Altcoin News: UAE Exchange and Unimoni Launch a System for International Payments Based on Ripple

February 13, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

UAE Exchange and Unimoni payment services launched a system for international money transfer using Ripple technology. Finablr, which owns both brands, announced the implementation of international money transfers in real time using RippleNet technology.

Initially, access to the service will be received by the company’s international clients in Thailand, as the service is provided with the participation of the Bank of Thailand Siam Commercial Bank (SCB). It is expected that in the future the service will be available for other countries.

“The adoption of blockchain opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”

According to the company, in addition to UAE Exchange and Unimoni, Finablr also intends to introduce the blockchain technology into other proprietary brands, such as Travelex, Xpress Money, Remit2India Ditto, and Swych.

UAE Exchange signed a cooperation agreement with Ripple in February 2018 to reduce costs and problems associated with international transactions. In December, Manghat announced that the company plans to launch payments based on Ripple technology in Asia by the first quarter of this year.

About 200 banks and financial companies are already using Ripple for payments based on the blockchain. For example, in December, the National Bank of Kuwait (NBK) launched the NBK Direct Remit money transfer service using Ripple technology.

Malaysian banking group CIMB, South Korean cryptocurrency company Coinone and US banking giant PNC also joined RippleNet. Most customers decided to use their payment infrastructure without an XRP token, but Euro Exim Bank was the first bank to publicly announce the use of XRP for international payments.

Author: Marko Vidrih