Since 2004, MoneyNetInt has provided a wide range of financial services for clients across the world. One of the company’s main offerings is low-cost cross-border payments, which is crucial for companies operating in a global market. MoneyNetint joined RippleNet to make its global payments platform even more efficient and secure by deploying the latest blockchain technology to help clients reduce costs and drive new business.
“We support our customers by facilitating their cross-border payments,” explained Business Development Director, Raphael Golan. “Many of them are based in different regions around the globe, but trade with customers in Europe and the US. By utilizing our localized payment network of banks and partners, they are able to process cross-border transactions for a far lower commission than they would in traditional local banks in each of these regions.”
As the global payments market has become more and more competitive over the past five years, MoneyNetint has stayed ahead by developing new solutions and services to provide its clients with better value. At the beginning of 2018, MoneyNetint decided that blockchain technology needs to be explored if the company wants to lead the market to the next level of payment solutions and provide a better customer experience for a market that hasn’t been disrupted in decades.
“We knew that if we could cut transaction time from a few days to less than a day, while still reducing costs,” continued Golan. “It would allow clients to invest more time and money in developing their business. We saw that blockchain technology could disrupt the traditional cross-border payments industry but couldn’t find a partner who could provide a professional and reliable platform until we met the Ripple team.”
Moving Fast and Resolving Pain Points with Ripple
Once MoneyNetint understood that a partnership with Ripple would provide clients with better value including faster, more secure, reliable and cost-effective cross-border payments, the company was keen to move fast. After just eight weeks of development, MoneyNetint was live on RippleNet and quickly on-boarded six other partners to the network.
“It has been extraordinary,” recalled Head of Business Development Avi Starodubsky. “We have established a great relationship with the team at Ripple from day one. With their extensive experience in the field, they understand the pain points of applying new technology to the traditional payments world and were responsive to our requests and needs.”
Along with driving a more cost-effective solution for cross-border payments, RippleNet increases transparency and security around the entire transaction journey. These capabilities have proven to be such a hit with clients that MoneyNetint now emphasizes them with a “Runs on Ripple” tagline on its website.
“Having a partnership with Ripple is an added selling point when recruiting new customers,” said Starodubsky. “Being part of the RippleNet is generating more business and we are constantly introduced to new partners. It also opens doors for relationships with banks and financial institutions around the world, as being a RippleNet member means speaking the Ripple “language,” which essentially reduces time to market dramatically.”
Driving New Growth with Alternative Banking Solutions
MoneyNetint’s latest partnership with another RippleNet member, the Brazilian-based payments provider BeeTech yielded hundreds of transactions in its first month of activity. Such RippleNet connections help not only Brazilian businesses to expand to Europe but also open up additional payment corridors for new and existing MoneyNetint clients—a requirement for the company’s increasingly global client base.
“We’re now working on providing local payments in countries such as the US and the Philippines, both of which have large expat flows,” said Golan. “We’re also seeing increased demand for instant payments and are looking forward to the day when using a digital asset such as XRP to source on-demand liquidity during transactions on RippleNet, will be as simple as using credit cards nowadays.”
Working with Ripple has not just allowed MoneyNetint to reduce costs and provide added value for clients, it has given the company a crucial edge in a competitive market.
“We’ve always strived to give our customers better banking solutions,” concludes Golan. “Ripple puts us in a place to utilize innovative blockchain technology. Not all providers in the market know how to do this like we do, thanks to our relationship with Ripple.”