- By using RippleNet, the payment service provider MoneyMatch can do without SWIFT and save up to 40% in transaction costs.
- Kuwait Financial House describes in its new annual report that Ripple’s payment technologies are used alongside SWIFT and are achieving very good results.
MoneyMatch is a global payment service provider from Malaysia that helps small and medium-sized companies to pay suppliers all over the world. In Malaysia, traditional financial institutions charge high exchange rates for small volume transactions, so many companies have to pay disproportionately high transaction and exchange fees.
To address this issue, MoneyMatch has partnered with Ripple to offer low-cost cross-border payments to over 120 countries worldwide. The great advantage of Ripple’s payment technologies is that the transfer can be made in real time at very low cost. XRP acts as a bridge currency. In addition, no nostro accounts are required for pre-financing on the recipient’s account; this task is eliminated due to the use of XRP as a bridge currency.
The financial players operating in Malaysia all offer the same high fees, so there is no attempt to entice customers away from other banks by offering more favourable conditions. By working with Ripple, MoneyMatch can process transactions in a matter of hours and save 40% compared to traditional systems such as SWIFT. Adrian Yap, CEO of MoneyMatch, says:
We struggled to find a decent European partner and were stuck using the SWIFT system to make payments there. 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.
MoneyMatch strives to further expand the use of RippleNet, as there is no alternative in Malaysia so far that offers similar possibilities and reliability in the use of the system:
We are always thinking about how we can serve our customers better. That’s why we’re looking to develop partnerships on RippleNet that will help us build more payment and collection facilities on a global scale. We want to match the ambitions of our SME customers and be the kind of growth partner that they won’t find at any of Malaysia’s traditional banks.
The full interview can be viewed here:
Kuwait Financial House praises technology from Ripple
Kuwait Fincial House (KFH) was founded in Kuwait in 1977 and is now one of the largest banks in the country. KFH already announced the use of Ripple’s payment technologies in August last year. In this year’s annual report, the bank states that Ripple has helped it to further expand its market share and to better meet the needs of its customers:
We have managed this year to accomplish several IT-supported projects […] using Ripple Technology and providing Skiplino service, thus providing better growth opportunities, better response to market needs and increasing our market share as a trustworthy bank.
KFH manages assets of $55 billion and has completed transactions with a volume of almost $35 billion in 2019. The use of Ripple will reduce transfer costs and time for customers and the company, enabling the bank to capture additional market share.
XRP’s price follows the current market trend, falling by 4.33% to a price of $0.18 within the last 24 hours.
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