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MoneyMatch and Ripple Team Up To Make Faster and Cheaper Cross Border Payments | XRP Right Now

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MoneyMatch and Ripple Team Up To Make Faster and Cheaper Cross Border Payments

MoneyMatch is an international remittance provider that focuses primarily on small to medium-sized companies based in Malaysia. After they adopted the protocol from the San Francisco-based Company ripple, they had faster and low-cost payment services which were provided to more than 120 countries on a global scale.  Before MoneyMatch adopted the ripple powered solution, the company was using the traditional SWIFT network which helped them clear European payments. This typically took up to 48 hours for a transaction to clear however, with the Ripple solution, only a few hours are needed.

“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.”

Co-founder, Adrian Yap stated:

“Banks typically focus on larger customers who are sending higher volume transactions and can afford higher fees.”  SMEs don’t have much choice other than to accept these same rates, which adds to the cost of dealing with foreign suppliers. We worked with Ripple to create an improved cross-border payment process that offers these customers better rates and faster transaction times.”

 

Let’s look at the current destinations supported by MoneyMatch and compare them to the known ODL corridors:

Australia (AUD)

Malaysia – Australian Dollar

Brunei – Australian Dollar (coming soon )

Mexico (MXN)

Malysia – Mexican Peso

Brueni – Mexican Peso (coming soon)

Philippines (PHP)

Malaysia – Philippine Peso

Brueni – Philippine Peso (coming soon)

United Kingdom (GBP)

Malaysia – Pound Sterling

Brueni – Pound Sterling (coming soon)

Euro (EUR)

Malaysia – Euro

Brueni – Euro

Austrai – Euro

Brazil (BRL)

Malaysia – Brazilian Real

Brunei – Brazilian Real

 

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