MoneyMatch has successully completed its first cross-border transaction on Ripple’s xVia - Ripple (XRP) News
MoneyMatch has successully completed its first cross-border transaction on Ripple’s xVia
The payment processor is pleased with the results
Malaysia-based Fintech MoneyMatch has recently completed its first cross-border transaction using xVia, a solution by blockchain company Ripple for sending payments. According to the startup, the operation saw the conversion of Malaysian Ringgit to Euro, in a transaction a retail user needed to execute, and proved to be cheaper to carry out than traditional operations of this kind (such as a bank telegraphic transfer). Specifically, the first payment was sent to Spain, and following its completion, three more were issued to Germany, Latvia and Ireland.
CEO of MoneyMatch Adrian Yap shared his thoughts on the successful operation. “We’re really proud to make this announcement today as we show clear evidence that a FinTech startup made wholly in Malaysia by young Malaysians is capable of integrating into the Ripple blockchain and performing a live legitimate international money transfer from Malaysia to Europe bringing blockchain innovation to the traditional Malaysian financial services industry,” he said.
Aside from being significantly less expensive, Yap noted that the transaction was carried out in a matter of few hours using the blockchain technology of Ripple (also known as RippleNet), and compared it to the long times the same transaction could take to complete on traditional networks, such as SWIFT (taking two days at minimum, and depending on the network, it could take longer).
This way, the remittance service MoneyMatch provides eyes to become a reference when it comes to sending money from Malaysia to Europe. Additionally, they will continue working with several Ripple-user partners in other latitudes such as Thailand, India and USA.
Earlier in April this year, the Malaysian fintech startup announced its partnership with Ripple Labs to integrate their payment solution xVia. This is one of the three current products Ripple offers for seamless transactions overseas, carried out on the blockchain protocol, and that promises to revolutionize the traditional financial system.
As more banks and other financial entities begin to realize the potential of blockchain technology (in this case thanks to Ripple’s commitment to this particular sector), its mass adoption will become a reality we could witness in a few years from now on.
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