The blockchain technology is growing at a rapid pace despite the market price constraints being experienced. Industrial players are forming partnerships with blockchain based companies and integrating the technology as well. Ripple Inc. is one of the biggest players in making partnerships around the financial industry with over 200 banks using the RippleNET systems.
The latest partnership with Finablr, the UAE-based payments, and foreign exchange company, promises to provide remittance payments across Thailand and later in other parts of the world. The remittances will be sent through Ripple Inc.’s RippleNET system. The blockchain based system reduces the remittance fees and transaction fees by over 30% hence the massive interest from banks and remittance offices.
Finablr Brands, UAE Exchange, And Unimoni Integrates RippleNet technologies
Unimoni, a global provider of money transfer payments and credit solutions, and UAE Exchange, a remittance and foreign exchange company will integrate RippleNet into their systems.
The move was welcomed by the executive director of Finablr, Promoth Manghat, also the chief executive. Manghat further acknowledged the importance of blockchain as a gateway to streamline remittance payments through an instantly fast, frictionless and secure system.
Finablr partnered with one of the largest banks in South Asia, Siam Commercial Bank, to improve the remittance payments to Thailand through RippleNet. Thailand is one of the largest remittance receivers from the UAE hence the quick implementation to the country. Finablr will integrate the system into more countries around the globe in the future.
The company is focusing on leveraging the blockchain to make more efficient remittance payments and upgrade from the traditional transfer through foreign exchange outlets. As the industry expands, the payments company wants to be part of the revolution in making fast and efficient cross broader payments without a fuss.
Ripple Inc. has over 200 partnerships with banks around the world, integrating its systems to banks such as Santander Bank, MUFG Bank, and Standard Chartered.
The future of global remittances is set to boost the overall implementation and adoption of RippleNET by institutional investors. A World Bank report on the future of global remittances to developing countries highlights the growth of 4% in 2019, pushing the total figure to $549 B.