- RippleNet member Finablr works with Alipay to process cross-border payments quickly and securely.
- Blockchain technology is used to process payments. However, it is not yet known whether Ripple payment solutions will be used.
Finablr and Alipay have announced a cross-border money transfer partnership to provide more convenient and comprehensive services to consumers worldwide. Finablr has been a RippleNet partner since the beginning of this year, benefiting from Ripple’s payment solutions alongside 300 other companies.
Finablr and Alipay reach more than 1.2 billion people worldwide
Alipay users benefit from a smooth remittance process via Finablr’s Omni Channel network, which has physical and digital touchpoints in over 170 countries and is represented in almost every country in the world.
As a first step, the Finablr platform has already been connected to Ant Financial’s remittance system. Opportunities are also being explored to further expand the partnership and transaction volume, including Alipay’s e-wallet partners.
Alipay works with local e-wallet partners from China and serves more than 1.2 billion people in China. Alipay is operated by Ant Financial, which is currently the highest rated Fintech company in the world with a value of over $150 billion.
Promoth Manghat, CEO of Finablr, says that further collaboration will help billions of consumers:
Together we seek to empower the financial aspirations of billions of consumers with enhanced access and convenience for their cross-border payments needs. We will continue to build on our complementary capabilities and look forward to collaborating with Alipay on additional opportunities.
Finablr’s Omnichannel network consists of the following brands:
- Xpress Money
- UAE Exchange
The UAE Exchange and Ripple merged at the end of 2018 to process cross-border payments using Ripple payment software. In February 2019, Unimoni announced that they would also use Ripple’s Blockchain network to process cross-border transactions.
Alipay has thus expanded its network to include another partner connected to RippleNet. However, there is no direct cooperation between Ripple and Alipay. It remains to be seen what further developments will follow.
Ripple further on expansion course
Ripple works with over 300 partners worldwide to drive XRP adoption and improve cross-border transactions. Most recently, Ripple invested an additional $50 million in MoneyGram to acquire 9.95 percent of MoneyGram’s outstanding common stock. MoneyGram is excited about the performance of Ripple’s On-Demand Liquidity (ODL) product and will use the investment to open new payment corridors.
TransferGo has also announced that it will intensify its existing partnership with Ripple and promote further payment corridors through the use of ODL. The company’s goal is to increase transfer speed and reduce integration costs. CEO of TransferGo, Daumantas Dvilinskas, describes:
After we opened our Ripple Corridor to India, we were able to pay transfers within minutes.
Brad Garlinghouse, CEO of Ripple, announced that Ripple will provide more than $2 trillion in liquidity to the banking sector. Ripple believes that the existing traditional remittance system is outdated and will be gradually replaced by new solutions. Ripple ODL technology is expected to play a critical role.
The price of XRP has been moving sideways (+ 1.37%) for the last 24 hours and is at USD 0.2283 at the time of writing.