In the latest blockchain news, we have Moneynetint, which is a UK-based provider of foreign exchange services joining Ripple’s enterprise blockchain solution, RippleNet. The recent addition to the RippleNet blockchain has been officially unveiled this Tuesday.
The payments platform provides cross-border money transfers as well as currency exchange services. It recently announced that it has completed the integration phase with Ripple and now has fully deployed the blockchain solution with payments received from RippleNet members in other locations.
Meanwhile, the RippleNet blockchain network now has over 100 members including banks, payment providers and remittance operators around the world – mostly because of its ability to facilitate payouts in Israel’s fiat currency.
According to the director of account management at Ripple, Nadeem Ladki:
“Their ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. 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 and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”
As such, RippleNet is a flagship product that enables near-instant money transfers with on-demand liquidity and end-to-end tracking and transparency on a blockchain. According to many experts, it provides a better advantage than the traditional payment rails (SWIFT) used by the global banking systems, which often take several days to settle a transfer at a higher cost mostly due to the multiple participants in a transaction.
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