Wednesday, August 12, 2020
No menu items!
  • News
  • XRP News
  • Contact Us
More

    DeeMoney Partners With Ripple to Power Faster and Cost-Efficient Cross-Border Money Transfer

    Must Read

    Vitalik Buterin: ETH 2.0 Is Taking a Long Time, but I’m Happy with the Progress of Launched Testnets

    Many non-Ethereum community members, especially the Bitcoin Maximalists, have seized the opportunity of the delay in the launch of...

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing...

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed...
    Avatar
    Solomon Odunayo
    Solomon has a growing passion for writing, this propelled him to keenly work on Eagles News Media for about two years before delving into the cryptocurrency and Blockchain industry he finds more interesting. He worked as a crypto Journalist and Editor at NewsLogical before joining Herald Sheets, owing to the priceless experience he has accumulated since he became a contributor in the crypto community.




    DeeMoney, a fintech company based in Thailand that specializes in digital cross-border money transfers has recently announced its partnership with Ripple, the blockchain tech based in the United States, to power faster and cost-efficient cross-border money transfer.

    According to the report, through Ripple’s partnership with DeeMoney using RippleNet, over 1 million Thais working globally can now transfer money back home at the lowest fees and best rates.

    The report also stated that DeeMoney is the first non-bank institution in Thailand to use RippleNet. The Thailand-based fintech company presently uses RippleNet to process inbound payments into the country.

    These remittance corridors are South Korea, Indonesia, Singapore, Israel, including the Middle East and Gulf regions.

    All transactions effected via DeeMoney are processed and settled within 24 hours into all Thai bank accounts, making it an effective pay-out partner for international remittance companies with volumes into Thailand.

    Using RippleNet, the efficiency of transfers has improved for those sending money from the growing number of financial institutions.

    Regarding the second phase of implementation, DeeMoney will use RippleNet to facilitate outbound transfers from Thailand and determine the best partner in destination countries for payouts.

    Reacting to the partnership with Ripple, Aswin Phlaphongphanich, the CEO of DeeMoney said, “Ripple is currently at the forefront of technology and compliance regulations. Its technology provides a single, automated system that speaks the same way to all its 300 partners worldwide, making it simple for our tech teams to integrate into our process. This helps to reduce manual work and intervention, which in turn reduces costs, of which the savings are passed to our customers.

    “We are excited to partner with Ripple as, together, we aim to democratize finance in Thailand by bringing a new level of efficiency and accessibility for cross-border transactions to and from the nation.”

    SVP of Customer Success at Ripple, Marcus Treacher also reacted as follows;

    “The digital banking revolution is taking Thailand by storm, and DeeMoney is a key player in this. By being the first non-bank institution in Thailand to use RippleNet, it redraws the boundaries and rules of engagement by providing efficient international transfers at low fees and competitive rates. Thailand has stated its intention to be a Smart Nation and we are proud to be an enabler of the process by partnering with DeeMoney.”




    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    Latest News

    Vitalik Buterin: ETH 2.0 Is Taking a Long Time, but I’m Happy with the Progress of Launched Testnets

    Many non-Ethereum community members, especially the Bitcoin Maximalists, have seized the opportunity of the delay in the launch of...

    A New Digital Asset That Surged By 1,800% on Its Launch Day

    A new digital asset is presently attracting the attention of traders and investors in the crypto space after experiencing a 1,800% price increase on...

    How Flare Network and Spark Token FXRP Will Substantiate the Utility of XRP for Its Holders

    Many crypto community members have been voicing their opinions regarding the underway Flare Network’s native token that is proposed to come as a stablecoin,...

    Coinbase Users Can Now Use BTC, ETH, XRP to Pay For Goods Directly

    The integration of the merchant processor BitPay and Coinbase has given users of the top US-based cryptocurrency exchange the enablement to pay for goods...

    VeChain and University of Oxford in Joint Research to Support Blockchain Industry

    Due to the importance of consensus protocols in the blockchain industry, VeChain and the University of Oxford have jointly proposed an evaluation framework for...

    More Articles Like This