MoneyMatch, a Malaysia-based company that enables small and medium-sized enterprises to send cross-border payments to their suppliers, is reporting a 40% reduction in costs since joining Ripple’s global payment network in April of 2018.
According to the firm’s CEO and co-founder Adrian Yap, Ripple is helping address some problems that have hounded the startup.
Since becoming a RippleNet partner, MoneyMatch has facilitated financial institutions and payment providers in more than 100 countries.
The company says it no longer has to pay high fees to banks that often prioritize larger customers that have high-volume transactions.
“We struggled to find a decent European partner and were stuck using the Swift system to make payments there. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.
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In return it created a lower euro pricing for us as well, which then completes the loop. So then we have more customers, which generated more volumes.”
Yap says MoneyMatch is passing on the savings and other benefits to its customers.