Moneynetint, a UK Foreign Exchange Firm for the corporate sector has integrated and deployed decentralized payments using Ripple blockchain network RippleNet.
Moneynetint which is based in London revealed an ongoing collaboration with San Francisco-based blockchain industry Ripple on Tuesday.
Moneynetint which provides cross-border money transfers and currency exchange services, said it has completed the integration phase with Ripple and has also deployed the blockchain solution with payments received from other RippleNet members.
RippleNet is Ripple’s enterprise blockchain network with over 100 members including banks, payment providers and remittance operators globally.
Nadeem Ladki, Ripple’s director of account management praised the addition of the UK-based firm to RippleNet due to its ability to facilitate payouts in Israeli fiat.
“Their ability to now facilitate payouts in Israeli New Shekel – in addition to Euros – on behalf of other RippleNet members is another big step in expanding the overall network. By leveraging Ripple’s blockchain technology, Moneynetint will now be able to simplify and reduce the FX conversion rates for their customers, increase the speed of settlement and offer services to new markets that would otherwise have been too difficult or too costly to reach in the past.”