The Ripple network announced that Ria money transfer, a subsidiary of Euronet Worldwide and one of the largest payment service providers, will be partnering with the San Francisco blockchain startup.
The news of Ria’s collaboration with Ripple was made public in a Twitter post made by the user who quoted tweet of Michael Brown.
We signed an agreement with Ripple that gives a Ripple access to Ria's global physical and digital footprint, also allowing Ria's customers to connect and transact with Ripple's network which includes more than 200 financial institutions worldwidehttps://t.co/xX1LT5czHC
— ANT1 (@ANT159694954) May 1, 2019
Through its collaboration with Ripple, Ria can allow its clients to connect and make transactions via the Ripple Network which now has more than 200 financial institutions and banks from all over the world. Ripple’s xCurrent technology will enable Ria customers to have lower transfer fees and have faster processing times. CEO of Euronet’s Money Transfer Segment, Juan Bianchi, emphasized how Ripple will impact Ria customers:
“At Ria we have developed the second largest Money Transfer network in the world along with a best-in-class compliance program all connected by our proprietary technology. Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners, while delivering faster and cleaner payments to its users.
Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”
Marcus Treacher, SVP of Customer Success, said on behalf of the Ripple company:
“This partnership will enable Ripple to expand the reach and solutions for our partners and overall banking ecosystem. Ria is one of the top money transfer players in the industry, with the second largest network in the world and is known for its class-service. By joining RippleNet, Ria not only enhances our value chain for our partners but will continue to improve remittance times and costs for both their customers and enterprise clients”
On the other hand, Ripple will be able to leverage Ria’s Digital Integrated Payments Cloud. Regarding how this will impact the traditional financial sector, chief executive officer Michael Brown had to say:
“We are using our technology to actively support parties who are making inroads to disrupt the more traditional players by providing them with state-of-the-art technology and immediate access to our expansive physical network, which would take years to build from scratch.”