Ria money transfer, a subsidiary of Euronet Worldwide and one of the largest payment service providers, announced their future cooperation Ripple, a blockchain startup from a Silicon Valley that works in the sphere of cross-border payments and global micropayments. Let’s analyze what pushed them to this decision and what benefits they are going to get out from it.
The first information about their collaboration broke out in Twitter published by the user who quoted the twit 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
By signing an agreement with Ripple, Ria’s customers get the opportunity to connect and transact through Ripple Network that has partnered more than 200 financial institutions around the globe. Moreover, Ripple’s xCurrent will help them to cut down on transaction costs and speed up the process itself. Juan Bianchi, CEO of Euronet’s Money Transfer Segment, underlined:
“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.”
On behalf of Ripple company Marcus Treacher, SVP of Customer Success, noticed:
“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”
With this collaboration, Ripple is going to increase its physical and digital footprint. Ria gives Ripple an ability to leverage Ria’s Digital Integrated Payments Cloud. According to chief executive officer Michael Brown, it demolishes the traditional payment space:
“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.”
Not less important is that Ripple will be able to earn more trust and therefore, more clients and partners worldwide.
Another Push for XRP Adoption?
Speaking about the partnership with Ria Money Transfers, appears the question: “Will it have influence on the XRP?” It is a really a big deal for Ripple to gain approval and adoption of such a big company as Ria. However, xCurrent does not necessarily require the use of XRP. That means that the approval of xCurrent does not mean further push for XRP adoption.
Just for a reminder, it is not the first big partnership deal for Ripple recently. They also launched the Instant Cross-Border Payment Service with Saudi British Bank (SABB), a multibillion-dollar banking giant currently controlling $50 billion in assets, SABB that joined RippleNet in 2018.