Ripple has announced its latest partnership. Ria Money Transfer will use RippleNet to facilitate real-time blockchain-powered global payments. XRP, of which Ripple is the largest holder, is up 1% today.
Ria Money Transfer’s yearly money transfer volume is approximately $40 billion. They rank as the No. 2 service provider in the remittance industry. Ria will leverage RippleNet technology to gain access to hundreds of financial institutions in Ripple’s global blockchain payment network. Some of the most recently added RippleNet customers include WorldCom Finance and BFC Bahrain, to name a couple.
According to a report published by BlockData, money transfer platforms are better off utilizing blockchain-based solutions as they greatly reduce the transaction time and fees attracted per transaction.