Ripple has been “Extraordinary,” Helped Us “Generate More Business” States MoneyNetInt
- MoneyNetInt “Runs on Ripple” to make its global platform even more efficient and secure
- Ripple gives MoneyNetInt an edge in the competitive market
- Looking forward to the day when using a digital asset, XRP will be as simple as using credit cards, says Raphael Golan
In its latest “Insights” segment, Ripple covers MoneyNetInt, company that provides financial services for clients all over the world. However, one of its main offerings is low-cost cross border payments, a crucial factor for those operating in global markets.
Established in 2004, MoneyNetInt “Runs on Ripple” to make its global platform even more efficient and secure by using Ripple’s blockchain technology to help reduce costs and drive new business.
“We support our customers by facilitating their cross-border payments,” shared Business Development Director, Raphael Golan. “Many of them are based in different regions around the globe, but trade with customers in Europe and the US. By utilizing our localized payment network of banks and partners, they are able to process cross-border transactions for a far lower commission than they would in traditional local banks in each of these regions.”
At the beginning of last year, the payment solutions firm has been exploring blockchain technology. Then in October 2018, MoneyNetInt joined RippleNet to lead the market to the next level of payment solution and provide a better customer experience.
“We knew that if we could cut transaction time from a few days to less than a day, while still reducing costs. It would allow clients to invest more time and money in developing their business. We saw that blockchain technology could disrupt the traditional cross-border payments industry but couldn’t find a partner who could provide a professional and reliable platform until we met the Ripple team.”
After just eight weeks of development, the company was live on RippleNet and on-boarded six other partners to the network as Avi Starodubsky, the head of business development shared, “It has been extraordinary. We have established a great relationship with the team at Ripple from day one,” he further recalled how Ripple’s extensive experience helped them.
Starodubsky has lot more praises for Ripple as he states how a partnership with it worked as an added selling point to get new customers.
“Being part of the RippleNet is generating more business and we are constantly introduced to new partners. It also opens doors for relationships with banks and financial institutions around the world, as being a RippleNet member means speaking the Ripple “language,” which essentially reduces time to market dramatically.”
Recently, MoneyNetInt partnered with another RippleNet member, BeeTech. These kinds of partnerships help not only Brazilian businesses like BeeTech to expand in Europe but also opens up more payment corridors for new and existing clients of MoneyNetInt.
The company is currently working on providing local payments in countries like the US and the Philippines, which have large expat flows.
“We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays,” said Golan.
Apart from reduced cost and providing added value, Ripple also gives them an edge as Golan states, “Ripple puts us in a place to utilize innovative blockchain technology. Not all providers in the market know how to do this like we do, thanks to our relationship with Ripple.”