A subsidiary of Euronet Worldwide, Ria Money Transfer, has joined Ripple-backed RippleNet to process blockchain-powered payments. A press release issued by Ripple stated that Ria is one of the largest payment service providers in the world, with over customers in 155 countries, and $40 billion in money transfer volume per year.
The release stated that by integrating Ripple, Ria would have access to new end-to-end tracking, better visibility into fees, estimated delivery time and status, which would supplement its own transparency and reliability.
Juan Bianchi, Chief Executive Officer (CEO) of Euronet’s Money Transfer Segment said, “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, Ripple added, “This partnership will enable Ripple to expand the reach and solutions for our partners and the 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 world-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 customer and enterprise clients.”
In November, RippleNet had announced that it was expanding to Middle East, after onboarding as many as 200 financial institutions onto its platform. At the time, Dilip Rao, Ripple’s Global Head of Infrastructure Innovation had said, “We have to date signed up close to 200 financial institutions around the world, many of them from this part of the world… We now have three banks in Saudi Arabia, two in Kuwait, one in Bahrain, one in Oman, a couple in the UAE here. And it really is our fastest growing marketplace. There is a huge requirement for cross-border transactions that will support the economy both within the region, but also in terms of business.”
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