Ripple, provider of the leading enterprise blockchain solutions for payments, announced today that its network (RippleNet) is now live in over 40 countries across six continents. The milestone was hit earlier today as new payment corridors opened up in North America, Asia, Africa, Europe and South America.
These new open corridors create more connection points for RippleNet members around the world. This provides their customers with more flexibility when sending money to countries where payments are challenging. Today’s new corridors are in countries where there are large remittance and small business payment needs:
- United Kingdom to Malaysia, Vietnam, Indonesia, Sri Lanka, Bangladesh (via RationalFX, Xendpay & InstaReM)
- Canada to Nigeria (via Remitr & FlutterWave)
- Brazil to Spain, Italy, Germany, France and Portugal (via Beetech & InstaReM).
“By opening up new corridors across North America, Europe, Africa and Asia, we’re expanding the global footprint of individuals who can benefit from faster and cheaper cross-border payments,” said Marcus Treacher, SVP of Customer Success at Ripple. “Whether it’s global banks or technology-forward payments providers like RationalFX, Remitr and Beetech, financial institutions are focused on building connections between themselves so that they can better leverage Ripple’s blockchain technology to help people and businesses in need.”
Chris Humphrey, CEO of RationalFX, said, “This is an exciting new partnership for RationalFX, and continues our strategy to offer a unique service and reach for both our business and private clients.”
Paresh Davdra, Co-Founder and CEO of Xendpay said, “Working with leading blockchain technologies allows us to maintain our promise of driving down the cost of cross-border payments, combined with access to faster more secure money transfers to even more corridors across the globe.”
RippleNet allows financial institutions to use either fiat currency or XRP for payments.
Ripple provides one frictionless experience to send money globally using the power of blockchain. By joining Ripple’s growing, global network, financial institutions can process their customers’ payments anywhere in the world instantly, reliably and cost-effectively. Banks and payment providers can use the digital asset XRP to further reduce their costs and access new markets. With offices in San Francisco, New York, London, Luxembourg, Mumbai, Singapore and Sydney, Ripple has more than 100 customers around the world.
About The Rational Group:
The Rational Group is a leading London based group of companies involved in financial services and payment technologies. Founded in 2005 by Rajesh Agrawal, Executive Chairman (also Deputy Mayor of London for Business), and Paresh Davdra (Co-Founder and CEO of Xendpay), the group has presence in London, Birmingham, France and Spain. Since inception, the group has processed more than £8bn in international payments in over 50 countries and is set to turnover £10.7m in 2018. The company has in excess of 180,000 registered customers in 60 different countries and just shy of 100 employees speaking 15 different languages. Its growth has been achieved organically and is independently owned by its two founders. The Rational Group is a firm believer in giving back to the community and regularly supports several charities, including Oxfam, The Prince’s Trust and the Cherie Blair Foundation for Women.
Companies that are part of The RationalFX Group include:
- RationalFX – A leading UK payments & foreign exchange provider, launched to facilitate businesses and private individuals to transfer foreign currency either through a currency specialist or online 24/7, at highly competitive rates.
- Xendpay – the world’s first Pay What You Want money transfer service, to democratise the global remittance industry and to help small businesses manage their international payment needs.
RationalFX is authorised by the Financial Conduct Authority (FRN: 507958) under the Payment Services Regulations 2009, for the provision of payment services. It is also a member of SWIFT. Issued by HM Revenue & Customs (HMRC) Rational Foreign Exchange Ltd trading as RationalFX is a registered Money Service Business (MSB) – Money Laundering Regulation number: 12206957.
Xendpay is an agent of Rational Foreign Exchange Limited, authorised and regulated by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2008.