MoneyMatch, Malaysia-based global payment services provider, has signed a partnership agreement with Ripple to offer an instant cross-border remittance service.
Ripple offers transfer services in real time and at very low cost. XRP acts as a bridge currency. Furthermore, no nostro accounts are needed on the recipient’s account for pre-financing. This function is eliminated due to the usage of XRP as a bridge currency.
Adrian Yap, CEO of MoneyMatch, said:
“We struggled to find a decent European partner and were stuck using the SWIFT system to make payments there. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.”
MoneyMatch seeks to further extend the use of RippleNet, since there is no alternative so far in Malaysia for providing similar possibilities in the use of the system:
“We are always thinking about how we can serve our customers better. That’s why we’re looking to develop partnerships on RippleNet that will help us build more payment and collection facilities on a global scale. We want to match the ambitions of our SME customers and be the kind of growth partner that they won’t find at any of Malaysia’s traditional banks.”
KFH utilizes RippleNet
On the other hand, a recent report has indicated that Kuwait Financial House (KFH) is promoting the use of Ripple’s payment.
This indicates that Ripple is playing a major role in bringing digital payment systems into the financial sector.
KFH earlier confirmed utilizing RippleNet to process more than 100 million transactions in just one year, which reflects the network’s speed and scalability.
WrathofKahneman, a member of the XRP network, said:
“Kuwait Financial House in today’s Kuwait Times touting the use of Ripple alongside SWIFT for payments. The copy is lifted directly from their recent 2019 Annual Report.”
KFH-Bahrain allows opening accounts through digital platform
Earlier, Cryptolydian reported that KFH-Bahrain has allowed its GCC customers to open banking accounts through KFH Jazeel Banking app in just few minutes.
KFH, which is one of the leading Islamic banks in Bahrain, has stated in a press release that the new app allows customers to make banking transactions and receive financial services in the kingdom.
Moreover, clients can open investment agency accounts and issue credit cards as well as enjoying other banking services provided through the application.