UAE Exchange And Unimoni Now Live On Ripple’s Network Of Institutional Payment Providersbr>
UAE-based payments and foreign exchange firm Finablr has announced that UAE Exchange and Unimoni are now live on Ripple’s payment network, RippleNet.
Finablr is a global platform that brings together full service payments and foreign exchange solutions underpinned by proprietary technology. The firm’s platform has been built to meet the emerging needs of today’s financial consumers – and the businesses that serve them. The Finablr network has a global reach spanning more than 160 countries and handled more than 150 million transactions in 2017.
After partnering with Siam Commercial Bank, one of the largest banks in Thailand, to provide the service on RippleNet, Finablr said that its network brands UAE Exchange and Unimoni are now on RippleNet. The two network brands will use Ripple’s technology for facilitating seamless cross-border transactions to Thailand and plan to extend it to other countries.
“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience,” said Promoth Manghat, executive director and chief executive officer at Finablr and group chief executive officer at UAE Exchange and Unimoni. “The launch of this service is a significant milestone for us in our commitment to enable seamless services for our customers, and we thank our partners Ripple and Siam Commercial Bank for their collaborative support in this journey.”
RippleNet is a network of institutional payment-providers such as banks and money services businesses that use solutions developed by Ripple to provide a frictionless experience to send money globally. RippleNet members can use the Ripple software to leverage XRP to improve liquidity, which is critical to global payments. Currently, the network operates in over 40 countries across six continents.
“We are excited to see this collaboration go live, allowing customers in any part of the world to send live payments to Thailand instantly and efficiently,” said Navin Gupta, managing director, South Asia and Middle East and North Africa (Mena) at Ripple. “In pursuit of our shared goal to provide a frictionless experience when moving money globally, we will continue to support our partners – UAE Exchange and Unimoni – in their efforts to deliver innovative technology-led financial solutions.”