Remittance firms UAE Exchange and Unimoni have gone live with blockchain-based payments using Ripple technology.
Finablr, which owns the two brands, announced Sunday that “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international customers to Thailand. Other destination countries are expected to be added going forward.
The service was launched in partnership with Thailand’s Siam Commercial Bank, the firm said.
Finablr director and CEO Promoth Manghat commented:
Aside from UAE Exchange and Unimoni, Finablr also owns brands such as Travelex, Xpress Money, Remit2India Ditto and Swych, and is looking to deploy blockchain technology across some of their services too, according to the announcement.
At least 200 banks and financial firms around the world have now tapped Ripple for blockchain-based payments.
While most clients have opted to use its payments infrastructure without the XRP cryptocurrency that Ripple helped develop, Euro Exim Bank became the first bank to publicly announce it is using XRP for cross-border payments in early January.
UAE dirhams image via Shutterstock
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