Subsidiary of Euronet Worldwide and specialists in money remittances, Ria Money Transfer has teamed with RippleNet to enable blockchain-powered global payments.
Ria possess customers in over 155 countries with more than 377,000 locations worldwide, the firm said it deals with $40 billion in money transfer volume per year.
“At Ria we have developed the second largest Money Transfer network in the world along with a best-in-class compliance program all connected by our proprietary technology,” added Juan Bianchi, CEO of Euronet’s money transfer segment.
“Ria’s integration with Ripple serves to build rails for an innovative payment infrastructure that seeks to provide easier access to potential partners, while delivering faster and cleaner payments to its users. Time is a vital currency for our customers and partners, so we always keep it at the center of our innovation efforts.”
Collaborating with RippleNet and using it’s network of 200+ financial institutions worldwide, enables Ria to settle transactions with increased speed, transparency and efficiency and deliver a better experience to their customers.
Furthermore, Ria stated that using Ripple’s technology will enable new end-to-end tracking, better visibility into fees, estimated delivery time and status.
For customers using RippleNet, the benefits of partnering with Ria include the use of Euronet’s digital integrated payments cloud – enabling them with access to Ria’s global fintech ecosystem and the ability to process cross-border payments both ways.
Marcus Treacher, SVP of customer success, Ripple said: “This partnership will enable Ripple to expand the reach and solutions for our partners and the overall banking ecosystem. Ria is one of the top money transfer players in the industry, with the second largest network in the world and is known for its world-class service.
“By joining RippleNet, Ria not only enhances our value chain for our partners but will continue to improve remittance times and costs for both their customer and enterprise clients.”