banco Santander and the three companies mentioned above which have already begun using XRP to settle payments, the company managed to accomplish a serious win in late September. As Live Bitcoin News reported, PNC Bank became the very first major U.S. banking institution which is going to join RippleNet.

Speaking on the matter was Ripple’s Senior VP, Marcus Treacher, who noted:

For far too long, the technology underlying cross-border payments has been opaque, slow and costly. […] Quite a few payment providers have joined RippleNet recently, so it’s great to see one of the major U.S. banks come on board as well.

In another sign of Ripple’s growing popularity, almost 10,000 people signed a petition to make XRP the official cryptocurrency of the Tokyo Olympics in 2020.

What do you think of Ripple’s usage? Will more organizations start taking advantage? Let us know in the comments below!


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Author: JOSHUA MORRIS
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RippleNet’s ‘Multi-Hop’ Feature To Ease Cross-Border Transactions In S. East Asia

In traditional banking, for there to be a cross-border payment, two banks had to be directly connected on a one-on-one basis. The situation in the Association of South Eastern Asian Nations (ASEAN) was exactly this way up until the Siam Commercial Bank (SCM) –  a member of RippleNet – became the first financial institution in the region to explore a new feature on the network known as ‘Multi-hop’. Using this feature, SCM will be able to act as an efficient go-between by receiving and forwarding payment transactions for institutions in the region that are not directly connected.

The team at Ripple goes on to explain the process as follows:

With multi-hop, financial institutions can connect directly to SCB, which can settle and payout across the region without exchanging currencies multiple times and adding heavy fees. The result is a seamless payments experience into and out of the ASEAN region.

This new feature is particularly efficient given that financial institutions in the region had to first convert their local currency into USD then settle across numerous connecting banks before the funds reached the intended receiving financial institution.

The new efficiency bought about by the ‘Multi-hop’ feature will make payments easier regardless of the size of the payment or the liquidity of the financial institution sending or receiving the funds. This is primarily beneficial for Small to Medium Enterprises (SMEs) who are responsible for 60% – 70% of employment in the developing world which includes countries in ASEAN.

RippleNet Showcased as Sole Payment Solution on Ripple.com

The recently updated Ripple website has showcased RippleNet as the sole payment solution for global banks and remittance service providers. The new website no longer has Ripple’s other products of xCurrent, xVia and xRapid.

Some XRP fans have postulated that RippleNet is the famous ‘Convergence’ solution that was to integrate all the above 3 products into one seamless payment solution.

With the Swell event less than 48 hours away, the members of the crypto community are anxious to find out what will be announced during the exciting two day event.


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Author: John P. Njui
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Ripple Reveals xRapid Strategy, Says XRP Will Power Global Payments Revolution

The co-founder and executive chairman of Ripple is revealing his vision for how crypto and blockchain technology will disrupt the global payments industry.

At the Crypto Finance Conference in Half Moon Bay, California, Chris Larsen said he believes payments are blockchain’s killer app, and described how Ripple will utilize XRP to power payments around the world.

“For payments, which again we think are the killer app, we think that’s where it all starts. For payments, we think that has additional requirement. You’ve got to have settlement predictability. You’ve got to have consistent low costs. You’ve got to have high throughput…

xRapid, that’s a component of RippleNet. That allows payment providers to lower the cost and liquidity for their global payments. So it allows, for example, a bank that’s trying to send money to Mexico to use XRP as the intermediate currency. They don’t necessarily have to hold XRP, but it’s used to make things very efficient.

So in this example, a customer’s going to a remittance company in the US. Those dollars are now exchanged into XRP through Bittrex, which is a great exchange. It’s immediately settled in XRP in seconds. Bitso, an exchange, then provides the exchange between XRP and Mexican peso that can now be delivered to a Mexican bank, which, because they have a real-time system in Mexico, allows that to go into the customer’s account very quickly.

This now allows payment providers, banks and their customers to move value in one to two minutes versus days or a process that might mask those days but have to charge for the settlement risk and costs.”

Larsen says xRapid and the company’s suite of blockchain-based software solutions is designed to create a system that’s not only fast and inexpensive, but rock solid and secure, with essentially a zero rate of failure.

“These are atomic transactions. They can’t fail in the mail. There’s no settlement risk. And that gives their customers a much better experience. So the banks and their customers, they know in today’s world they’ve got to be lightning fast. And this really allows them to do that.”


 

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Author: Daily Hodl Staff
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Ripple [XRP] To Transform The Economy How We Know It

With the bears having their saying for first half of the year, crypto-investors are hoping the most out of the second part of 2018 and hopefully gain will be witnessed.



Ripple For the Change
Being part of the cryptocurrency community for a longer time, make you forget for the near term changes in prices while tending towards the longer-term ideas. That is why much curiosity is around the startup Ripple, its token XRP and the blockchain based financial solutions the team is offering that aim to shake the global-cross border transactions how we know them.

The crystal clear goal of the team behind Ripple is to change one industry for the better. Much like Amazon, in its time when it wanted to change trading much faster and user friendly with delivery option, that is what Ripple is attempting to do for the cross-border transactions.

Furthermore, Ripple is aiming to solve real-life problems, and they are inventive by offering a solution to real-life problems through its xRapid. Ripple’s xRapid will use its token, XRP, to achieve this feat.

Ripple – Founder
Brad Garlinghouse was recently interviewed by CNBC at the recent Money 20/20 event in Amsterdam. Ethereum World News had earlier mentioned the manner in which Ripple (XRP) would more or less defeat Bitcoin (BTC) in the future, as an offshoot opinion piece of Mr. Garlinghouse’s comments during the same interview.

Brad Garlinghouse was noted as saying that there is a list of major banks in line to use the xRapid platform by the end of this year; with dozens expected to be doing so by next year. He had this to say about xRapid:
By the end of this year, major banks will use xRapid as a liquidity tool. By the end of next year, I would certainly hope that we will see…in the order of magnitude…of dozens. But we also need to continue to grow that ecosystem…grow the liquidity.

Ripple – Swift
The Society for Wordwide Interbank Financial Telecommunication or SWIFT is around and close the same for over 40 years. Created in Brussels, Belgium 1973. It has done its part of allowing cross-border transactions to happen, but with no change of development. That is why a new, best be, blockchain solution is needed to be implemented.

With Ripple introducing the xRapid solution to transfer the XRP token to source liquidity, various existing issues would be solved. The whole process could take only 3 sec per transaction.

In the long term objective, with the prices hitting rock-bottom right around now it could be best to step in. However, as usual trade safely and do not overtrade.


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Author: MaxPositives
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