Remittance firms UAE Exchange and Unimoni have gone live with -based payments using technology.
Finablr, which owns the two brands, announced Sunday that “real-time” cross-border remittances using RippleNet are now live, starting with payments for its international to Thailand. Other destination countries are expected to be added going forward.
The service was launched in partnership with Thailand’s Siam Commercial Bank, the firm said.
Finablr director and CEO Promoth Manghat commented:
“The of opens up considerable potential to streamline remittances and provide a frictionless, fast and secure payments experience.”
Aside from UAE Exchange and Unimoni, Finablr also owns brands such as Travelex, Xpress Money, Remit2India Ditto and Swych, and is looking to deploy technology across some of their services too, according to the announcement.
UAE Exchange first with in February 2018, aiming to reduce the costs and frictions associated with cross-border transactions. In December, Manghat that the firm was planning to launch -based payments to Asia by the first quarter of this year.
At least 200 banks and financial firms around the world have now tapped for -based payments.
Back in December, National Bank of Kuwait (NBK) a new remittance service, dubbed NBK Direct Remit, using ’s technology. Malaysian banking group , South Korean crypto exchange and U.S. banking giant have also joined RippleNet in recent months.
While most clients have opted to use its payments infrastructure without the XRP that helped develop, Euro Exim Bank became the first bank to it is using XRP for cross-border payments in early January.
image via Shutterstock
Published at Mon, 11 Feb 2019 15:12:16 +0000
