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Ria Money Transfer is one of the largest payment service providers in the world. The money transfer giant boasts a wide network of customers across 155 countries in the world, as its huge customer base is scattered across over 377,000 locations. No wonder the firm manages to process a total of $40 billion in money transfer volume every year.
The firm, which is a subsidiary of Euronet Worldwide, recently teamed up with one of the largest crypto firms in the world, Ripple (which is behind the XRP cryptocurrency), to create a better customer experience for its customers across the globe. This partnership is expected to help scale up Ria’s customer experience by increasing the speed and efficiency of its money transfer process. The partnership also allows for uninhibited transparency across the global chain.
These are made possible by the state-of-the-art technology in Ripple’s platform, RippleNet, which has a slew of sophisticated technology under its hood that serves real-time blockchain solutions. Therefore, joining forces with Ripple provides Ria with several opportunities such as better visibility into fees, estimated delivery time and status of transactions, and end-to-end tracking of all payments made in the network.
On the other end, Ripple gets to benefit from Ria’s sophisticated Digital Integrated Payment Cloud. Through this tech, Ripple can spread its reach and solutions further across a wide range of customers. Also, Ripple’s customers can now enjoy easy access to Ria’s global platform which supports seamless payment across borders. Besides fast and efficient transactions, they can now transfer money across borders without breaking a sweat.
Commenting on the partnership, the chief executive officer of Euronet’s Money Transfer Segment, Juan Bianchi, asserted that the integration with Ripple’s platform is aimed at building rails for an innovative payment infrastructure that is designed to allow for easy access to potential partners as well as delivering faster and cleaner payments to their customers. He added that time is a vital currency for their partners and customers, and therefore, they always try to keep it at the center of all their innovative efforts.
Marcus Treacher, the SVP of Customer Success at Ripple, also stated that this partnership is a win/win situation for both partners. He added that the partnership with a top player in the global money transfer industry will enable Ripple to expand its solutions to the entire banking ecosystem. Partnering with Ria not only enhances our value chain for our partners, added Treacher, but it also improves remittance times and costs for their clients and customers as well.