Ripple-Partner establishes cooperation with Austrian Post

  • Ria Money Transfer, a long-standing Ripple Partner, has entered into a partnership with Bank99, the new financial services company of Austrian Post.
  • This will enable customers to benefit from fast and cheap cross-border payments.

Austrian Post has founded a new banking and financial services company called “Bank99”. The company announced that it has entered into a partnership with the Ripple Partner Ria Money Transfer. The cooperation will enable Bank99 customers in over 700 post offices to send cross-border transfers to almost 400,000 locations in over 160 countries.

Georg Pölzl, Chief Executive Officer of Austrian Post, describes Ria as the perfect partner to enable customers to process cheap transactions to almost all countries of the world:

Fast, secure and convenient, that is what customers expect from a money transfer. With Ria Money Transfer we have found the ideal partner for our bank99 to offer our customers not only that right from the start, but also a world-class service.

Juan Bianchi, CEO and President of Ria Money Transfer, states that the partnership will strengthen the company’s presence in Austria and at the same time effectively expand the range of services offered by Austrian Post:

This partnership presents a fantastic opportunity to strengthen our presence in Austria, and most importantly to support the Austrian Post’s legacy of reducing distances and promoting equality.

According to the official press release, the partnership will start on April 1, 2020 for selected stores, and all stores should be ready for launch by May 4, 2020. Ria joined RippleNet in May 2019 and since then has access to a global network that can use Ripple’s remittance technology to save time and money on international transactions.

Ria Money Transfer is a subsidiary of Euronet Worldwide, Inc. (NASDAQ: EEFT), a global leader in the money transfer industry. According to current World Bank data, an estimated USD 6.2 billion will be transferred from Austria in 2018, with Germany, Serbia, Hungary, Bosnia and Herzegovina, Poland and the Czech Republic being the most important target countries.

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Austrian Post is the leading logistics and postal services provider in Austria. Its core business comprises the transport and delivery of letters, advertising mail, print media, parcels and packages, as well as various logistics  and other online services.

SendFriend, the global remittance service provider, also relies on Ripple’s remittance technology and recently announced that the use of Ripple’s technologies has saved remittance fees by more than 80%.

Ripple wants to become Amazon for international payments

Brad Garlinghouse, CEO of Ripple, announced in an interview with CNN that Ripple will grow to become the Amazon of the remittance market in the next 5 years. Meanwhile, transaction volumes processed through Ripple grew by over 600% in the fourth quarter of last year and by more than 390% through ODL.

In addition, Ripple has also recorded a new all-time high in transaction volume on 3 payment corridors for the currency pairs XRP/MXN, XRP/PHP and XRP/AUD. The XRP price has fallen 6.89% in the last 24 hours to $0.2705 USD as a result of yesterday’s flash crash.

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About Author

Collin is a Bitcoin investor of the early hour and a long-time trader in the crypto and forex market. He's fascinated by the complex possibilities of blockchain technology and tries to make matter accessible to everyone. His reports focus on developments about the technology for different cryptocurrencies.

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