Following a post published by Ripple on its website as regards its partnership with MoneyMatch, Adrian Yap, the CEO of the Malaysia-based cross-border payment service, extolled the collaboration, revealing that it would greatly enhance the services the company offers to its customers.
At the same time, the payment company, which claims to be using other remittance services, is also a partner of Stellar blockchain.
While disclosing that Ripple technology outmatches that of traditional finance institutions, Adrian explained that MoneyMatch prefers Ripple over SWIFT as the latter offers a throughput, seamless, fast and cheap remittance services.
In a video, the MoneyMatch CEO said, unlike Ripple, SWIFT and some other remission services it uses for settling transactions are slow and costly, describing them as being archaic.
Adrain praised Ripple for the instantaneous services it proffers, mentioning that MoneyMatch’s customers would greatly appreciate the new solution.
While explaining that its partnership with Ripple would offer a challenging service against the traditional financial institutions that charge high FX rates on low-profile transactions, Adrain said it proffers cheaper and faster payments in over a hundred countries.
"As the country’s traditional financial institutions were charging high FX rates on the smaller volume transactions, MoneyMatch partnered with @Ripple to offer cheaper and faster payments to more than 120 countries". #FinTech #RippleNet
— MoneyMatch (@moneymatchapp) April 16, 2020
Explaining further on the benefit of the partnership, CEO Adrain said RippleNet helps bring MoneyMatch to limelight as a reliable partner for numerous financial institutions.
“After joining RippleNet, we were suddenly a credible partner for all these financial institutions and payment providers around the world. Working with RippleNet partners allowed us to cut our costs by as much as 40% and instead of transactions taking at least two days, we were completing payments in just a few hours.”
However, the deal has been sealed since 2018, but a revisit by Ripple in its latest publication signals that something important probably happened or is about to happen via the partnership.
MoneyMatch related that with Ripple, it looks forward to extending its tentacles to countries like India, Thailand and USA among others.
Nevertheless, MoneyMatch is also a partner of Stellar Lumen Blockchain, as revealed by Malaysian platform Fintechnews.