UAE Exchange To Use Ripple Platform For Fund Transfers

Ripple strikes yet another deal. The real-time gross settlement platform was chosen by the UAE exchange to conduct instant cross-border payments. According to Arabian Business UAE Exchange is incorporating Ripple’s block chain network to increase speed and cut cost of money transfers to its customers.

The UAE exchange has also entered into partnerships with two more block chain companies in the past six months. The exchange wants to position itself as the leader in bringing the latest financial technologies to its customers.

Commenting on the partnership, Promoth Manghat, CEO of UAE Exchange Group, said

“Incorporating Ripple’s block chain technology into our payment systems will bring customers an enhanced, new payment experience. The early adoption of this game-changing technology allows us to offer a competitive service, as it will have an impact on the speed and cost of cross-border transactions. We are proud to deliver the future of payments with Ripple.”

Ripple’s growing network: Ripple has seen a phenomenal success in the recent past. Around Christmas last year, SBI Ripple Asia announced that they have partnered with three major credit card providers in Japan to improve user experience, solve a variety of issues, and increase efficiency through Ripple’s block chain technology. The participating credit card companies are JCB, Sumitomo Mitsui Card, and Credit Saison.

In early January, MoneyGram (NASDAQ: MGI) signed an agreement with Ripple to test the latter’s network. By January end, IDT Corporation, a publicly traded New Jersey-based telecommunications provider, and MercuryFX, which offers discounted currency exchange rates, signed an agreement to start using Ripple’s xRapid platform. Last week end, Spanish banking group Santander announced that it would soon start offering mobile payments using Ripple’s xCurrent platform. On Sunday, the National Bank of Abu Dhabi announced that it will use use Ripple’s block chain solution to send real-time cross-border payments to its customers. Earlier this week, LianLian International of China announced that it has entered into a partnership with RippleNet to facilitate real-time cross border e-commerce payments between the US, Europe, and China. LianLian will use the xCurrent platform of Ripple to process global payments sent to the Chinese e-commerce market from other RippleNet member banks across the three continents.

Dilip Rao, Global Head, Infrastructure Innovation, Ripple, added,

“We chose to focus on solving inefficiencies in key corridors where payment flows are significant and growing. Adding a market leader like UAE Exchange to RippleNet will bring instant, certain, low-cost payments to the millions of retail customers in the UAE who send money abroad.”

Ripple (XRP) is currently trading at $0.97 in major crypto currency exchanges.