The blockchain cross-border payment giant, Ripple has announced its partnership with Malaysian-based global payment app, MoneyMatch. This partnership will enable MoneyMatch to offer faster and more affordable payments to over 120 countries around the world.

Through Ripple’s RippleNet, MoneyMatch has gained fast and easy access to hundreds of global financial institutions and payment providers. The company is a cross-border transfer service provider that helps small and medium-sized enterprises in Malaysia to pay their global suppliers.

MoneyMatch realized that the country’s traditional financial institutions were charging higher transaction rates even on smaller transaction volumes. Hence, it decided to partner with Ripple to offer cheaper and faster payments to more than 120 countries around the world.

According to Adrian Yap, MoneyMatch CEO and co-founder, banks typically focus on larger customers who send higher transactions and can afford higher charges. He added that, the smaller companies however do not have much choice other than to accept these same higher rates, adding to the cost of dealing with foreign suppliers. Yap stated that, their partnership with Ripple was to create an improved cross-border payment process for these smaller businesses.

Yap claimed that their partnership with Ripple has allowed MoneyMatch to cut down its cost by as much as 40%. He added that, they are also able to complete payments within few hours instead of the usual 2 days minimum. He said that their customers began making 4-5 folds of their initial payments with them, after they had gained trust in the company.

The company aims to continue to use RippleNet to expand its markets and create more benefits for its customers. It is envisioned to match the ambitions of smaller businesses and be better partners than Malaysia’s traditional banks.

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