Ria Money Transfer, a subsidiary of Euronet Worldwide and one of the largest money transfer businesses in the world, has joined RippleNet. Ria will leverage xCurrent to connect and transact with Ripple’s global blockchain payments network of 200+ financial institutions.
The enterprise software solution xCurrent enables banks to instantly settle cross-border payments with low fees and end-to-end tracking.
Ripple will also be able to leverage Ria’s Digital Integrated Payments Cloud, a global fintech ecosystem that the company says allows its partners to disrupt the traditional payments space.
Speaking at Euronet Worldwide’s Q1 2019 Earnings Call, chief executive officer Michael Brown highlighted Ripple.
“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.”
“We signed an agreement with Ripple that gives Ripple access to Ria’s global physical and digital footprint, while also allowing Ria’s customers to connect and transact with Ripple’s network which includes more than 200 financial institutions worldwide.”
With Ria servicing customers in over 155 countries at more than 377,000 locations worldwide, the partnership aims to offer more efficient payments for Ria’s global customers who transact $40 billion annually in money transfers.
Juan Bianchi, CEO of Euronet’s Money Transfer Segment says,
“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, Ripple’s senior vice president of customer success, says,
“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.”