“With Ripple, we can connect to numerous companies via one API" - the CEO of Moneynetint.
Ripple (XRP) has recorded another major signing, with Moneynetint, a United Kingdom-based e-money outfit announcing on Tuesday that it has teamed up with Ripple to use the company’s Blockchain-based instant Payments rails.
Moneynetint is a provider of foreign exchange services, specifically, cross-border money transfers and currency exchange services. Recently, it has been increasing the number of partnerships with fintech firms to provide these services to corporate clients across the globe who want to make their operations more efficient.
On Tuesday, the company announced that it had completed the integration with RippleNet. In addition, Moneynetint has already received payment instructions from two other network partners. These partnership agreements will allow the firm to process payments in a decentralized manner.
“Ripple’s technology is very interesting and can revolutionize the payments industry in the near future,” said Yishay Trif, the CEO of Moneynetint, in an interview with Finance Magnates.
He explained the advantages in onboarding Ripple technology, as opposed to the company’s prior practices: “Until now, if we wanted to connect to a certain company, we needed to do it through its API. This requires adjusting our systems to fit this API. This means costs and time.”
“With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple end users,” he added. “Connecting to banks that implemented the system is also much easier now.”
According to Trif, another factor that lowers the costs is the stable nature of the system and the (almost) lack of problems – that are common in other systems.
Beyond the costs, Trif also noted the pace of currency transfer with the new system: “The speed of data transfer is amazing. A transaction can go through in [sic] an amazing pace”.
However, as much as he is excited about the advantages of the distributed ledger technology, he is quite conservative when it comes to cryptocurrencies.
“We see DLT as a game changer for the payments technology. That’s why we wanted to be among the first to implement it. But when it comes to cryptocurrencies, we have a long way to go in terms of regulations and implementation. That’s why we don’t use cryptocurrency payments.”
Commenting on the partnership, Nadeem Ladki, director, account management at Ripple, added: "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."
RippleNet is a blockchain-based cross-border payment network. The company has managed to develop services which can transfer money faster and cheaper than the legacy system SWIFT. These services have been tested by some of the biggest companies in the world, and Ripple claims that approximately 100 financial institutions in tens of countries have signed up to RippleNet already.
In September, Finance Magnates reported that the Ripple team announced that PNC Bank – a top ten lender in the United States with over $6.0 billion in deposits – had officially joined RippleNet to tap its increasingly popular blockchain solution for cross-border payments and settlement.
Will Ripple partner with SWIFT?
One rumor to gain traction recently is that Ripple is considering partnering with SWIFT itself. While this rumor is yet to be confirmed, participants expect if the rumor is true than an announcement will be made at SWIFT’s SIBOS conference in Australia later this month.
Ripple (XRP) has recorded another major signing, with Moneynetint, a United Kingdom-based e-money outfit announcing on Tuesday that it has teamed up with Ripple to use the company’s Blockchain-based instant Payments rails.
Moneynetint is a provider of foreign exchange services, specifically, cross-border money transfers and currency exchange services. Recently, it has been increasing the number of partnerships with fintech firms to provide these services to corporate clients across the globe who want to make their operations more efficient.
On Tuesday, the company announced that it had completed the integration with RippleNet. In addition, Moneynetint has already received payment instructions from two other network partners. These partnership agreements will allow the firm to process payments in a decentralized manner.
“Ripple’s technology is very interesting and can revolutionize the payments industry in the near future,” said Yishay Trif, the CEO of Moneynetint, in an interview with Finance Magnates.
He explained the advantages in onboarding Ripple technology, as opposed to the company’s prior practices: “Until now, if we wanted to connect to a certain company, we needed to do it through its API. This requires adjusting our systems to fit this API. This means costs and time.”
“With Ripple, we can connect to numerous companies via one API. It’s basically a hub for multiple end users,” he added. “Connecting to banks that implemented the system is also much easier now.”
According to Trif, another factor that lowers the costs is the stable nature of the system and the (almost) lack of problems – that are common in other systems.
Beyond the costs, Trif also noted the pace of currency transfer with the new system: “The speed of data transfer is amazing. A transaction can go through in [sic] an amazing pace”.
However, as much as he is excited about the advantages of the distributed ledger technology, he is quite conservative when it comes to cryptocurrencies.
“We see DLT as a game changer for the payments technology. That’s why we wanted to be among the first to implement it. But when it comes to cryptocurrencies, we have a long way to go in terms of regulations and implementation. That’s why we don’t use cryptocurrency payments.”
Commenting on the partnership, Nadeem Ladki, director, account management at Ripple, added: "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."
RippleNet is a blockchain-based cross-border payment network. The company has managed to develop services which can transfer money faster and cheaper than the legacy system SWIFT. These services have been tested by some of the biggest companies in the world, and Ripple claims that approximately 100 financial institutions in tens of countries have signed up to RippleNet already.
In September, Finance Magnates reported that the Ripple team announced that PNC Bank – a top ten lender in the United States with over $6.0 billion in deposits – had officially joined RippleNet to tap its increasingly popular blockchain solution for cross-border payments and settlement.
Will Ripple partner with SWIFT?
One rumor to gain traction recently is that Ripple is considering partnering with SWIFT itself. While this rumor is yet to be confirmed, participants expect if the rumor is true than an announcement will be made at SWIFT’s SIBOS conference in Australia later this month.
From Rupees to Rand: India's UPI Makes a Play for Africa
Network, Learn, Grow | FMAS:24
Network, Learn, Grow | FMAS:24
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
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#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
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Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Where the Prop Trading Industry Goes from Here | Finance Magnates Podcast
Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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Explore the tumultuous world of prop trading in this Finance Magnates podcast episode, featuring insights from Head of Axi Select, Greg Rubin.
We're discussing the challenges and shifts caused by MetaQuotes' pivotal decisions affecting MT4 and MT5 users, and how Axi Select offers a unique, realistic path to professional trading, steering clear of traditional prop firm pitfalls.
Tune in for expert analysis on the future of trading and innovative funding models.
The Axi Select programme is only available to clients of AxiTrader Limited. CFDs carry a high risk of investment loss. In our dealings with you, we will act as a principal counterparty to all of your positions. This content is not available for AU, NZ, EU and UK residents. For more information, refer to our Terms of Service. Standard trading fees apply.
This content is provided solely for general informational purposes and should not be construed as financial product advice or an investment recommendation. It has been prepared without considering your personal circumstances.
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