Ripple has been busy building partnerships and capturing global markets one step at a time. Finablr’s UAE Exchange and Unimoni, who had partnered with Ripple in 2018 have announced going live with cross-border payments using Ripple’s blockchain technologies.
Finablr is a UAE-based payments and foreign exchange company that has partnered with Siam commercial bank, in Thailand and is also connected to Ripple.
In a statement on Sunday, Finablr announced that it will provide cross-border payment services using RippleNet and it also mentioned that it had plans to expand these services to other countries.
Promoth Manghat, the director and chief executive of Finablr stated:
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
Considering South Asia’s chunk of remittance was roughly $613 billion and was one of the largest contributors to the remittance sector, the partnership between Ripple and UAR’s Finablr could be huge. A large portion of the contributions to the above comes from expatriate workers in the Middle East.
Moreover, since the usual cross-border transfers are prone to various problems the transition to blockchain technology could benefit a lot of the involved parties.
In addition to the above, in December 2018, Promoth Manghat said:
“Blockchain holds tremendous promise for the industry but there is progress to be made before we see it go fully mainstream… We expect to go live with Ripple by Q1, 2019 with one or two Asian banks. This is for remittances to start with, from across the globe into Asia”
Finablr has been busy in terms of acquiring companies to further facilitate cross-border payments and increase their reach. A example of this was its recent acquisition of Indian digital payments firm TimesofMoney.
As reported by The National:
“The company [Finablr], which is owned by Indian-born businessman BR Shetty, processed more than 150 million transactions in 2017 through its network that includes Xpress Money, Unimoni, Remit2India, Ditto and Swych.”
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Ripple’s initiative invests in Bolt Labs to improve secondary payment channels and expand interoperability
Ripple’s arm, Xpring which invests and incubates in companies and individuals which help improve the XRP ecosystem, invested in Bolt Labs. With the new investment, Xpring hopes to develop solutions that will help improve the security of secondary payment channels and increase the interoperability by integrating with the ILP.
Bolt is a private, off-chain scaling solution which was built on top of Z-cash, a privacy-focused cryptocurrency, has attracted more than a few well-known investors in the crypto-space and Ripple’s Xpring is one among them. In a blog, Bolt Labs said that their solution will focus not only on ZCash but also other publicly available cryptocurrencies that do not have inherent on-chain privacy features.
It also stated:
“The potential for these implementations to be networked together with technologies like Interledger opens the potential further for cross-chain interactions with these privacy guarantees baked in.”
The above statement suggests that they might have a “potential” implementation for these on Interledger Protocol [ILP]. ILP was created at Ripple developed by the Interledger W3C Community Group. ILP aims at connecting two different blockchains, to integrate two different ledgers and have seamless operations between them.
This would vastly benefit the payments industry, which is facing a revolution at the hands of a nascent technology like blockchain. Ripple, a payments provider, which is leveraging cryptocurrency and blockchain to facilitate faster payments, would benefit largely from this partnership. In addition, this could also signify a potential development on the XRP Ledger and its on-chain/off-chain privacy and the currency, XRP.
A Twitter user @XRPCentre tweeted:
“If the solutions being developed by the company are able to improve the privacy of the ILP transactions, they would also be enhancing the privacy of XRP/ILP payments, which is a very demanded feature…. It’s all about interoperability and destroying network effects. If ILP succeeds in being the best protocol for cross-protocol/ledger transactions, you’d naturally search for the best asset therein.”
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