Ripple continues to increase partnerships with large companies that want to be involved in cross border payment. Its latest update is a partnership with the Al Ansari exchange to provide money transfers.
Ripple to Provide Same-day Money Transfer to Malaysia
In the official announcement, the San Francisco based company mentioned that Al Ansari exchange, a UAE-based foreign exchange and global money transfer company, has joined RippleNet – Ripple’s global cloud-based financial network technology to provide same-day remittances to Malaysia
The cross border payment company stated that the service will first promote the transfer of Malaysian Ringgit (MYR), which in the future supports the Brunei dollar (BND) and the Australian dollar (AUD). The latest announcement is coming almost 2 months after Global Money Express (GME Remittance) announced that the company has joined RippleNet.
RippleNet Cloud is one of the most popular services of Ripple. It enables banks and financial institutions from the ageing infrastructure and covers the flexibility, speed and recovery of cloud computing. Since the start of 2021, the adoption of RippleNet has significantly increased.
Managing Director of South Asia and MENA at Ripple, Navin Gupta Commented on the recent announcement in which he stated that Al Ansari is one of the largest and most popular exchanges in the region, focused on expanding its network and constantly developing its customers best financial services.
He also mentioned that Ripple considers this collaboration with MoneyMatch as a spirit of continuity and are excited to work with them to improve cross-border payments in the most important remittance corridors with RippleNet cloud.
RippleNet to Help Partners Accelerate their Business Performance
Due to its speed and economically efficient nature, RippleNet has become popular in financial institutions around the world. At the beginning of this month it partnered with the national bank of Qatar to enhance cross-border payments to Turkey.
Ripple also mentioned in the official press release that Ripplenet uses the blockchain technology to help partners across a global network accelerate their business performance and scale. It provides advanced final customer survey, simplifies network cooperation, liquidity management solutions, lines of credit and the latest infrastructure real-time payment.