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.
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.
⚡️Remittance settlement time is 388 times faster on blockchain than traditional channels⚡️
— BLOCKDATA (@blockdata_tech) March 13, 2019
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.
— Ripple (@Ripple) May 2, 2019
Emphasis on Remittance Services
The remittance industry is set to be worth $1 trillion by 2022, according to a report released by BlockData. In 2017, which is the latest data recorded, some $150 billion in remittances was sent from the U.S. alone. Globally, the amount is closer to $625 billion in the same year, reflecting an increase of 6% vs. 2016.
Ripple has continuously improved its platform to ensure a large percentage of remittance volume passes through its payment solutions such as RippleNet, xCurrent, and xVia.
Ripple’s strategy includes simultaneously partnering with several platforms to expand its services globally by creating corridors in specific regions.
InstaREM, RationalFX, Remitr, FlutterWave, and BeeTech have all partnered with Ripple for the development of services centered around the Ripple ecosystem.
Push for Global Adoption
Ripple’s partnership with Ria follows hot on the heels of Saudi British Bank (SABB) announcing they plan to use the blockchain for their Instant Cross-Border Transfer Service.
With nearly $50 billion in assets, the partnership catapults the blockchain startup closer to its goal of overtaking SWIFT as the dominant global payments provider. Dan Morgan, Ripple’s head of regulatory relations, recently stated:
“Unlike the growing trend to try and keep crypto assets separate from financial institutions, we should see them as an additive to the financial ecosystem.”