Ripple’s partner MoneyNet International has partnered with PXP Financial to facilitate payment processing solutions in the USA and the EU.
MoneyNetInt is an electronic money (e-money) institution which has an existing partnership with Ripple. This partnership essentially enables MoneyNet to leverage Ripple’s infrastructure for cross-border money transfers. As such, the instantaneous transactions on the Ripple blockchain make MoneyNetInt a convenient e-money solution.
MoneyNetInt seamlessly facilitates global currency transactions for local accounts in the US and EU. This company notably achieves this using a multi-currency e-wallet. As such, MoneyNet can allow clients to send and receive global payments and utilize payment schemes in different jurisdictions. Subsequently, the existing partnership with Ripple leverages customers to enjoy rapid, low cost payment options.
MoneyNetInt CEO Yishay Trif spoke of the partnership with Ripple as follows;
“The cooperation signed with Ripple is part of the company’s strategic move to advance into innovative areas of the payments industry and to become a groundbreaking institution in the field.”
Trif contends that RippleNet create uniform parameter for members and facilitates interfacing international financial entities. This way, MoneyNet can increase exposure to more customers without necessarily assuming more risk.
As such, the time it takes for interfacing and approval has reduced by months to a few weeks. The collaboration means that financial institutions that work with RippleNet payment platform to access MoneyNetInt capabilities.
What the Partnership with PXP Financial Will Achieve
The partnership will facilitate seamless frictionless cross-border payment processing in the US and EU. PXP Financial is a payment processor that will enable MoneyNet to offer major global credit and debit card processing.
Moreover, this partnership will open up other payment methods like vouchers, e-wallets, online and offline banking. Notably, this will come with a significant reduction in operations cost as reconciliations reduce overlap.
The head of Business development at MoneyNetInt Avi Staridubsky is excited about this partnership:
“We at MoneyNetint have always prided ourselves on being bold and offering the most innovative and effective solutions for our customers, helping to reduce costs for businesses worldwide. We’re delighted to have joined forces with the team at PXP Financial, and to be working on our joint goal of providing seamless global payment services.”
This will eventually add multi-currency options such as Israeli currency to MoneyNet. As such, this gives the platform more options to current options like the Euro. This means that RippleNet is now visible to more users.
Furthermore, MoneyNetInt can reduce FX conversion rates for customers as well as increasing settlement speed. All this allows MoneyNet to easily expand to new markets it couldn’t reach in the past. Notably, PXP Financial came about with the merger of two payment companies: PXP Solutions and Kalixa. Accordingly, the merger with decades of combined experience in payments and online and mobile solutions make the service possible.
Interestingly, the bigger picture is all this is that Ripple is becoming the crypto that causes real-life benefits for most. Even though Bitcoin is the more famous coin, Ripple can successfully make transactions across the world more efficient. This is because financial institutions can integrate Ripple payments better into their systems. Accordingly, The MoneyNet, PXP financial partnership is an example set to be replicated.