The concept of cross-border transactions has been given a huge boost with MoneyMatch, a FinTech startup announcing that they have conducted their first ever cross-border transaction out of Malaysia using Ripple’s product, xVia.
Adrian Yap, the CEO of MoneyMatch stated:
“We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry.”
The MoneyMatch team have revealed that the company partnered with Ripple to integrate the cryptocurrency company’s xVia technology to ensure seamless and faster cross-border transactions. The report by the company stated that Ripple’s technology was used to send money from Malaysia to Spain, thereby converting Malaysian Ringgits to Euros. MoneyMatch also added that the transaction was completed within a couple of hours whereas transactions on traditional ecosystems like SWIFT would have taken days.
According to reports from the company, once the transaction to Spain was completed, MoneyMatch conducted trade from Malaysia to Germany, Latvia, and Ireland.
This is not the first time that xVia has been used by a financial institution with the latest partnership being with Plato, a London based all in one smart banking platform. The company will be making use of Ripple’s xVia interface to enable cross-border payments across various networks.
In a press release on 28th August, Platio’s CEO, Dima Okhrimchuk, briefly explained the mission of the company. He had stated:
“Platio aims to take the best features from both crypto and fiat financial systems. Our Smart Banking Ecosystem is set to increase confidence in crypto as an asset and drive its global adoption”.
Ripple’s rapid entry into the banking industry has also been quite apparent with news of the cryptocurrency company’s partner, Banco Santander, partnering with SWIF to go live in countries such as Spain. The United Kingdom, Poland, and Argentina.
The announcement read:
“With SWIFT gpi, Santander can now offer a rapid cross-border payments service – with real-time payments tracking and transparency on bank fees and foreign exchange rates.”
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