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Ria Money Transfer, a subsidiary of e-payment services provider Euronet Worldwide, is the latest to join Ripple’s blockchain-powered global payments network.
Headquartered in California, Ria is one of the world’s largest international money transfer companies with customers in over 155 countries, more than 377,000 locations worldwide, and $40 billion in money transfer volume per year.
Ripple’s blockchain payments network, RippleNet, surpassed the 200-customers milestone earlier this year. Existing members include Mizuho, Westpac, MoneyGram, Santander, Standard Chartered, UAE Exchange, and others.
Ria said that by joining RippleNet’s network it would be able to “settle transactions with increased speed, transparency and efficiency and deliver a better experience to their customers.” It added that Ripple’s technology will enable “new end-to-end tracking, better visibility into fees, estimated delivery time and status, complementing Ria’s transparency and reliability for the end user.”
“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,” Juan Bianchi, CEO of Euronet’s Money Transfer Segment, said.
In addition, RippleNet customers will gain new access to Ria’s global fintech ecosystem, enabling cross-border payments both ways through Euronet’s state of the art Digital Integrated Payments Cloud, the release said.
“This partnership will enable Ripple to expand the reach and solutions for our partners and the overall banking ecosystem,” Marcus Treacher, SVP of Customer Success, Ripple, said. “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,”
