Ripple Cross-Border Payments Tech Cuts Costs By 40%, MoneyMatch Says
Ripple has been making headlines a lot in 2020 as well following a successful 2019. The San Francisco-based company is working really hard to boost the complete XRP ecosystem and to trigger the mainstream adoption of XRP as well.
Regarding XRP, it’s been revealed not too long ago that the coin is getting ready for an important surge in price.
A few days ago, we were writing that a popular XRP analyst predicted that the coin is getting ready for a surge in price by 50%.
The crypto analyst in question is Bagsy, and he said that XRP still has to witness the best to come.
Also, the Q1 XRP performance and analysis is out.
MoneyMatch reports a 40% reduction in costs thanks to Ripple
MoneyMatch, a Malaysia-based company that enables small and medium-sized enterprises to send cross-border payments to their suppliers, unveiled that they are enjoying a 40% reduction in costs since they decided to join Ripple’s global payment network back in April 2018.
According to the company’s CEO and co-founder Adrian Yap, Ripple is able to help address some issues that the startup has been dealing with.
After it became a RippleNet partner, MoneyMatch facilitates financial institutions and payment providers in more than 100 countries.
The company explained that it doesn’t have to pay high fees to banks that are often prioritizing larger customers who are making higher-volume transactions.
“We struggled to find a decent European partner and were stuck using the Swift system to make payments there. Working with RippleNet partners allowed us to cut our costs by as much as 40%, and instead of transactions taking at least two days, we were completing payments in just a few hours,” the company says.
They continued and highlighted the fact that this created a lower euro pricing for them as well, and they also have more customers, a thing that results in more volumes.
You should check out the video above to learn more details.
Eduard Watson Author
An experienced finance writer for more than 10 years, active industry watcher, and gadget enthusiast.