Ria Money Transfer, a subsidiary of U.S.-based payments firm Euronet Worldwide, has joined Ripple’s blockchain-based payments network seeking faster cross-border payments.
In an announcement Wednesday, Ripple said that RippleNet will help Ria settle transactions with "increased speed, transparency and efficiency." Customers stand to benefit too, it adds, with end-to-end tracking, improved visibility into fees and details of transaction status and estimated time of completion.
“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,” according to Euronet’s money transfer segment CEO, Juan Bianchi.
One of the world’s largest money transfer networks, Ria handles $40 billion in volume per year across locations in over 155 countries, according to the announcement.
Marcus Treacher, SVP of customer success at Ripple, said that the partnership will allow Ria to offer improved remittance times and costs for both general customers and enterprise clients.
Ria joins the growing number of financial institutions worldwide to have partnered with Ripple for its blockchain-based payments services. Most recently, these include National Bank of Kuwait, Malaysian banking group CIMB, South Korea’s crypto exchange Coinone, U.S. banking giant PNC, remittance firm UAE Exchange, among others.
In the first quarter of this year, RippleNet added 13 more customers, including Euro Exim Bank and Olympia Trust Company, taking the current total to over 200.
Ria Money Transfer image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.