Euronet Subsidiary Ria Taps Ripple Blockchain For Faster Money Transfers

Blockchain, News | May 6, 2019 By:

Ria Money Transfer, a subsidiary of electronic payment services provider Euronet, is using Ripple’s blockchain network to enable instant global payments.

Ria Money Transfer initiates money transfers through a network of agents and company-owned stores located throughout North America, Latin America, Europe, Asia-Pacific, Africa and online. With customers in over 155 countries, more than 377,000 locations worldwide, and $40 billion in money transfer volume per year, Ria is one of the largest payment service providers in the world.

In its announcement, Ria said that it is now using RippleNet, Ripple’s blockchain payment network that surpassed the 200-customers milestone earlier this year. Ripplenet reportedly allows Ria to settle transactions with increased speed, transparency and efficiency and deliver a better experience to their customers. It will also will enable new end-to-end tracking, better visibility into fees, estimated delivery time and status, complementing Ria’s transparency and reliability for the end user.

Juan Bianchi, CEO of Euronet’s Money Transfer Segment, said that 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,” Bianchi said.

Ripple said that this new partnership with Ria will not only expand the global footprint of RippleNet, but it will also enable faster, lower-cost payments to millions around the world.

“This partnership will enable Ripple to expand the reach and solutions for our partners and the overall banking ecosystem,” said Marcus Treacher, SVP of Customer Success, Ripple. “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.”