Amazing! Ripple Inks a Deal with a $40 Billion Money Transfer Giant

Sal Miah
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Ripple is taking a bigger piece of the payments pie, partnering with Ria Money Transfer, the No. 2 global remittance provider with $40 billion in annual volume. | Source: Shutterstock
Ripple is taking a bigger piece of the payments pie, partnering with Ria Money Transfer, the No. 2 global remittance provider with $40 billion in annual volume. | Source: Shutterstock

By CCN: Ripple has announced its latest partnership. Ria Money Transfer will use RippleNet to facilitate real-time blockchain-powered global payments. XRP, of which Ripple is the largest holder, is up 1% today.

XRP
XRP

The XRP price is down 16% year-to-date. | Source: CoinMarketCap

Ria Money Transfer’s yearly money transfer volume is approximately $40 billion. They rank as the No. 2 service provider in the remittance industry. Ria will leverage RippleNet technology to gain access to hundreds of financial institutions in Ripple’s global blockchain payment network. Some of the most recently added RippleNet customers include WorldCom Finance and BFC Bahrain, to name a couple.

According to a report published by BlockData, money transfer platforms are better off utilizing blockchain-based solutions as they greatly reduce the transaction time and fees attracted per transaction.

Ripple will benefit from the extensive reach Ria enjoys within the global remittance market and will significantly expand its status in fintech. One of the advantages highlighted on Ripple’s website is the access RippleNet customers will gain to Ria’s global fintech ecosystem.

Read the full story on CCN.com.

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